5 tips for better business performance in the age of the cloud

Xero's Gary Turner explains how to make most of cloud-based business tools.

Over the last decade, cloud technology has enabled us to become more mobile than ever before, giving business owners and sole traders the freedom to work wherever and whenever, from any device. So in celebration of National Technology Day tomorrow, here are five ways cloud technology can improve your business processes – and productivity.

1. Access your numbers anywhere, anytime

Cloud technology lets you access your numbers anytime, anywhere. You’re no longer tied to the office. Mobile apps enable you to check your cashflow, raise an invoice and access your accounts wherever you are. Pretty handy for a business that’s always on the move.

2. Get a more up-to-date view of the business

When your numbers are in the cloud, you always have an up-to-date view of your current financial situation. And that means you can make better informed financial decisions. You’re no longer looking at out-of-date management reports: you’re looking at your business as it looks right now. That’s a major advantage for a fast-growing company.

3. Build a more productive relationship with your accountant

Working with your accountant can be time-consuming and costly. But in the cloud, you and your business advisers are always looking at the same online single ledger – and that saves you both a lot of time. Real-time conversations about your finances make for a deeper and far more valuable accountant/client experience. Your accountant’s no longer an expensive overhead, they’re an integral part of your business.

4. Go paperless and lose that clutter

Keeping on top of your paperwork can be a challenge. There are receipts, expenses claims and invoices to deal with – and that takes time. Cloud accountancy apps enable you to import your paperwork into the accounting software, pulling the data into the digital realm and letting you see the numbers that matter. It’s a quicker and more efficient way of dealing with your finances and a brilliant way to share your data and paperwork with your accountant.

5. Create a tailored suite of software solutions

Wouldn’t it be great to have tailored software system for every aspect of your business? Cloud accounting software add-ons let you build a system that specifically suits your business needs.

With these plug-in ‘add-ons’, your software can grow organically with your business. You build up a package which covers all the functionality you need, all hosted in the cloud and connected together.

So, if you’re an aspiring, 21st century business, cloud accounting gives you an unrivalled way to keep on top of your finances.

Gary Turner is the UK co-founder and managing director at Xero.

Praseeda Nair

Praseeda Nair

Praseeda was Editor for GrowthBusiness.co.uk from 2016 to 2018.

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Cloud Technology