Cloud Accounting
def. The practice of using accounting software that is hosted and accessed through the internet
CLOUD ACCOUNTING AT A GLANCE
Cloud Accounting Services
Cloud based accounting services is based on online and Xero is the leading cloud-based accounting software in an online shared location, also known as the “cloud”.
We are a Xero partner and Champion; our Accountants has been using Xero since year 2012. Xero Accounting system is an alternative to more traditional forms of accounting software, which may be stored on your computers’ hard drive. Cloud accounting software is hosted on a remote server, allowing your business to seamlessly share information across your team instead of installing software across multiple devices.
For many SMEs, Xero is the ideal cloud-based accounting solution. It is designed specifically to make small business easier – taking control of the numbers, so you can get back to what you do best.
All of this is possible on a subscription basis, and without the need for any major software installation, as Xero is entirely website driven.
Xero also offers outstanding connectivity, integrating with more than several third-party apps including inventory, invoicing, time tracking and expenses, extending the software’s support for businesses.
Benefits of switching to Xero
As a Xero Platinum Partner, the team at FRCCA can work with you to make the move to cloud-based accounting as smooth and seamless as possible.
Benefits from switching to Xero include:
Outsourcing your accounting services allows you to leave your everyday accounting processes to an experienced team of chartered accountants. For example, this can encompass payroll, invoice processing and more, all without the need for an internal team to complete each task.
All our monthly services can be tailored to client`s needs. From bookkeeper, accountant, financial controller, business adviser or all of these rolled into one.
Basic Compliance
Xero support
Basic receivables management
Basic payables management
Semi-automatic bank feeds
Annual financial statements
Corporation tax return
Standard Compliance & Business Support
Xero support
Full receivables management
Full payables management
Fully automatic bank feeds
Quarterly VAT returns
Annual financial statements
Corporation tax return
Payroll for up to 10 employees
Monthly report pack
Outsourced Finance Function-Virtual Finance Controller/ Director
Xero support
Full receivables management
Full payables management
Fully automatic bank feeds
Quarterly VAT returns
Annual financial statements
Corporation tax return
Payroll for up to 10 employees
Monthly report pack
Monthly KPI reporting
Monthly cash flow forecast
Frequently Asked Questions for Cloud Accounting
Answer To Some Common Questions
What is cloud accounting?
Cloud accounting is an accounting method that involves storing and accessing financial data and software applications on remote servers hosted on the internet, instead of on local computers or servers.
What are the benefits of cloud accounting?
Cloud accounting offers several advantages, including real-time access to financial data from anywhere and on any device, automatic backups and data protection, collaborative features for remote teams, scalability to accommodate business growth, and cost-effectiveness by eliminating the need for expensive IT infrastructure.
Is cloud accounting secure?
Cloud accounting providers employ advanced security measures to protect financial data, including encryption, firewalls, and secure data centers. Additionally, cloud accounting platforms regularly update their software with the latest security patches to ensure data safety.
How does cloud accounting integrate with other business software?
Cloud accounting software can integrate with various business applications such as customer relationship management (CRM), payment gateways, payroll systems, and inventory management software. This integration allows seamless flow of data between different systems, reducing manual data entry and improving efficiency.
Can I migrate my existing accounting data to a cloud accounting system?
Yes, most cloud accounting platforms provide migration tools or services to help businesses transfer their existing financial data from traditional accounting systems to the cloud. This ensures a smooth transition without losing any valuable information.
What should I consider when choosing a cloud accounting provider?
Key considerations include the reputation and reliability of the provider, data security measures, features and functionality offered, scalability for future growth, pricing structure, customer support, and ease of use of the software interface.
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