Streamlining your firm via cloud bookkeeping software

December 16, 2022

Whether you’re still on the fence about cloud bookkeeping software or you’re looking to get more out of your subscription, this is the article for you. 

Today’s digital platforms equip financial service providers with a range of tools to expand and enhance their services. Read on to discover how to streamline your accountancy firm, whether you’re new to cloud bookkeeping software or an experienced hand.

The difference between bookkeeping vs accounting

While bookkeeping and accounting services have lots of overlap, the two are decidedly different. Bookkeepers are responsible for keeping records accurate, up to date, and will carry out tasks like managing day-to-day cash flow and preparing staple documents like year-end tax returns.

On the other hand, accountants perform a wider range of tasks that tend to focus on the bigger picture, like analysing financial data, carrying out audits and forecasting business needs in the future. 

As a result of these differences, bookkeeping and accountancy can cause very different demands on your time. For example, you may find yourself chasing clients for copies of invoices and receipts while bookkeeping versus taking a more holistic view of their operations and financial performance while acting as an accountant.

How cloud bookkeeping software can improve your accountancy practice

Cloud bookkeeping software offers a range of benefits that can improve your accountancy services. Below are some of the most valuable features from popular bookkeeping platforms available today.

Automated time savings

As a digital solution, cloud bookkeeping software can help you save time from completing tedious – though vital – tasks like data entry and reconciliation. For example, modern digital bookkeeping platforms often have a desktop and smartphone app that lets clients easily enter expenses and receipts. This helps ensure you and your clients are more prepared for the end of the financial year when returns are due and avoids the strain of managing lots of paper documents.

Of course, that’s not all. The same tools also come with features like payroll and invoice processing, with key steps like tax calculations for VAT or national insurance already taken care of. This means you can automate whole areas of your business and manage everything under one handy platform.

Digital reporting and forecasting

As we’ve seen, cloud bookkeeping software has evolved to a point where it’s more than just a digital ledger. Today’s commercial platforms now offer sophisticated reporting and forecasting tools that let you share notable trends with your clients and break down expenses by categories. These features can give your clients more detailed insights into their business and lets you focus your attention on long-term growth and business needs rather than quarterly bookkeeping tasks.

Easy time tracking and billing

Some cloud solutions can even help you track your time and bill clients more efficiently. For example, by measuring how much time you actually spend looking at or working on different accounts, you can generate more accurate invoices and recoup your time from larger or more complex client work. This is especially helpful for clients that require more than one staff member since teams can coordinate their workload and form good organisational habits.

How to find the right cloud bookkeeping software for you

There are several cloud bookkeeping software solutions available these days, but it can be difficult to decide which one is the best for your business. Whether you’re looking to partner with a provider for the first time or renew your existing subscription, remember to research the market. 

Some providers offer helpful add-ons to their core platform or resources like blog articles and certification courses to aid your professional development, meaning price isn’t the only factor you should consider.

Learn more bookkeeping vs accounting trends from INAA and grow your firm

Here at INAA, we bring together accounting companies that strive to provide top-quality professional services around a shared vision to personalise global business and make it more accessible to businesses of all sizes and types. 

Our cooperative network of global companies is dedicated to advancing the benefits of highly skilled accounting with every industry shift.

Join now to form effective business connections and build the skills accountants need to thrive in the modern workplace.