It turns out clouds hold more than just rain water

The image of a cloud holding information is a hard one to forget, and a bank of data storage units is nowhere near as entertaining. In this day and age, cloud serves many purposes, one of which is holding of all of your financial information. At the click of a button, tap of a screen or by just asking Siri to do it for you, you’re able access all of your finances.

Accountancy has always had one limitation, larger than all the rest: historical information. By the time accounts are produced, any advice that accountants are able to offer may be rendered useless in the ever-changing markets.

When using cloud-based accountancy software, business owners are able to keep their fingers on the proverbial pulse. Because of this, accountants are then in a position to provide timely advice based on up-to-date information. But as technology advances, traders have to adapt to keep one step ahead.

The internet connects billions of people worldwide, through many different channels. There’s now no real need to leave the comfort of your own home to do anything. You can order absolutely anything you could possibly need online and have it delivered straight to your front door.

Accountancy is following in the same technological footsteps, meaning everything can be accessed, sent and stored in our EST cloud. Cloud-based accountancy provides freedom of access, be it on your PC, laptop, tablet or phone, your system can be accessed from anywhere. This means there are no surprises. Your VAT liability is available at the push of a button, as is your corporation tax, your debtors, your creditors and whatever other financial information you require.

From an accountant’s perspective, we’re able to log in, process and view the information you require. Simultaneously, we’re able to monitor, edit, process and advise upon the available information at any time. If you’re thinking about purchasing or leasing a new vehicle, your accountant can tailor the decision to your current financial position and not base the decision on your previous position.

The saying “the sky is the limit” definitely applies to the add-on market for cloud accounting. Are you thinking you need to keep a closer eye on conversion of sales opportunities to sales? There’s an app for that! Want to be able to accurately monitor your mileage? There’s an app for that as well! As you can see there’s a theme when it comes to streamlining your processes. The linkage between your Accountancy package and your applications becomes seamless, meaning, no nuisance calls from us! (Maybe).

Richard is a trainee accountant at EST Accountants and Tax Advisers. He tweets on @RichardBourke7.