Top 10 tips for implementing Cloud Accounting

We’re not afraid to bang the drum for Cloud Accounting. The benefits, advantages and cost savings speak for themselves when it comes to owner-managed businesses. Yet, the actual process of switching to and implementing Cloud Accounting is challenging.

In our latest insight article, Associate Director Martin Kerr offers the top 10 tips for implementing Cloud Accounting in your business.

Are you thinking about implementing Cloud Accounting?

We’ve seen, time and again, the positive impact switching to Cloud Accounting can have on owner-managed businesses. Consilium’s clients make better business decisions because they can access real-time data and financial insights. As a Xero Cloud Accounting Gold partner, it won’t come as a surprise that Consilium are cheerleaders for switching. That, however, isn’t to say that converting to Cloud Accounting is a ten-minute job.

We always recommend working with a firm of Chartered Accountants to set up and roll out your Cloud Accounting software. But if you are planning to introduce new systems solo, here are my top 10 tips for implementing Cloud Accounting in your business:

1. 🧐 Do your due diligence: research the Cloud Accounting options available and determine which is most suitable for your business. Subscribe to your chosen system;
2. 📉 Data entry: though Cloud Accounting automates a huge proportion of the manual data entry associated with legacy systems, your new Cloud Accounting software needs somewhere to start. Enter historic financial data or opening balances first. This could be your full trial balance from the previous financial year or simply your opening position at your chosen switch-over date;
3. 📊 Chart of accounts: use the default standard chart of accounts or customise it for the specific needs of your business. This will provide real-time data flows that are most relevant and important to your company and its future growth;
4. 💷 Bank feeds: set up bank feeds with your business bank account(s). This will import the previous days’ transactions into your Cloud Accounting software daily without the need for manual entry. This makes keeping your financial information up to date easier and is one of the early benefits of adopting Cloud Accounting;
5. 💷 Automate sales invoices: start harnessing the efficiency gains offered by Cloud Accounting by raising and issuing sales invoices automatically. Once set up, the process will save time and reduce the gap between work being completed and invoicing;
6. 🧾 Scan for the win: data capture and recognition features mean you can scan purchase invoices directly into your Cloud Accounting system. Saving time compared with manual data entry and reducing the risk of human data errors;
7. 🏦 Bank rules: set up bank rules for recurring bank transactions with no associated purchase invoice. A great way to reduce the time spent matching regular payments to rolling contracts or agreements;
8. 🔁 Create templates for recurring transactions: manual accounting systems make regular transactions a monotonous and time-consuming process. Templates can save time and improve the accuracy of data entry;
9. 💻 Online payment solutions: Cloud Accounting software allows you to set up online payment solutions for your customers and clients. Integrating these can help speed up payments – which is great for cash flow – and can also help you keep track of all transactions in one place;
10. 📈 Monitor business performance: at the push of a button, you can now see key information like which customers owe you money, which suppliers you are due to pay and when they are due to pay. Giving you a comprehensive overview of your business performance and cash flow in real-time.

It is time your business switched to Cloud Accounting?

Consilium has a proven track record of implementing Cloud Accounting software for businesses of all sizes and types. We offer a comprehensive service that includes training and ongoing support as your business harnesses the power of Cloud Accounting.

To find out how Cloud Accounting can benefit your business, please contact Martin Kerr.

Learn more about our Cloud Accounting services or if you are still not convinced, read our insights on the benefits of Cloud Accounting for owner-managed businesses and the cost savings that come from switching to Cloud Accounting.

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