Farming businesses are now becoming more technology focused and embracing the internet, with 85% of farms now having either wired or wireless internet access, compared to less than 30% 15 years ago.
In the last couple of years there has been a rapid increase in the popularity of cloud based software, mainly due to the advantages it can offer to all businesses, including efficiency, connectivity, security and the ability to utilise real time information.
So, you may be asking, ‘What is the 'Cloud'?'
The Cloud is a platform that stores data and information which is accessible anytime, anywhere, from any device.
There is the opportunity for famers to use the Cloud as part of their every day record keeping, ensuring all aspects of their financial records are totally up to date and providing them with the real time information they require to run their business successfully.
The advantages of using Cloud based software
- Cost - upfront costs are reduced. There is no initial start-up cost, but instead a monthly subscription cost. As accountancy and taxation rules and regulations change, the software will be automatically updated, at no additional cost.
- Access - just having one computer, with only one user being able to access the information will be a thing of the past. Multiple users can access the information from smart phones and tablets, which will allow you to be connected to all your financial affairs at any time.
- Time - bank transactions can be fed into the system daily, so this frees up time that would have previously been spent entering each transaction.
- Real time information - a major disadvantage of traditional software is that key advisors do not have access to the most up to date financial information that could be used to advise businesses and add real value.
- The Cloud means information can be completely up to date and gives farmers the ability to concentrate on other aspects of the business, without feeling like you are tied to the farm office.
- Accountant relationships - your accountant will be able to access the data throughout the year, and advise on how to record transactions and also enter the year end journals on to the software directly, ensuring all data is up to date and relevant.
With up to date, meaningful financial information, key business decisions can be made on an informed timely basis; this changes accountant/client relationships from being purely based on compliance, and allows better collaboration with other professional advisers.
If you are interested in finding out more about Cloud based accountancy packages, and how they may help your business please contact Lisa Oliver on 01242 680000 or lisa.oliver@hazlewoods.co.uk