Cloud Accounting Solutions save time, effort, money, resources. Real-time financial accounting, bookkeeping, tax & payroll in one. Access anywhere, anytime, from any electronic device. Unlimited users. Free online support. Simple to use.
Easy business process automation; send invoices, import bank transactions, claim expenses, pay accounts.
Contact Tax Shop to help set it up, or do it for you, your choice.
Cloud Accounting Solutions
Check out the different pros & cons of outsourced accounting vs an in-house accountant, including salaries, cost, efficiency, and quality control.
It might comfort you to have an in-house bookkeeper or accountant, but their mistakes and errors usually go unnoticed for longer. On the other hand, outsourcing companies generally have a team of supervisors that evaluate their accountant’s work. This practice leaves no room for errors so can consistently deliver accurate reports.
In-house accountants usually work fixed hours, so when they are ill or unavailable, things are left hanging. When they get sick, pregnant, leave, who gets burdened with the task?
Unfortunately, it is a fact that you’re much more likely to experience fraud when you use in-house accounting rather than an outsourced bookkeeper/ accountant. Employees, whether desperate or not, can be tempted to “cook the books,” embezzle money, or commit other types of fraud because they have access to confidential information and can more easily persuade others to go along with a scheme.
The Question of Loyalty
Accounting firms would go out of business if they were involved in scams, thus loyalty and reliability is another reason to prefer outsourced over in-house staffing.
Research Shows: 22-28% of businesses have experienced employee fraud.
Annual Cost Savings
Make sure you accurately balance the costs of in-house accounting vs. outsourcing. It’s not just about how much you pay an employee per year. What about benefits, like health insurance, provident fund/ pension fund, bonuses and other perks? There’s also the productivity cost of paid time off, when your employee is unavailable during sick time, vacations or compassionate leave. When an employee leaves, you would probably have to rush to find an equivalent, or substitute, and you would have to spend time and energy to make them familiarize them with your accounts and accounting processes.
You will probably find it challenging to source a skilled and reliable accountant that doesn’t cost much.
With outsourced cloud accounting, you can be assured of operational consistency
Cloud Accounting… Saves You Time And Money
Automation. Cloud-based accounting means improving the speed and accuracy of your accounting by eliminating manual tasks through automating routine processes.
- Uses less electricity.
- Saves on upgrades plus hardware and software licenses.
- Requires less staff and less expertise.
- Increased productivity by eliminating unnecessary data capture.
- No need to hire specialized tech teams/ equipment (servers/ backup) etc.
Cloud accounting, sometimes called online accounting, has all the same functionality as desktop accounting, but moves the whole process to the cloud and expands upon it.
There’s no desktop application – you log into an always-up-to-date online solution and all data is safely stored on a cloud server.
Accounting software shouldn’t be a chore to use
Cloud Accounting Is Good For Business
Access your accounts from any web browser, or from an app on your phone anytime, anywhere – 24X7, 365 days a year.
Connect the software to your business bank account so that banking transactions (sales, income and expenditure) can flow automatically from the bank to the books to save yourself a lot of data entry. No need to spend hours transcribing them. You no longer need to worry about maintaining spreadsheets to keep tabs of finances.
The software is online so there’s no software to install, maintain or update on individual desktop computers, so no technical, or IT (computer geeks) expertise required. Upgrades happen automatically and is included in the monthly rate. No large up-front investment to acquire software, the monthly rate covers this too. Pay annually and benefit from a discount.
All your data is backed up automatically and kept on multiple servers, so no longer prone to fire damage, or natural disasters and other catastrophes.
You can see your current financial position at any time. Set up a dashboard showing important financial information; e.g. cash flow, who owes you money, what bills are due, profitability.
Multi-user access makes it easy to collaborate online with your teams and advisors - you can give selective access to multiple users or groups of users; e.g. accountant, bookkeeper, HR, management.
Software is consistently updated, improved and upgraded without you having to do anything, and is included in your monthly subscription fee.
Financial Accounting Moving into the 21st Century
Stop wasting valuable time, resources, money, effort. Automate data entry, payments, filing, producing receipts, invoices, reconciling accounts, following up on payments due or monies owed, generating payslips, calculating tax and tax returns. Rather use the time to develop and grow your business.
The Tax Shop Team of Experts
We provide accounting consulting services with a personal touch to not only help your business run smoothly and profitably but also reduce your tax burden.
We have sufficient knowledge, skills, experience and pride ourselves on a keen eye for detail.
Tax Shop offers a set of next-generation technology solutions in the cloud to manage your business better.
Problems With Traditional Accounting & Software
Accounting Should Not Be a Chore
Manual data entry and can suck up far too much of your time and effort. This doesn’t add value and takes the fun out of being in business. Cloud software can save your company time and money.
Staying up to date can be a real challenge.
In the past, business owners communicate with their accountant once a year — leading to a massive work overload at year-end.
Disadvantages of Traditional Accounting Software
Problems With Traditional Accounting Software
- No real-time data: The data in the system isn’t always up to date.
- Singe user access: It only works on one computer. If this laptop is stolen, lost, or damaged in a fire or natural disaster, you lose all your data and history. Key people can’t access financial and customer details and have to ask for reports.
- Needs to be backed up: It’s costly and complicated to keep backups up-to-date.
- Requires upgrades and updates: It’s expensive, difficult and time consuming to upgrade compared to cloud accounting software, which updates automatically.
- Technical expertise is required: It can be expensive to hire someone with the technical expertise to upgrade to new versions of the accounting software.
Cloud software can save your company time, effort and money.
Security and Reliability Issues
Data gets moved from place to place on e.g. a USB drive, or via e-mail. This is neither secure nor reliable. It opens one up to all kinds of security breaches from confidentiality leaks to fraud, corruption and misrepresentation.
Cloud accounting software updates automatically and is kept on secure servers
This being said…
Risks of Cloud Accounting
- Compliance violations can occur. (Not all countries have the same compliance laws. It pays to get an expert to set it up for you, or consult, so you have no slip-ups.)
- Identity theft.
- Malicious damage to data (e.g. if you have disgruntled in-house staff doing the books)
- Malware infections and data breaches.
The Benefits of Cloud Accounting far outweigh the risks
The benefits of cloud accounting far outweigh the improbable risks. If you have done due diligence, and use a reputable software company for your cloud accounting, you minimize the risks.
However, if you have your own in-house staff operating the accounting software, your risks are still greater than if you outsource the accounting function.
The Benefits of Cloud Accounting Software
Cloud accounting helps with:
- Automation of all manual accounting and bookkeeping functions
- Accessibility of data (from any location or device)
- Real-time data updates
- Financial predictions and forecasts are easy, elegant, more refined
- Strategic budgeting for business and projects based on accurate data
- Accounts payable & receivable at-a-glance, i.e. easy to stay on top of monies owed and owing
- Cash flow management is a breeze
- Automated financial reporting
- Business Intelligence and Insights at your fingertips – from anywhere, any time
- Paperless transactions, so you no longer need space for storage
- Reduced Costs
World Class Security
The cloud is one of the most secure ways to store information. With cloud software, your data lives online on secure servers – as opposed to on your hard drive or a local server.
As long as you have access to a computer or mobile device connected to the internet, there is no interruption, no downtime.
Your data is constantly backed up, so you don’t need to worry about your data being hacked or compromised. Even if your computer crashes or burns, everything is still saved in the cloud.
Cloud-based software companies ensure that the security and privacy of data about you and your organisation are always safe.
Work Smarter With Data Accessible In The Cloud
The beauty of online accounting software is the flexibility it gives you to run your business remotely from anywhere in the world, from work, home, or on the go. You can be confident that you have an up-to-date picture of how your business is doing, no matter where you are.
Get Complete Visibility of Your Spend as It Happens
- Automated bank feeds allow you to keep track of your business’s balance sheet in real-time.
- Get a clear picture of your business as a whole. Various online reports give an up-to-date snapshot of your business finances.
Save Time With Automation
Manage bills and expenses. Get paid faster with electronic invoicing and automated follow-ups. No need to keep manual track of debtors. Integrate card transactions, easy reconciliation, and great reporting facilities.
If you combine your accounting software with HR and Payroll applications you can also automatically generate e.g. payslips.
Business processes 30% faster
Intuitive And Easy To Use
Cloud accounting software makes accounting easy for people who may not have much experience in managing financial accounts. The software is built with non-accountants in mind. Help and guidance are available every step of the way.
Control Multi-Level User Access
It’s easy to add multiple users to your account and tailor permissions so that people with specific job roles only see what they need to. Cloud accounting software lets you share your accounts with your accountant throughout the year and work together regularly.
Network With Fellow Business Owners
Meet, chat to, and sort out shared problems with fellow business owners via community forums and business events.
No Need For Software Updates And Upgrades
Software updates can be developed and delivered faster and more easily in the cloud. Upgrades are automatic so you always have access to the latest version and new features instantly.
Third-party apps can be linked to other business processes to facilitate your work for you, like automated linking to e-mail accounts, client management systems, payroll software and others.
Client Resource Management (CRM)
CRM is used to improve customer relations and create lifetime clients. It is used to manage activities, strategies and interactions with current and potential customers. Automating the processes associated with a customer’s journey through the marketing and sales funnels helps save money, time, effort, resources because sales staff reach targets easier, sooner, faster.
The equivalent of your friendly neighbourhood mailman so you can send electronic mail to whomever you want to; customers, colleagues, service providers, etc.
An email service is a company that provides businesses with software and tools to send bulk emails and implement email marketing. Most e-mail services offer user-friendly features to manage mailing lists, email design, and metrics to monitor your success.
Spend Management Software
Spend management software is used to plan and monitor procurement expenses such as e.g. raw materials, business services, investments.
Expense Management Software
Expense management software provides a solution to process, pay and audit employee-initiated expenses; i.e. flights, car rental, lodging, meals, laundry, business calls, and shipping of work-related items.
Employees can manage expenses in multiple ways, from receipt scanning mobile apps to enterprise software that covers travel policies, approvals, expense tracking, and travel cost management. Employees can submit expense claims on the go with the expenses app. Managers or supervisors can view spending, approve and reimburse expenses and mileage claims quickly.
Tax Shop offers a set of next-generation Expense Management Solutions
CLOUD ACCOUNTING SOLUTIONS
Cloud accounting (or online accounting) has all the same functionality as desktop accounting but expands upon it. There’s no desktop application – you log in to an always-up-to-date online solution and all data is safely stored on a cloud server.
With cloud accounting, you keep your business books online; including records of income and expenses, assets and liabilities. It operates like a bank for your data. Data is encrypted and only users with the appropriate login can view the data. Most cloud accounting applications come with tools for quoting, invoicing, managing bills, etc.
When you connect your business bank account to the accounting software, the banking transactions flow automatically from the bank to the books. You can imagine how much time and effort this saves on data entry.
Get real-time up to date information as and when you need it
The cloud is a virtual platform like online banking giving you access to data and software anytime, anywhere from any device, which means you can access accounts from any web browser, or from an app on your phone. This gives you the flexibility to run your business from work, home, or on the go.
Online accounting software keeps small business owners connected to their data and their accountants
Work Smarter Not Harder
We can help you put together an integrated package that will dramatically reduce the time you spend on accounting and bookkeeping.
You will have oversight of your finances from anywhere any time; 24X7, 356 days a year.
Cloud accounting gives you the option to integrate with third-party software packages to substantially increase automation and functionality – just more ways to make your life easier.
Focus on your business while we take care of your accounting, tax and payroll
Dramatically Improve The Control Of Your Business [Finances, Payroll, Tax]
Let us help you make the right decision for your business in terms of accounting software, and whether to go in-house or whether to outsource your bookkeeping and accounting function.
- We have solutions ready for you so that you do not have to spend time looking at all the options out there.
- We have done due diligence and only offer the most robust, scalable, and proven systems and software to ensure you get the best options.