Cloud Accounting

Entering transactions by hand in cashbooks, is in most cases a thing of the past, as indeed are desktop software solutions which require installing and upgrading every year.

Recording and storing information in the cloud is a secure and remote way of doing this, and makes data and software accessible anywhere to anyone who is given access. Cloud accounting gives business owners and their trusted advisors the opportunity to maintain accurate records in a real-time setting, enabling important decisions to be made using live and relevant data.

Subscriptions to cloud accounting software and connections to banks and other third-party apps which integrate with the software to provide additional solutions is no different to how many of us may pay for streaming media content or logging in to our own personal bank accounts.

The Business Support Unit can help you take the first step into cloud accounting by reviewing your systems and providing recommendations surrounding the migration or transition onto the cloud, and it can assist in making sure you are maximizing all of the advantages it can bring to your business.

At Charterhouse we are Platinum Partners with Xero, which is our cloud accounting software of choice. We can provide you with a discounted package to fit your needs and work with you to see whether any additional apps may be useful or required.

Xero is an end-to-end solution where financial data such as invoices, bills, and bank activity, are easily recorded and reconciled so that you can spend time on the areas of life outside of business which are most important to you. You will still have access to get an accurate view of your business financials and retain control over these areas, but without as much time being spent.

Some of the features which help save you time are:

• Bank feeds, where transactions flow seamlessly into Xero, reducing manual admin and the risk of data entry errors
• Online invoicing, giving you the ability to raise and send invoices to your customers from within the platform, reducing the need to re-key information
• Adding payment processing options, so that your customers can easily pay your invoices through a few simple clicks.
• Free access to the Xero App Store, enabling your business to connect with industry-specific apps which can help level up your business

If you have a number of purchase invoices, in the form of small paper receipts or electronically received, these will need to be recorded and we recommend Dext (formerly Receipt Bank) as the way in which this can be done. Dext allows you to upload receipts and invoices your mobile device, laptop, or scanner and the key data will be extracted before being imported into Xero for reconciliation. Uploading your bills as regularly as possible ensures the live nature of your business activity can be captured as it happens.

To find out how we can help and for more information please contact us.