How Cloud accounting can help rural businesses during uncertain times
Wednesday, 08 April 2020
The level of disruption to the country’s way of life is unprecedented. The spring planting season has, however, continued apace and whilst the recent flooding is still very much in our memory, agriculture has never had a more important role to play. There is plenty of work to do in the field, but the legacy of the recent winter will continue to affect rural business’ financial positions.
Over the weeks, nearly all companies have had to close their premises and adjust to working from home or unfamiliar surroundings. Fortunately, MHA Larking Gowen has a robust business continuity plan and all our teams can work remotely with no interruption to their day to day working. This means our teams can support our clients regardless of location, with the help of cloud accounting.
Technology can ensure that your compliance matters are dealt with on a timely basis and not suffer from delays that may have slowed us down previously. Cash flow over the coming months will be vital and having information that’s up to date will enable effective decision making.
As business owners, we’re sure that you will be requiring frequent contact and advice from your trusted advisor over the coming months. However, the challenge is - how can you provide them with access to your up-to-date business records if restrictions are in place?
MHA Larking Gowen has Platinum Partner status for cloud accounting platforms Xero and QuickBooks. We also work closely with Key Prime/Landmark and Farmplan and regularly assist their teams with support and training.
If the packages are not specifically set up as online cloud accounting whereby, they can be accessed by both you and your trusted advisors, backups and other data can be stored in the cloud and retrieved securely by any trusted user.
Not only can these be accessed anywhere, they also both provide essential efficiencies which will relieve you of mundane bookkeeping tasks and allow you to concentrate on minimising any disruption within your business.
All software these days has amazing integrated features to help with everyday bookkeeping tasks.
The main ‘time saving’ features are the live bank feeds and easy upload facility. Bank feeds automatically import transactions from your bank and uploads from internet banking can be imported quickly and easily. Therefore, eliminating the need to enter bank transactions manually into your accounting software.
We make sure all our cloud accounting clients are set up with Receipt Bank where possible https://embed.vidyard.com/watch/x5coA6aEWFUK5wB8pW7nPe. This third party application allows you to take photos of your sales and purchase invoices using an app on your phone or tablet. It then extracts data from these invoices before they’re published through to the software, avoiding any manual data entry of sales or purchases.
Real Time Information
As business owners, many of you will be required to make some vital business decisions in the coming months, but how will you be able to do this if you don’t fully understand where your business’ finances are at now?
Technology can be used to provide Real Time Information, to help business owners understand exactly where they stand.
It is essential that business owners have all the tools in place to enable them to provide their trusted advisor with information instantly. In return, bookkeeping can be updated daily, providing business owners with Real Time Information. This gives business owners the detail they need to make informed decisions.
With cash flow being all important in the current climate, it is essential that business owners have the resources required to utilise technology to their advantage.
If you’re worried about the impact Coronavirus will have on your business performance and would like to know more about your business’ current financial position, please speak to your usual MHA Larking Gowen contact or email email@example.com for more information. Please visit our people page on the website for contact details.