UHY Hacker Young | Chartered Accountants

The benefits of cloud accounting – Real time information

19 July 2018

In the second in our series of blogs on the benefits of cloud accounting, we focus on access to real time information.

When data (such as sales invoices, supplier payments, or bank transactions) is entered into cloud accounting software, the system updates the user’s account instantly, giving an immediate view of a business’s most recent financial position. This information can be accessed by the business owner, their colleagues and their accountant from any location in the world, providing an internet connection is available.

Improved planning capability
This access to real time information supports the ability to make operational and strategic decisions faster and with more accuracy, using the very latest information.

Reduction in payment times
Because the business has more accurate data about ageing sales debts, cloud accounting allows debtor days to be more effectively tracked and potentially reduced, thereby improving the business’s overall profitability.

Interested in transitioning to the cloud?
Contact a member of our cloud accounting team below to find out more.

For further information about any of these topics, please speak to one of our accountants in Newcastle, Jarrow or Sunderland.

As one of the leading firms of accountants in the North East, with offices in Newcastle, Sunderland and Jarrow, we have the expertise to advise you on a wide range of tax related issues. If you would like to speak to one of our local experts, please contact us.