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Cloud accountancy is on the rise.

Since its first roots in 2005 cloud accounting has really taken off, with key companies like Xero, Clearbooks, Sage and Quickbooks all offering online services that can make the life of small business owners considerably easier.

Xero in particular has been lauded as it recently achieved 500,000 clients. Michael Wood of Receipt Bank, in his blog said ‘Xero has changed the world of small business accounting’.

It is easy to see how this could be true. Cloud accounting systems enable businesses to simplify their book-keeping and accounting practices.  You can link your bank account securely to a system like Xero or Quickbooks and have all your business transactions stream straight to your accounting system. This means you can closely monitor and manage your spending and also give accurate reports to your accountant and the tax man.

The online nature of the system means you can check how things are going from any laptop or tablet even if you are travelling abroad. At the same time your accountant can have immediate access to your financial reporting, enabling him to give you sound and up to the minute advice on how to maximise your income and manage your tax and other operations such as invoicing, payroll, VAT etc.

 

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