Small business success depends so much on good financial management, and the role of accountants in this success should never be undermined.
However, in an age where cloud technology has rapidly swept away traditional ways of running a business, the traditional client and accountant relationship has somehow been slower to change.
It’s a relationship that for years has been built on ensuring that business owners stay compliant with tax and other legislation, resulting in interactions that include shopping bags of receipts, conversations peppered with lots of accountancy jargon, and no real understanding from the SME side of what it all means for their future.
Accountants too suffer in this traditional way of working, with their real value as financial advisors being overshadowed by ‘bean-counting’ and form-filling.
There is a better way.
Cloud accounting solutions are the root of this better way, offering solutions for both small businesses and accountants that result in a more valuable relationship. For businesses, cloud accounting software gives them real control and understanding of their accounts in an accessible, understandable format that doesn’t require them to have an accountancy background.
For accountants, integrating cloud solutions into their practices, and offering cloud based accounting as a value added service, not only means they can compete in the changing accountancy industry. It also means they can achieve new levels of productivity, while offering a deeper level of service to clients, interacting with real-time, accurate accounts information.
Here are 4 key ways businesses can benefit from this better way:
- Say goodbye to the sack/shoebox/shopping bag of receipts – the last minute rush to account for your business spend can be a thing of the past thanks to cloud accounting software, and the easy integration of receipt processing software (such asReceipt Bank). When all this information is collated and updated throughout the year, an easy task when there’s an app to take care of it, then the effort and time it takes to sort out and make sense of your receipts vanishes. For your accountant, less time sifting through receipts means more time to offer a deeper, more valuable level of service to you and your business.
- Deal with any issues as they happen – updating your accounts information in real time using cloud technology not only offers beneficial time savings (no more hours spent on manual data entry – hooray!), but also means any potential issues can be dealt with before they become serious problems. Giving your accountant access to your cloud accounting information, means they have access to your real-time accounts data and are better able to identify the issues that crop up as soon as they do. Again, this means less time is wasted trying to solve any problems that could have been prevented, and more time to plan your business growth and success.
- Gain real insight and control – a common gripe for small business owners is that there is sometimes a disconnect between their accounting and what it means for their business. Plus, there is a lack of control when it is an accountant making important financial decisions that you don’t really understand. Working together in the cloud hands business owners much better control of their business finances, and gives them tools to understand what is happening and why. It is also easier for accountants to advise their clients on their growth using information their clients understand.
- Get valuable advice for growing your business – what really makes the ‘better way’ better is the simple fact that it allows accountants to spend more time giving you practical, valuable advice for growing your business. With you in control of your accounts, and with your accountant able to spend more time helping you plan your success, there is so much to be gained!
Find out more about the Better Way and watch it in action in KashFlow’s 7 minute mini-series.