The benefits of cloud accounting for a small business in the pandemic

The Covid-19 pandemic has emphasised the many benefits of cloud accounting software. Accounting software ensures financial clarity doesn’t have to be lost as a result of remote working. With accounting software, you gain access to accurate, real-time financial information even when you can’t visit your accountant in person.

Access the latest figures

You can access your key financial information from anywhere as long as you are connected to the internet. You don’t need to head to the office during the pandemic just to find out where you stand during the pandemic. Your accountant can talk you through the figures that you see on your screen to give you a rich understanding of your situation even when you’re doing business from home.

Easy to use

One of the biggest benefits of cloud accounting software is that it's so easy to use. This means anyone who needs access to your latest financial information can get it without having to see you in person. Your remote workforce can easily get to grips with many of the best cloud-based software systems you may be relying on to keep business moving.

Cut down on paperwork

Another big advantage of using cloud accountancy services during the pandemic is that you won’t have to deal with anywhere near as much paperwork as you may have done in the past. If you need to retrieve an important document such as an invoice, you’ll be able to simply bring this up on your screen rather than head out to the office to find it.

Robust security standards

Accountancy software is also ideal for small companies that are worried about cyber attacks. When you place your financial information in the cloud, you get the highest standards of data encryption, password protection and so on. This is much more secure than leaving your information on your office servers when your business premises aren’t currently open for business.

Make better forecasts

If you’ve applied for a Coronavirus Business Interruption Loan, cloud accounting can be incredibly helpful. It gives you quick access to accurate financial data that makes it easier to make forecasts and keep the authorities up to date with your current position. The best software also integrates with various other applications to make your business more effective. These can include payment management and processing software, document management software and many more.

Various packages available

Not every company’s needs are the same, which is why the big cloud accounting software companies offer a range of packages to meet various needs. If you only need a basic package, you should be able to get one for a modest monthly fee. However, bigger packages are available if you need more from your accountancy software.

Find the right accountancy package

A leading accounting company like StriveX can help you if you need assistance with finding the right cloud accountancy package during the pandemic. Although the news of a potential vaccine has been welcomed, it could be some time before the business world returns to normal. Even outside of a pandemic, cloud accounting can offer a wealth of benefits to your business whilst making it compliant with the Government’s Making Tax Digital scheme.

About the Author

StriveX are accountants in Reading. For more information about using cloud accountancy software during the pandemic and beyond, talk to StriveX today. Whether you’re starting from scratch or wish to move from another software provider, they can assist you.