Everyone wants to save money on their accounting but it sounds complex and you don’t know the right way to go about it. So what can you do? Many fuel retailers have been faced with the same problems but have found that the cloud has really helped them to save some money. But what is the cloud? What does it have to do with accounting and how can it save you money? This post will tell you everything you need to know about cloud accounting and will explain how you can save money without losing control of your finances.
Let’s start at the beginning.
The Cloud. What is it?
You probably already use the cloud on a regular basis but you might not realise it. Do you use Gmail or Hotmail for your emails? What about Facebook to stay connected to friends and family? Or perhaps you do online banking? All these services are in the cloud. It’s a secure way of accessing services online and cloud accounting works the same way.
It’s great being able to log on to your online banking whenever you want and you can do the same with your accounting. This means you can securely log on and easily monitor the performance of your business. As cloud accounting is online, you don’t need to buy a software package or pay for updates nor do you need any additional hardware. You just need your laptop or tablet and a browser and you’re ready – no additional costs. Plus you don’t need to be in the office to do this. You can do your accounts at home or, if you have a number of fuel stations, you can do them whilst on the road.
So, now you know that you can do your accounting online and that’s one way to reduce your costs.
But doing your own accounting online sounds like too much trouble doesn’t it?
Actually, it’s not that difficult because some accounting systems have been designed specifically for fuel retailers. That means the programme is written in an easy to understand format and there’s no complex accounting jargon. All the sales categories will match you POS system making it really easy to use.
But how else can it save you money?
At the moment you are probably paying someone to do your bookkeeping. However, some cloud accounting systems can import lots of your data including daily reconciliation and wholesaler invoices. That means at the end of a day you only have to click a button to upload your data. Simple. You could be saving somewhere between 80% – 90% on your bookkeeping fees a year, because you won’t have to pay someone to do it.
In addition to being online and easy to use, certain online accounting systems can help you to work out your VAT. That means you can save even more on your accounting fees. You might also have access to a range of real time reports. That means that at the click of a button you can look at your Profit and Loss and Gross Profit per Category without having to wait for the information to come through. You can use these reports (and more like them) to work out where you could be saving money but also where you can make more. And if you want to discuss these reports with your accountant just pick up the phone and they can view the data online at the same time.
Now you know that it’s easy to save money on your accounting.
You also know what you should look for in an accounting system i.e. something that’s:
- Designed for you
- Easy to use
- Allows you to import data
- Provides real time reports
If you have any suggestions regarding how fuel retailers can save money on their accounting then let us know in the comments section.