Caroline Crowley, Chartered Accountant and Chartered Tax Adviser with Charles P Crowley Accountants is encouraging all small and medium sized enterprises (SMEs) and farmers to move to cloud accounting.
Cloud accounting helps SMEs to have better control over their cashflow, providing them with real-time information which supports effective decision making.
SMEs are a vital part of the Irish economy accounting for 70% of employment and over 90% of the total number of enterprises in Ireland.
‘Many are relying on traditional accounting systems, spreadsheets and in some cases handwritten records. Maintaining records in this manner could be putting their business at risk,’ Caroline says.
SMEs that move to cloud accounting spend less time on admin, bookkeeping and chasing outstanding monies as well as having the peace of mind that records are kept accurately and securely.
If your laptop crashes, your premises is flooded or you lose a receipt you can rest assured that records are maintained.
When data is stored on the cloud, it reduces the reliance on manual backups. You can access your information wherever you are via computer, smart phone or tablet.
How it works
The software connects to your business bank account allowing it to reconcile with your accounts on a real-time basis.
You can now raise an invoice on an app on your phone, auto-reconcile the receipt of this money and automatically send out reminder emails to customers requesting them to pay the balance outstanding.
It will also provide customers with the option to pay this via credit card, all from the comfort of their couch.
Cloud accounting gives you a closer relationship with your accountant and there is no waiting until the end of the month or year to do the accounts to see where you stand.
Using the software to issue quotes and bills will mean you will be alerted when a recipient has viewed the quote or invoice, and they can send a friendly reminder to payees before and after the due date.
Market analysis of hundreds of thousands of invoices shows that e-invoices tend to be paid 33% sooner than traditional invoices.
2020 is the right time to consider moving your accounting system to the cloud. A digitised environment means business owners get more from their company.
Talk to us to learn more
Beyond balancing the books we want to bring the cloud accounting tool XERO to business owners and promote innovation amongst SMEs.
We believe XERO will provide SMEs with access to technology that was once the preserve of larger organisations.
We can provide one-to-one training to business owners along with monthly reviews to support them with this change.