Online Cloud Accounting Services | CloudCo Group Milton Keynes
online cloud accountants
CloudCo Accountancy Group

Online Accounting Services

CloudCo Accountancy Group

When small companies usually get started, they are strapped for money in their early days. Self-employed, limited companies, sole traders, and small business owners who are trying to grow a business, often find the push and pull factors of bookkeeping a drain on their time. For businesses like this, the streamlined optimisation of online accountancy services can be quite beneficial. But what exactly are online accountancy services?

Online accounting is an accounting service that typically operates on a fixed monthly fee to provide comprehensive and real-world accounting for a small business. This is convenient for business owners who only need an ad-hoc service as opposed to year-round accountancy.

Are you wondering what the differences between online accounting software and online accountants are? Do you prefer to work and interact remotely as opposed to face-to-face? If you answered yes to any of these, we will explain how all of this works and how we at CloudCo, can help implement the best service option for your business.

What Is an Online Accountant?

An online accountant uses internet technologies like your web browser and smartphone to help you perform business accounting functions. It replaces traditional software, spreadsheets, or manual paper-based accounting systems.

This service is largely based on your specific needs across your desired timeframes and requests. For example, online accountancy replaces the need for a full-time accountant, which allows you to piecemeal your financial needs according to your budget.

You could request tax or VAT return help, as needed bookkeeping, or help with something like companies house with no obligation to consistently find work for a hired accountant. One fixed monthly fee takes care of all your accountancy needs whenever you need it.

How Does an Online Accountancy Service Work?

Online accounting lets you see how your business is doing in real-time. You can see how much money you have across bank accounts and cards, what money is coming in and what money is going out.

This is your cash flow. This helps you make decisions quickly and address areas that need attention before it’s too late.

Before the world became completely digital, many businesses used to just fly blind, make decisions based on “gut instinct”, or only understand what was going on after the bookkeeper had been for their monthly visit.

With online accountancy, all of these concerns have now become part of history. Online accountants keep you constantly updated on every single financial aspect of your business with thorough reports, assessments, and suggestions to help overcome pitfalls or losses.

How are Online Accountants Different From Software Programs?

Software programs like Xero are the quintessential tools used by accountants either in-house or online.

These programs are also available for small businesses to use independently if the business is small enough to not warrant extensive and major financial oversight and reports.

But this is where a lot of confusion comes into focus, because many people commonly mix up the role of an actual online-based accountant or the use of a software program to handle all of a business’s finances.

Before Covid-19 and after, online accountants have been a convenient and fast-growing phenomenon that corresponds to the ease and quickness that simple online interactions can foster within the workforce.

This has also allowed the accountancy field to grow and evolve beyond the days of companies being forced to hire a full-time, in-house accountant no matter how big or small a business is.

So in summary, online accountants are not much different from a regular face-to-face accountant, and the popular accounting software programs are used by accountants just as they are used by self-employed workers or small business owners.

What Is Online Accounting Software?

Let’s take a quick look at the two most popular types of online accounting software.
xero accountants milton keynes

Xero Online Accounting

Xero online accounting software for your business connects you to your bank, accountant, bookkeeper, and other business apps. But with that in mind, Xero is nothing more than smart bookkeeping software. There’s a little Artificial Intelligence (AI) built-in but it’s cursory – the tax features are very limited to the extent that you still need an accountant like us to help you out at year-end. Our Xero accountants are well-versed in every aspect of the software, and can also help you with the real-world particulars of your business that Xero may miss.
QuickBooks Accountants

QuickBooks Accountants

Running a successful business is about allocating resources efficiently and your time is gold. So, when is it a good time to ask for help and what kind of accounting support should you be looking for? To get peace of mind from someone who understands tax and accounting regulations inside-out and to get expert advice on running your business better and to make it more profitable, online accountants are always your best bet. But the great advantage of using accounting software like QuickBooks is that it makes it easy to stay on top of your business finances. However, expert accounting help is still advisable for most businesses.

What is included in our online accountant service?

How much do online accountants cost?

Generally, accountants charge on an hourly basis or at a per-service rate. As a small business owner looking to save on unneeded costs, you may hesitate to decide if you should hire an accountant. With all of the different business accounting software on the market, you might feel like accounting services are a cost you can definitely avoid.

However, even if you’re skilled at using your accounting platform, there could be valuable financial insights that your business is missing out on—that an accountant could provide. CloudCo offers you a faster and more affordable accounting service than a traditional high street accountant. Our accountants are available to you via chat, phone, and email.

Our all-inclusive accountancy packages will take care of all your business and personal taxation needs, so you never have to worry about receiving an unexpected tax bill again. Packages start from £95 + VAT per month. For more information please click here.

Why choose CloudCo Accountancy Group for your online accounting?

Cloudco is a modern, straightforward solution to your accounting needs specifically designed for contractors and small businesses. Our flexible accounting solutions and processes are continually developed to ensure the best possible service.

We have helped many businesses and investors to stay compliant with HMRC, build wealth and manage succession planning. We are proud to be part of the highly respected DNS group providing award winning accounting, tax planning and consulting services.

We have dedicated account managers for our clients, whom are directly contactable and directly reachable. Going beyond the statutory requirements your business may have, our services provide a platform for developing your ideas. Unlike other accounting companies, whom are software driven operating light touch, Cloudco Accounting Group provides you unrivalled advice and support, on request, thus fortifying your partnership with us.

Online Accounting FAQs

Let’s take a look at some frequently asked questions about online accounting and associated services:
Yes, with the rise of digital technology and widespread internet connectivity, it is now easier than ever to hire online accountants in place of in-house accountancy staff. The online model reduces much of a business operator's overhead costs, and when hired from an accountancy firm, the reductions in cost can fall even lower.
In today's world, an online business can be just as large and multi-layered as any brick and mortar business. Even if your online business is very small, it is still a good idea to consult an accountant when it comes to policies such as tax returns, VAT registration, assessments, and VAT returns, and to receive the best possible financial advice for your business.
Xero is a fantastic tool, but it doesn't truly replace the level of knowledge and insight that can be provided by a professional, dedicated accountant. Even if you manage your money using Xero, it’s worth having your tax return checked and approved by an accounting expert. If you have a more complicated business structure, such as a limited company, it’s rarely advisable to do your own tax return, given the detailed knowledge required.
Most self-employed individuals typically find that they can handle the financial aspects of their workload. However, there can e instances where all of the policies related to self-assessment tax and year-end returns can become overwhelming. Consulting an online accountant is a great way to receive help with this while avoiding some of the major costs that come with hiring an in-house accountant.

Like Xero, QuickBooks is a fantastic software program for bookkeeping. But it is still beneficial to also consult with an online accountant to ensure that all of your tax and financial obligations are met.

Contact CloudCo Accountancy Group Today

Cloudco offers you a faster and more affordable accounting service than a traditional high street accountant. Our accountants are available to you via chat, phone and email. Our all-inclusive accountancy packages will take care of all your business and personal taxation needs, so you never have to worry about receiving an unexpected tax bill again.