With the ever-increasing pressure on businesses to be lean and agile, the ability to be up to date with their financial information is more important than ever. A business needs to make the decisions that are needed, when they are needed. And to do this, they need up to date accurate financial information.
For many people, real-time accounting presents them with an opportunity to take a fresh look at their business, reassess how they work with their accountant and to improve control of day-to-day transactions, helping them to stay ahead of their competitors.
Traditionally, most businesses compile their books and records once a year (which still works for lots of people, and their accountants!) but for those without in-house bookkeepers or access to management accounts there is a risk that they can fall behind, losing sight of their business and missing the opportunity to make informed decisions based on their current financial position.
Many businesses often do not maximise value from their accountant if they wait almost 12 months after the year end to submit their records, and often Accountancy services are seen as a ‘necessary evil’ rather than a service that should add value to your business.
Real-time accounting is a cost effective solution designed to give a business the information they need, when they need it. It provides an up-to-date picture of a business so that it can monitor and manage it more effectively, capitalising on opportunities that present themselves and making informed decisions based on a fresh approach to financial reporting:
- As cloud accounting is online you have the ability to access your records at anytime, anywhere with an internet connection- something which has proven particularly useful during the recent lockdown;
- Online access also enables your accountant to view records directly and securely, removing the need for data transfers, USB sticks and frequent trips to & from client premises;
- You can automate processes to save time, such as direct bank feeds which can update and identify bank transactions on your behalf;
- Live information can help you to identify any pricing, stock or margin discrepancies quicker, which in turn can save money/increase your profit margin. Should you become a victim to fraud or theft, you may also be able to detect it faster; and
- With full access to your records your accountant can provide advisory services, actively monitoring your business and assisting you throughout the year.
Cloud based accounting packages
There are a number of cloud based accounting packages available which can potentially be daunting to a new user. The team at Browne Craine have experience in using most of the packages available and can assist in picking the most appropriate package for you, as well as helping with the training process. If you would like to chat to us this or the move to real-time accounting, please get in touch at firstname.lastname@example.org or call us on 629369 and we would be delighted to help you.