Why should I move to cloud accounting software? (Pros & Cons)

Are you thinking about switching to cloud accounting software but are unsure if this is the best option for you?

In this short video Fiona Morgan, Partner & Head of Accounting at Henderson Loggie, shares with you some of the benefits and drawbacks of using cloud accounting software.

Covered in this video:

✅ Benefits of cloud accounting software
✅ Cloud accounting software drawbacks

If you have any queries, or you are unsure what to do, please feel free to contact Fiona directly by email at fiona.morgan@hlca.co.uk

A question I’m regularly asked is, “Why should I move to cloud accounting software?” The question’s a good one, because what is it exactly that you’re moving from? Is it a manual cashbook? Is it an Excel spreadsheet, or are you moving away from a traditional desktop-based package? In this short video, I’m going to talk over some of the key pros and cons in respect of cloud accounting software.

Benefits of Cloud Accounting Software

One of the key benefits is the ability to access your data from anywhere in the world. From a laptop, a desktop, or a mobile device with an internet connection. Providing you with real-time information in respect of the financial position and performance of your business. For some, they may also be able to get paid faster, because you’ve got the ability to track invoices, check when they’ve been opened or not, and chase up the unpaid ones quicker. And of course, the cloud packages will be compliant for making tax digital purposes. Keeping your data up to date enables you to work with your accountant to seek out any tax planning opportunities that you would be able to then take advantage of.

Cloud Accounting Software Drawbacks

However, the main drawback is that it’s only as good as the data that you put in. So it’s imperative that you keep your data up to date so that you are in a good place to make some financial decisions with it. The other drawback that some people mention is cost, and this isn’t just the financial outlay for the package itself, which can range from anywhere between £10 to £20 a month, but it’s also the cost of the investment in training you and your teams on how to use the package effectively. It is worth spending some time making sure that you get the right package for you.

Any questions about cloud accounting software?

If you have any questions, please feel free to contact us via the form below.

The information in this video is of a general nature and seeks to highlight some of the issues which could be affecting you and/or your business, including changes to financial regulation and legislation. Viewers should not rely on this information without seeking professional advice on its application in their circumstances.