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Transform your Business with
Cloud Accounting
Cloud accounting software can integrate with a broad range of other business
applications to streamline procedures and processes. The sharing of data across systems
reduces input time and duplication of work and also enables production of intelligent,
real-time management information to guide effective business decisions.
We use our understanding of your
business, and our experience in the field, to
advise on and implement the best system
to accommodate your current and future
requirements. This includes selecting
the most appropriate and effective
accountancy-related applications from the
hundreds on the market.
Go digital with Haines Watts
• See page 4 for more on the business benefits of cloud accounting
• See page 6 for how cloud accounting software integrates with other business applications
• See page 8 for Haines Watts’ Support to Success programme to help you go digital
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hwca.com/[email protected] 273 189
Essentially, ‘the cloud’ refers to software which can be accessed via the internet to store,
manage and process data. Users subscribe to the service which can then be accessed
from anywhere, provided there is an internet connection, and from any compatible
device including PCs, Macs, tablets and mobiles phones.
What are the benefits?
What do we mean by cloud accounting?
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Haines Watts - Transform your business with Cloud Accounting
Automatic software updates
Suppliers take responsibility for maintaining the system and introducing updates to improve functionality, including essential security updates.
Cloud-based software is significantly more cost-effective to use as there is no server or stand-alone software investment required. There are also savings to be made in terms of data storage and software update costs.
Lower overheads Accessibility Flexibility
Users can access data remotely, so the same level of convenience and functionality is available whether you are in the office, working from home or travelling. In addition, multiple users can access the system at the same time.
The ability to scale up cloud-based software and introduce compatible applications is an attractive prospect for growing businesses whose requirements will change over time.
Shared access to real-time information via your cloud accounting system allows us to provide a more efficient service and better assist with any queries you may have.
Improved collaborative working
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Security
Storing and accessing data in the cloud greatly reduces the risk of losing it through lost, stolen or malfunctioning hardware.
Better financial management
Utilise more effective management reports and forecasting using real-time information.
Streamlined processes
Cloud accounting and related systems reduce input time and duplication of work.
01432 273 189 hwca.com/accountants-hereford
We can implement and support various
online accounting applications but
for ease of use, value for money and
functionality, we particularly recommend
Xero. As a Xero Platinum Partner, Haines Watts are able to offer clients
significant corporate discounts – another reason to go digital with us.
Our recommended cloud accounting software
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Haines Watts - Transform your business with Cloud Accounting
Xero is the market leading cloud-based accounting software specifically designed for SMEs. Many of our accountancy team are Xero Certified demonstrating proficiency in the system and we have specialists who are trained in migrating clients to Xero.
• Online invoicing and payment options with automated invoice reminders
• Automatic bank feed allowing for efficient reconciliation and an up-to-date cash flow position
• Simplified management of expenses and receipts
• Inventory tracking and stock management
• Streamlined sales processes with professional online quotes
• Tailored financial reports and budgets
• Compatibility with over 700 other business applications
• Multi-currency accounting
XERO Key Functionality
01432 273 189 [email protected] hwca.com/accountants-hereford
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System integration with Xero Xero can link with a broad range of other applications to streamline processes and the system can be adapted to meet changing business requirements.
System Integration Illustration
Customer Relationship Management (CRM)
HMRC Submissions inc. Payroll/VAT
Document Management
Customer Communications
Expenses Management
Business Analytics
Project Management
Debt Management
Reporting, KPIs, Management
Accounts & Budgets
Front of House/Point of Sales
(EPOS)
Employee Scheduling
Bank Transactions
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hwca.com/[email protected] 273 189Haines Watts - Transform your business with Cloud Accounting
To help plan and implement the right cloud accounting system for your business, we utilise our Support to Success programme which is delivered by a cloud expert from Haines Watts.
The level of input you will need from us depends on the size of your business, your current position and the degree of automation you’re hoping to achieve. Whatever your requirements, we can tailor our service to meet your needs. Here are some of the ways we can help.
We are able to come in at an early stage to help you review your accountancy procedures, clarify your requirements and identify technology gaps. Once we have established the scope of the project, we will outline our recommendations, including proposed software.
Scoping
Once the recommendations in the scoping document have been approved, a full project plan will be drafted including agreed deliverables, identification of key stakeholders, timescales, training plan, required resources and post-project support.
For those whose requirements are fairly straightforward, the project plan will be a brief summary of what we will undertake on your behalf with the related costs.
Project Plan
The nature of implementation will depend on the systems being introduced but we can oversee the entire process, including managing the migration of data, to ensure a smooth transition.
Implementation
We can provide ongoing support, including refresher training, to ensure users get the maximum benefit from the new system.
Ongoing Support
New and old systems can be run in parallel until users are comfortable with the new software.
Parallel Running and Go Live
A week or so after “Go Live”, an implementation review will be undertaken to identify and mitigate any ongoing issues. Project sign-off will only happen once any ongoing issues are resolved.
Post Implementation Review and Sign-off
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Training can be tailored to suit your needs. We can train groups of staff members or conduct one-to-one training sessions. It is recommended that at least two staff members have in depth training to ensure you get the most from the new system.
Training
Support to Success
The Government’s Making Tax Digital programme will obligate businesses to use digital
record keeping software but we are encouraging owners to switch to cloud accounting
sooner rather than later to benefit from improved efficiencies which can give them an
edge over their competitors.
Give us a call to discuss how an integrated cloud
accounting system can help your business.
There is no fee for this initial advice and there is no
obligation to use our services.
Ready to see how cloud accounting can transform your business?
What is Making Tax Digital?
Making Tax Digital (MTD) aims to automate how individuals and businesses interact with the tax system to improve efficiencies and minimise errors. The first new MTD obligations for VAT returns come in to force from April 2019 but, eventually, all businesses will require MTD compliant digital record keeping software which links directly to HMRC systems to send and receive financial information.
Haines Watts - Transform your business with Cloud Accounting
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Haines Watts and The Haines Watts Group generally refer to the network of member organisations, each of which is a separate and independent legal entity. Each entity has signed a participation agreement with Haines Watts Limited, or is controlled by such a firm. Member organisations are not members of one legal partnership and are only liable for their own acts and omissions, and not those of each other.
The majority of these firms are not authorised under the Financial Services and Markets Act 2000, but because they are licensed by the Institute of Chartered Accountants in England and Wales, are able to offer a limited range of investment services to clients if they are incidental and/or complementary to, or arise out of, the other professional services they have been engaged to provide.
It is Haines Watts Group policy to refer most investment business, excluding corporate finance work, to Financial Advisers, authorised and regulated by the Financial Conduct Authority. The Financial Adviser will take full responsibility for compliance with the requirements of the Financial Services and Markets Act 2000.
This brochure is designed for the general information of readers. The information represents Haines Watts Group’s present understanding of current and proposed legislation and HM Revenue and Customs practice. Whilst every effort has been made to ensure accuracy, information contained in this briefing may not be comprehensive and recipients should not act upon it without seeking professional advice from their usual adviser. The values of investments may go down as well as up and are not guaranteed.
