Benefits of cloud accounting

The Benefits of Cloud Accounting – how to promote it to small businesses

3 min read

Cloud accounting is becoming more and more popular. As accountants, we know it’s the only way to go, especially in the light of Making Tax Digital.

Small businesses are certainly picking up on this. In fact, according to Accountancy Age, 18% of UK accounting firms say nearly all their clients are online.

We know it makes our lives easier, and savvy clients know how it relieves the enormous admin burden for them as well. But there are still a lot of small businesses that aren’t signed up yet to cloud accounting, and we should be encouraging them to get on board, now.

But, where does that leave us as a profession?

Far from making our role less important, cloud accounting in fact does the complete opposite. The admin treadmill is a thing of the past - our role is now expanding from accountants to problem solvers and trusted advisors as well. We hear all the time that small businesses are becoming more reliant on trusted advisors. So let’s tap into this. But where do we start?

Identify the problems

It all starts with the questions we ask. We can’t begin to act as advisors to our clients until we identify the problems that are specific to them. This is how we create value – remember, cost is only ever an issue if the client doesn’t understand the value.

Let’s take 3 of the biggest problems small businesses tell us they face, and see how we can solve them with the benefits of cloud accounting.

1. “I don’t have enough time…”

Questions you should ask: * What takes up most of your time? * What could you do with another 30 minutes in your day? * If we could give you back 30 minutes in your day what would that mean? * How much time do you spend on tasks that don’t add value to the service you’re providing?

How QuickBooks can help: * Bank feeds * Integration with other cloud software and ecommerce platforms * Creating recurring transactions * Creating banking rules * Using the mobile app - to create invoices when with clients or logging expenses when traveling.

2. “I need to get paid faster…”

Questions you should ask: * What are your standard payment terms? * What is your average time between issuing an invoice and getting paid? * If we could close that gap, would it help? * What would the impact be of getting paid faster?

How QuickBooks can help: * Raising invoices as soon as possible via the mobile app * Linking your invoices to services such as PayPal to get paid as soon you issue an invoice * Linking with Go Cardless to take payments via direct debit * Effortlessly sending payment reminders.

3. “I feel out of control…”

Questions you should ask: * To what degree do you feel in control of your finances? * Do you feel you’re paying the right amount of tax? * What would help you feel more in control? * Many of our clients get regular reports on a monthly basis showing a business ‘snapshot’ - would that help?

QuickBooks features that can help: * Scheduled and regular reports * Management report function * Automated debt chasing * Secure back ups * Access from any device, anywhere.

So, you can see just how we can add value. Just ask the right questions in order to understand where the problem lies. Then map out the QuickBooks benefits to illustrate how you can create value.

We hope you’ve found this article useful. QuickBooks online accountant saves you and your clients time as well as helping you provide a better service to your clients.

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