Cloud accounting - real time data that gives you a real chance of survival

There have been many threats to business posed by Covid-19. We have found that one of the most striking features of resilient businesses has been the availability of accurate, up-to-date, easily accessible financial information.

We have been working for the past 10 years to move our clients’ bookkeeping into the cloud. It has not always been easy to convince clients of the benefits, but most have followed our advice. These clients are now reaping the rewards of their foresight.

These clients know:

their profitability now, not 9 months after the year end.
they have the data and tools at their fingertips to accurately forecast both cash and profitability for at least the next three months
their information is real time, usually updated at least weekly if not daily.
they have the certainty of knowing their position now and having confidence in where they will be in 3 months time, helping them to make better decisions and improving their chances of “weathering the storm”
with the right information and planning tools at their fingertips they can plan to emerge on the other side of this crisis in a stronger position, ready to take advantage of the recovery.
if they do decide they need to borrow via one of the Government backed loan schemes they may need to pull together various reports for their bank. How will they do this without the technology and an accountant who is comfortable with this technology?
we can access their financials from a position of lock-down so we can give them the right advice for their business today.
they do not need to visit us to hand over records. Firstly, we are not at the office as we are all working from home and secondly, we are not putting them or ourselves at risk by breaking lock-down and touching potentially contaminated documents.

Why have some companies fallen behind and now finding life so much harder than progressive firms?

Many accountants are old-school and find the rapid advance of technology daunting and threatening. They prefer to stick with the manual records, excel spreadsheets or old fashioned desktop systems they have used all their working life and are comfortable with. Many have convinced their clients, who are quite often equally uncomfortable with technology and need very little persuasion, that they don’t need to change.

Of our own clients a small handful have chosen not to heed our advice. These are very long-standing clients for whom we have acted for many, many years. So, although we disagree with their decision, we continue to support them out of loyalty and friendship. Today we will not take on new clients unless they have or are going to move into the cloud.

Our clients have now joined the cloud club, but why did it take them so long?

Firstly, they were concerned about security ~ We gradually were able to allay most clients’ fears by showing them that in reality their own IT systems were probably far less secure than multi billion pound companies who could invest in the best.

Then it was the discomfort in changing from a system they knew well and had used for many years either manual records or in most cases a desktop software ~ Again, by showing them the greater flexibility and simplicity of cloud based bookkeeping systems we gradually won a few more over.

Then we had those who had bespoke systems which communicated with their existing desktop software ~ As the years passed we have been able to demonstrate the massive availability of choice when it came to Apps which were faster, better and significantly cheaper compared to their old fashioned desktop alternatives.

Then Making Tax Digital arrived ~ This final piece in the puzzle convinced many of our clients to join the cloud bookkeeping club

Then Covid-19 arrived!

The value of the investment clients have made in moving their bookkeeping to the cloud in terms of cost and time is bearing fruit! They have better data, better control and can make better decisions. We have access to their data, so we can give personal, bespoke advice, because we can see what’s going on today in their business.

The wood and disney team continue to work as usual but from home. This is possible because we moved all our systems across to the cloud as well as moving all of our clients into cloud bookkeeping. We are also embracing virtual technology, keeping in touch with clients by holding regular zoom meetings and catch up calls – something we intend to continue once the current crisis is over.

Is it too late to move into the cloud?

If you are still relying on desktop software or manual records, you are seriously disadvantaged right now. We can help you move your business forward and take advantage of the cloud based systems that enable businesses to adapt and survive economic crisis. We will help and support you through the whole process and ensure that you have a system that is the right fit for your business.