What’s New In The Cloud

  • Posted by: Michael Winkelmann
What's New In The Cloud | Cloud Accountancy Software | MTD Software | Accountancy Software

There has been a big step up in user numbers for the key cloud software with the introduction of MTD (Making Tax Digital).

Xero has 1.82 million users worldwide of whom 463,000 are in the UK as at 31 March 2019.

Quick Books Online  has 4.2 million users worldwide of whom 1.1 million are outside the US (no UK only figure available) as at 30 April 2019.

Whilst it is hard to find comparable statistics it would seem that, within the UK, user numbers are probably similar for these front runners.

Cloud accounting comes into its own when the core software is connected to further business applications (over 700 are available) and we can advise where these might be helpful to you. Your accounting software, like your finance director, is just one of the many functions within your business and they should all be communicating with each other for maximum efficiency.

Data input can be speeded up using Auto-entry, Receipt Bank or Hubdoc for your purchase invoices and receipts. A2X will connect the data from Amazon or your online shop. Machine learning is improving and the software can remember and suggest codes which reduces human errors in processing.

Data can be backed up securely by the software company itself for complete disaster recovery but, for local mistakes it may be easier to roll back yourself with just a Rewind back up.

Cash can be collected using Gocardless for direct debits, Stripe for online card payments or iZettle for taking card payments on your phone. Chaser can send scheduled reminders for those customers with outstanding bills to pay.

Cash requirements can be forecast using Fluidly or Float for close, short term detail or Futrli or Spotlight for longer term business planning.

Stock can be managed with Vend, Unleashed, or Dear depending on your exact requirements.

Projects and timesheets can be tracked with Harvest or Workflow Max.

Staff work rotas can be scheduled with the help of Deputy.

In addition to these generally useful apps there are industry specific ones such as Figured for farmers or Timely for health and beauty appointments.

Whatever your business, if you would like to know how apps like these can increase productivity and profitability in your business then please schedule a meeting.