Future Proof Your Charity With Cloud Accounting

Charities have their own unique needs when it comes to bookkeeping. In particular, they have the extra requirement of accounting for their income and expenditure as restricted, unrestricted, designated or endowment. Even for small charities, this can make bookkeeping a complicated affair.

Charities tackle this in different ways; some keep handwritten ledgers, others excel cashbooks and some use desktop software such as sage. However, an increasing number of charities are turning to cloud accounting.

Cloud accounting is accounting software you access via the internet. It is available 24/7. Be it at home on a laptop/PC, or on a tablet or mobile phone, cloud accounting gives you secure access to real time information wherever you are AND it can be accessed by your accountant too.

So what are the benefits of cloud accounting and why should you use it?

  • Bank statements can be automatically downloaded into the cloud accounting package which saves a huge amount of time normally spent data inputting. This also reduces the chance of incorrect and duplicate entries on the system.
  • It can help accountants provide on-going advice and planning due to the data being available in real time.
  • You can process your payroll within cloud accounting, therefore saving time by not running two systems or saving costs by not outsourcing the payroll.
  • You can easily see the charity’s up to date reserves figure at a glance, as well as being able to see what restricted fund balances are remaining. This is particularly useful when applying for grant funding.
  • Real time information can enable accountants to prepare accounts shortly after your year end, providing you keep the data up to date. The reporting functionality can reduce the need for excessive spreadsheets.

Cloud accounting may also have benefits further down the line. Making Tax Digital (MTD) is something you are likely to have heard of. Although it has been postponed by the Government, digital reporting as a legal requirement is still on its way. This will not affect charities as such but it will affect trading subsidiaries, who will have to comply with the MTD rules when they are introduced. A cloud accounting package will take the hard work out of this digital reporting.

No two charities are the same so we offer an independent viewpoint and have experts on many of the different cloud packages available. Our initial consultation is always free of charge and packages range from only £7.50 + VAT per month. The monthly subscription fee also allows you to benefit from software support and automatic updates, which can be a very costly part of desktop accounting packages.

We are running two FREE “Cloud Accounting” seminars in October which are open to both existing clients and non clients. See details here or contact Joanne@doddaccountants.co.uk to find out more or email Kristina.gash@doddaccountants.co.uk to arrange your free initial consultation.

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