Cloud Accounting

• This is only the beginning - with the upcoming roll out of the 5G network there will be a significant increase in the capabilities of the apps provided to accounting software. We have already seen the integration of time tracking applications, receipt capture and location tracking for expenses, so what does the future hold? With everything connected we can anticipate data entering our businesses from every direction, from the exact level of fuel/electricity in our vehicles to the number of coffees made in a week, the question will no longer be what data is available but instead how is the data used?
• Expectations often exceed reality - As mentioned above cloud accounting is still in its developmental phase, not everything is perfect. Each week we are made aware of a new App or feature which is capable of running a business, unfortunately like the self-driving car you are unable to fall asleep at the wheel; though there are apps which integrate almost flawlessly with accounting software this often isn't the case initially.
• Process, process, process - Most SME’s do not feel the need to formally create or often follow processes. However, without them cloud accounting systems will not be as effective as they can be, from a simple invoicing process to a more complex integration with a customer relationship management (CRM) system process is one of the most crucial factors in cloud accounting data entry.

Cloud accounting’s value to SMEs is unmeasurable, allowing single users to complete the functions that would have once been undertaken by an entire accounting department, granting access to information at anytime, anywhere and more data analysis than could ever have been imagined. The application of cloud accounting is best approached cautiously though and with significant planning done prior to that, to reduce errors that may need correcting further down the line.