BUSINESS
HEAD FOR THE CLOUD
BY SIMON WOODHAMS, HEAD OF CLOUD ACCOUNTING SOFTWARE AT WILKINS KENNEDY
CLOUD ACCOUNTING SEEMS TO BE THE PHRASE OF THE 21ST CENTURY, BUT FOR A VERY GOOD REASON. BRITAIN IS CURRENTLY ENJOYING A SME BOOM AS RECORD NUMBERS OF SMALL BUSINESSES ARE SETTING UP THEIR STALLS AND MANY OF THEM ARE FINDING A FLEXIBLE CLOUD SOLUTION BETTER SUITS THEIR NEEDS.
Improved access to finance and better technology has created the ideal environment for small businesses. At the beginning of 2016 there were 5.5 million private sector businesses – 99.9 % of these were SMEs. This figure is an increase of 97,000 since 2015 and 2 million since 2000. This is great news for our economy, but increased competition brings with it mounting pressure for efficiency and streamlined costs without a service compromise. Plus, owner managers need to feel that they can free up as much time as possible to concentrate on what they do best – running their business and servicing customers.
Whilst many business owners concentrate on this part very well, launching new products or services, the excitement stops when it comes to an accounting system. I agree that thinking tax returns over new equipment and shiny offices can seem like a bore, but, ignore at your peril. Letting your guard down for the taxman is one sure-fire way to trouble.
That’ s where cloud accounting proves to be extremely useful. Many cloud platforms link together invoicing software with your business bank account, so you don’ t have to spend loads of time on reconciling any expenses or unpaid invoices. You can also track a number of things more easily, for example, you can see exactly how much profit you are making, how much tax you are liable to pay, plus any impending outgoings – all at a glance and at the touch of a button.
It can also make filing tax returns a lot easier, because all of the information is ready to go. Many accountants, including Wilkins Kennedy, work with cloud software as it enables us to help you with other aspects of your business, such as keeping an eye on cash flow, managing late payments or calculating VAT returns. It can also be used to review your business plan, which will help you to make accurate financial forecasts, predict revenue streams and anticipate any challenges that may lie ahead.
The time that is saved through using cloudbased software is huge. Time is money, and this can all be ploughed back into your business – plus an accurate accounting system set up in the correct way can be a requirement for investors, before during and after the funding process. Here at Wilkins Kennedy, we offer cloud-based solutions that keep track of all financial records including expenditure and revenues, so profit and loss can be calculated in real-time.
I know that for most start-ups in their race to market, accounting is not in the front line of battle, but it is worth remembering that 1 in 5 businesses fail without an accountant. An accurate accounting system can also pay you dividends, quite literally, as well as saving you time and money in the long term.
Wilkins Kennedy already helps many clients run up to date accounting systems through our myWK service, which proves to be the lifeline of their business. All you need to do is hand over your accounting systems to the cloud accounting team – we can take care of the rest!
If you’ d like further information, you can contact your local Wilkins Kennedy offices in Ashford, Canterbury, Maidstone, Orpington and Sandwich.
Local offices:
Ashford: 01233 629 255 / Canterbury: 01227 454 861 Maidstone: 01622 690 666 / Orpington: 01689 827 505 Sandwich: 01304 249 997
www. wilkinskennedy. com
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