Can cloud accounting help businesses cut their costs?

With the current economic climate putting pressure on businesses across the UK, now is a good time to look at all areas of your business and how they might be utilised more effectively.

VAT-registered businesses should now be using at least one form of cloud accounting software, to bring them in line with HM Revenue & Customs (HMRC)’s Making Tax Digital (MTD) rules and regulations.

As the inflation rate hit 9 per cent last month, and with the increase in the cost of energy bills and raw materials, looking to cloud accounting could yield answers to cost-cutting problems.

What is cloud accounting software capable of?

As mentioned above, likely, you are already paying for cloud accounting software to be compliant with MTD.

By harnessing the full power of the software, you will be able to get the most out of it and get the best value for money.

Increase productivity

Cloud accounting software allows manual repetitive data entry tasks to be eliminated, giving your employees more time to do other tasks.

It also reduces the amount of potential for human error.

Reduce outgoings

One of the key benefits of cloud accounting is its accessibility.

Because you can access your accounts from anywhere, there is scope to elevate your company’s fixed costs.

With more emphasis on hybrid working, the need for large office space is becoming redundant.

The potential for downsizing can make a substantial difference to your business costs.

Monitor cash flow

The most prominent benefit of cloud accounting software is the potential to nurture a healthy cash flow.

Owing to the capabilities of the software to update accounts in real-time, it is much easier to spot both growth opportunities and issues as they arise.

Attend our free cloud workshops

Cloud accounting is revolutionising the way that many businesses and organisations operate.

To give you the latest insights and support, you are invited to join one of our upcoming free training sessions taking place from August through to October.

Find out more and register your place here.

If you need advice or guidance on optimising your business costs, contact us.