For decades the spreadsheet played the part of the accountant’s trusted companion and was viewed as the most efficient way for business owners to stay on top of their finances. But over recent years the shift towards cloud-based software and connected devices has revolutionised the accounting sector, leaving the spreadsheet obsolete in the eyes of many accountants.
If you’ve spent years managing your company accounts via a spreadsheet, understandably you might be a bit reluctant to adopt another solution, but be warned it’s putting you at a competitive disadvantage. Here are six ways you could benefit by switching from a spreadsheet to a cloud accountancy provider.
1. Save time with real time access to accounts
Have you ever wanted an overview of your company’s tax liability or a breakdown of your financial statement, only you haven’t had the time to book an appointment with your accountant to run through your latest spreadsheet with you?
With online accounting you needn’t worry about having to take time out of your busy schedule to get to grips with your company finances. With an online accountancy provider, you can access an up-to-date evaluation of your company accounts on-the-go via any device, presented in a format that is easy to understand.
2. Flexibility and improved service
The above wouldn’t be a possibility if the cloud didn’t enable on-the-go updates to financial information. With online accounting you can log an expense via your mobile as soon as you’ve got the receipt for it, or an invoice the moment it’s been paid.
Meanwhile, at the other end your accountant will be alerted to these updates and can provide financial forecasts and guidance in accordance with your changes. All-in-all, you receive far swifter service from your accountant than you would if you were exchanging spreadsheets throughout the year.
3. Greater insight and control
What this also amounts to is greater insight into and control over your finances. Whilst a spreadsheet can present your basic company financial details, its capabilities beyond that are pretty limited.
With a cloud accountancy provider, you can access running metrics to monitor your business performance, as well as reports projecting company revenue. Having in-depth analysis so readily available allows you to respond to developments quicker, helping you to make better informed business decisions and inevitably more money.
4. Reduced margin for error
You’re only human, so when inputting data into a spreadsheet there’s always a chance that mistakes will be made. And if you submit an error-strewn spreadsheet to your hard-pressed accountant just prior to the tax deadline, don’t be all too surprised if you hear from HMRC shortly after.
Being able to regularly update information throughout the year significantly reduces the chances of a costly accounting blunder. With the cloud, your accountant will have up-to-date access to your accounts all year round, giving them plenty of time to spot any anomalies and make the necessary corrections.
5. Greater ease of use
Spreadsheets can be pretty tricky to work with, particularly if you’re updating them on a regular basis. You’re constantly having to edit columns and rows and colour-code items, all the while trying to ensure it is cohesive for both you and your accountant.
Ditching your spreadsheet in favour of the cloud makes for far greater ease of use. With Sublime online accounting, you’ll find that you only need to enter the bare essential details – your incomings and outgoings. The rest is automated, meaning minimal hassle whilst saving you precious time to grow your business.
6. Keep your data safe and secure
Humans aren’t infallible, and neither are computers. If you’re updating and saving spreadsheets on your PC or laptop, only for it to unexpectedly crash, you could find yourself starting from scratch. Of course backing up your files on a hard drive is one way around this issue, but a far less onerous option is moving to the cloud.
As well as avoiding cluttering up your PC with countless spreadsheets and backup files, the cloud offers you cross-device access to your data whilst maintaining a level of security equivalent to that of a bank.
Ditch the spreadsheet and move to the cloud
The value that online accounting can provide your business is clear for all to see. Beyond saving you time and hassle, and increasing flexibility and accessibility, the crucial insights that cloud accounting can provide can even boost business performance. If you’re still not convinced that you should adopt a cloud-based provider, take a look on site to find out what Sublime can do for your business, or call us on 0330 053 8100.