Insights From the FMco Team

Cloud Accounting

Cloud Accounting

Our rule of thumb at FMco is that if a client is issuing more than 4 or 5 invoices each month, it becomes absolutely vital to move beyond the Excel file (or worse, the notebook) and onto an accounting software package. It’s one of the most important steps a business can take, and something we always recommend.

The important thing is for our client to find a piece of accounting software that they are comfortable with, and then to get it hooked up with their banking. From our point of view, whichever particular software package the client chooses is really a matter of comfort, as FMCo is happy to adapt to whatever software they wish to use. Likewise, we are happy to recommend a package to clients if they are unsure about which one will suit their particular needs.

There are some companies which require their accounting to be kept on a local server, and those who don’t want the internet to be the main factor in whether or not they can log into their accounts. However, these are typically for much larger companies, and for most of our clients, particularly smaller or newer businesses, a cloud-based accounting software solution is absolutely fine.

The most popular packages seem to be Xero, Wave, or QuickBooks and we are extremely familiar with these (and many others) at FMCO. With these options, we are able to log in remotely on behalf of a client to look over changes or amend anything they aren’t entirely sure of. The days of bringing every last receipt into your accounts office - or having us go out onsite - are disappearing into the past. We would rather have a process installed where our clients are happy with the software they are using on their phone or laptop, and can submit any documents to us via email or Dropbox, so we can assist with anything that they need. Options like Hubdoc and Receipt Bank (which we have mentioned before) are ideal for moving towards a paperless system.

These days we know that many more of our younger (or more tech savvy) clients are using services like Revolut for their own personal banking. One of the main functions of Revolut is is the ability to build budgeting into your banking. Those using it are already preparing their personal accounts. The software packages we recommend take that principle and apply it to your business, which allows our clients more time to spend making money.

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