Cloud accounting: how to maximise the benefits

With the recent obligation for all VAT-registered businesses to comply with Making Tax Digital (MTD) regulations, many businesses may simply be using the software because they must.

However, the software has the capacity to go beyond just complying with these requirements and can help to streamline various bookkeeping tasks.

Why use cloud accounting software?

Aside from ensuring that your business is compliant with the aforenamed MTD rules, outsourcing administrative tasks to automated software can save valuable time and money.

Additionally, with manual administrative tasks being labour-intensive, this leaves rooms for human errors which can be eliminated with automatic reporting. 

Furthermore, by having all the relevant data readily available, the task of using data to monitor and inform the direction of the business is made much easier.

Therefore, it may be worthwhile to reconsider the way that you use your chosen software to maximise the benefits.

App stacks

It may be possible to integrate different apps with your current software, which allows data to be collated seamlessly.

The way that you utilise your app stack for various tasks will differ depending on the business area.

For example, an e-commerce business may wish to add an app that is able to automatically communicate any revenue from sales, along with costs from delivery fees, to the main cloud accounting software (such as Dext Commerce).

On the other hand, for a business with many employees, adding an app that can collate data on the hours that employees have worked, including any holiday or sick days, along with a payroll system can ensure accuracy.

With technology advancing constantly, there may also be further opportunities in the future to automate more functions and reduce the burden of laborious tasks.

Need assistance with structuring your cloud accounting software? Contact our experts.