What is cloud software?

The rural sector has traditionally used desktop accounting software, where data is stored on an individual computer and can only be accessed using that computer.

Cloud software enables your data to be accessed wherever you are. If you can get an internet connection (there are many ways around bad internet these days), you can see your business’ data from your phone, tablet, laptop, or pc.

What are the key benefits?

Cloud accounting software offers a number of benefits over this traditional software, many of which will save businesses time and money if implemented correctly.

• Accessibility – computer / tablet / phone 
• Real-time information – bank transactions imported daily
• Automation – bank feeds, invoicing, and credit control 
• Security – no need for data transfer via email or memory stick
• Integration – hundreds of specialist tools and add-ons
• Multiple users – can share data with staff and advisers, accessible anywhere

How does this help your business?

There are benefits in a reduction in data entry time, a reduction in paperwork (as it can be stored in the cloud) and a reduction in IT costs, but the biggest benefit is that when used correctly, you can know how your business is performing daily.

Being able to access your data anywhere may not seem like a huge advantage, but when you combine that with the ‘real-time’ ability of cloud software, it provides great opportunities for your business, such as:

• no more waiting to enter your bank transactions
• no more time-consuming data entry
• no more hunting invoices in your office 
• no more gathering paperwork for your accountant

The rural sector is facing many challenges, with a need to be more sustainable coming at a time when subsidies are disappearing, and trade deals are threatening food prices. The introduction of Making Tax Digital provides a further need for ‘up-to-date’ information.

Having accurate and timely financial information is vital for any business, but now more than ever the benefits of cloud software could be key for yours’.