If you’reyou’re a business owner, you know how crucial it is to organize your accounts. But all of that file management and account maintenance can take up so much time that it’sit’s no wonder many business owners increasingly look for external accountants or cloud services to take care of their construction accounting needs.
In this post, we’llwe’ll explore the benefits of using cloud accountancy for your business — from accessibility to cost reduction — and what this new way of working means for large and small companies. We’llWe’ll also be sharing our predictions for the future of cloud accountancy — which includes things like integrating artificial intelligence and machine learning into accounting processes.
When it comes to helping other businesses, we provide a range of services, including:
So whether you want to carry out your cloud accountancy or use one of our expert accounts teams, we can develop a plan that suits you exactly. Start your free consultation today to see how we can help your business.
But when we talk about cloud accountancy services, there are two key aspects that we want to highlight: the business model and the technology. Let’sLet’s start by discussing each of these in more detail.
First, let’slet’s look at the business model. This reflects how cloud accounts — and other IT-based accounting services — are offered and (usually) paid for. There are two main models for providing accountancy services: subscription or contract-based.
Subscription is the most common model. This means you pay a monthly or yearly fee for access to our work. In this instance, you’d be looking for someone to do your cloud accounting for you — likely an internal or outsourced team member in your business. This is what many have become accustomed to with cloud computing services in many ways.
The alternative to subscription is contract-based accounting. You need to hire an external accountancy service provider to provide your accounts services and support when you opt for this model. This can take the form of a one-off payment or a monthly payment — with more sophisticated cloud accounting services often requiring flexible billing.
When it comes to technology, there are also two main models: on-premise or hosted. Where on-premise cloud accounting is provided within your company’s infrastructure (for example, by your internal software developers), hosted cloud accounting is typically located in a separate server space housed by an external provider.
Moving to cloud accountancy was a huge step for many of our clients. This new way of working means that access to their accounts and financial details is easier. But it also means that the records are more secure and accessible — increasing the possibility of remote access rather than in-house accounting managers.