Cloud Accounting & Support

Cloud Accounting & Support

At CWI Accountants we offer our clients services that have become vital in today’s world. Advancement in technology has made real-time financial information an essential tool to keep control and track of your business round the globe, hence empowering you to grow and build on your business.

Features of cloud accounting:

1. Bank Feed

This feature enables your business bank accounts to be linked directly to the cloud accounting software, hence all transactions are downloaded from the bank on a daily basis and await reconciliation thereafter. It identifies sales/purchase ledger invoices after a simple confirmation from the user. Rules can be set up as default for quick implementation which would mean bank reconciliation will take only minutes rather than hours. The software also has an inbuilt Artificial Intelligence (AI), learning from past events, it will suggest possible actions to assist the user.

2.  OCR Software

Optical character recognition software, as the name suggests will be able to read receipts, purchase invoices and bank statements. Users can upload data as per convenience such as taking photos via app on phone and sending across through email, Dropbox and other available mediums. The software will pick up important information like supplier, date, invoice number and amounts automatically. Furthermore, the user can choose to either manually or automatically publish data into the cloud accounting software, saving time required to process the data and ensuring that the transactions are error-free.

Benefits of Cloud Accounting

1. Saving time and effort:

    • Decrease in overall cost of bookkeeping
    • Ensures error free data transfer

2. Ease of use:

    • SME businesses can control processing of data
    • Access to up-to-date information
    • Dashboard style landing page offering visual representation of accounts
    • User friendly software, terminology aimed to be less technical
    • Can be accessed through laptops, tablets or mobile device

3. Real-time processing

Real-time information means live data available to the user round the clock. The cloud accounting software has inbuilt reporting as well as bolt-on products like FUTRLI which links financial data to appropriate reporting packages. This assists in easy benchmarking, metrics and much more.

4. Reduction in cost

Overall costs are reduced as we move towards the ‘software as a service’ (SaaS) model. Updated and secure softwares can be purchased for payments as little as 20 per month.

5. Multiple users

Multiple users can be added to access the information including external accountant. This enables technical accounting support is available easily and quickly without exchanging information or requesting support through conventional modes of communication.

6. MTD Compliance

Cloud systems have additional benefit of being compliant to HM Revenue & Customs’ (HMRC’s) Making Tax Digital (MTD) programme.

How can CWI Accountants help?

Our team have experience and specializes in the leading cloud based accounting systems like Xero, Sage, QuickBooks, FreeAgent to name a few.

Our services include:

  • Assist you to choose suitable online applications and analytical technique as per your reporting requirements
  • Sector and commercial expertise from our team
  • Real-time insight into financial situation of your company
  • Advice on appropriate cloud software package tailored to your needs
  • Assistance with bookkeeping and accounts including VAT, business tax and payroll services
  • Fully outsourced service for accounting and financial management of your business
  • One on one collaboration with you using online accounting software

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