cloud accounting FACTS AND FICTION

cloud accounting FACTS AND FICTION

WHAT IS THE CLOUD? Everyone has heard of the cloud but many people are still unsure of what it is and how it works. Cloud computing is simply when data and programmes are stored and accessed over the internet instead of on a computer s hard drive. Businesses are increasingly moving to cloud storage due to the rapid increase in the amount of digital data being created, faster internet speeds and the costs of data storage dropping. Our business has become better and better since the introduction of BDO because they allow me to concentrate on the business. CHEN KOTECHA SCAN COM DISTRIBUTION LIMITED www.bdo.co.uk/intouch-cloud-accounting

WHAT ARE THE BENEFITS OF CLOUD COMPUTING? LOWER COSTS Cloud computing services are typically pay as you go, reducing the need for upfront investment in capital expenditure. You typically pay a fixed monthly fee which includes more traditional IT considerations such as upgrades, patches and backups, helping lower costs and reducing hassle. 01 LATEST VERSIONS Cloud software providers are constantly developing their products and so you will always benefit from the latest version with the most up-todate features. This will save you from the expensive process of upgrading your software from time to time. 02 EASY ACCESS FROM ANYWHERE AT ANY TIME Traditional software is often tied to a single device but with cloud applications, you can access everything via your laptop, desktop, smartphone or tablet, as long as you have an internet connection. 03 BETTER BUSINESS CONTINUITY As your data is stored remotely, if your business is affected by a disaster, such as a fire or burglary, then your data will remain intact and accessible. 04 GREATER AGILITY Cloud based systems are often able to share data or integrate with each other (at your discretion) allowing firms to process information in new and useful ways. 05

WHERE IS MY DATA STORED? When you put your data into the cloud, it may be held in data centres across the world. These are typically managed by specialist data companies providing services such as 24 hour onsite support and security, along with specialist power and cooling services to run the systems. BDO InTouch uses providers who have been through thorough reviews of the security and services they provide, and we can advise you on the potential risks along with what you need to be aware of before moving to a cloud service. HOW SAFE IS MY DATA? Cloud software companies take data security very seriously and invest significantly higher amounts in keeping their systems secure than individual companies might be able to do. This makes security breaches unlikely, so your data is probably safer in the cloud than on your own systems. Companies should ensure that appropriate internal controls are implemented to further safeguard their data eg ensuring login details are kept private. WHY CLOUD ACCOUNTING? Cloud accounting allows you to access financial information on your business from anywhere and at any time as long as you have an internet connection. All your current financial information will be together in one place and easily accessible via desktop computer, tablet or mobile phone The same information can be accessed by as many people as you require and by your accountant Clear and user friendly report dashboards can be tailored to your unique needs Automated features and user friendly design features simplify bookkeeping, finance and accounts processes.

BDO INTOUCH Simple to use, BDO InTouch, underpinned by cloud accounting technology, will take the stress out of your accounting. With BDO InTouch your dedicated BDO adviser accesses exactly the same information as you, allowing us to proactively provide expert advice which enables you to make informed decisions on how to run your business. As a leading firm of business advisers and accountants, with offices throughout the country and as a part of one of the largest global accountancy networks, BDO InTouch combines the benefit of having local advisers with the depth of expertise of the wider firm to assist with all business matters ranging from ensuring compliance in a complex environment through to strategic advice on how to realise your business ambitions. BDO InTouch is delivered by BDO s Business Services and Accounting practice. It feels like BDO are part of our organisation. Every aspect of service we have received from them has been first class. NIGEL HEBRON, CALBEE

FOR MORE INFORMATION: BDO INTOUCH +44 (0)330 123 3909 bdo.intouch@bdo.co.uk BUSINESS SERVICES AND ACCOUNTING DESK +44 (0)330 123 3909 businessservices.accounting@bdo.co.uk Local Business Service and Accounting Contacts: EAST ANGLIA +44 (0)1473 320 732 sarah.elms@bdo.co.uk EAST MIDLANDS +44 (0)116 250 4441 fraser.goodall@bdo.co.uk +44 (0)115 962 9240 tom.preece@bdo.co.uk GUERNSEY/CHANNEL ISLANDS +44 (0)1481 746 067 richard.searle@bdo.co.uk GUILDFORD/GATWICK +44 (0)1483 408 009 duncan.berry@bdo.co.uk LONDON +44 (0)20 7893 3007 andy.huddleston@bdo.co.uk NORTH EAST / YORKSHIRE +44 (0)113 290 6169 morag.miller@bdo.co.uk NORTH WEST +44 (0)161 833 8307 mark.sykes@bdo.co.uk SCOTLAND +44 (0)141 249 5249 andrew.mcnamara@bdo.co.uk SOUTHAMPTON +44 (0)23 8088 1900 chris.driver@bdo.co.uk SOUTH WEST & WALES +44 (0)117 930 6706 tim.smith@bdo.co.uk THAMES VALLEY +44 (0)118 952 7315 ashley.carter@bdo.co.uk WEST MIDLANDS +44 (0)121 352 6365 sarah.moss@bdo.co.uk This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO LLP to discuss these matters in the context of your particular circumstances. BDO LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it. BDO LLP, a UK limited liability partnership registered in England and Wales under number OC305127, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. A list of members names is open to inspection at our registered office, 55 Baker Street, London W1U 7EU. BDO LLP is authorised and regulated by the Financial Conduct Authority to conduct investment business. BDO is the brand name of the BDO network and for each of the BDO Member Firms. BDO Northern Ireland, a partnership formed in and under the laws of Northern Ireland, is licensed to operate within the international BDO network of independent member firms. 2015 BDO LLP. All rights reserved. www.bdo.co.uk