A strategic advantage for SMEs
At Price & Accountants, we have heavily invested in the Cloud because we can see how Cloud-
based accounting systems add value to our clients. In today’s market, businesses need to be
scalable in order to succeed and cloud accounting platforms provide enterprises with variety of
services which traditional and non- cloud accounting systems just couldn’t offer. Statistics
published in 2013 reveal that exclusively adopting the cloud for your accounting will be a
fundamental game changer for your enterprise.

The adoption of cloud accounting systems by businesses in the UK is growing rapidly.
Historically, accountancy firms in the UK have been too risk-averse to buy into a fully integrated
Cloud. With a document delivery service boosting a revolutionary combination for facilitating
cross-departmental and departmental teamwork the cloud gives enterprises a cost effective,
secure and flexible foundation for organic growth.

In the start of 2013 something changed, A survey by Fasthosts recorded that there was an
estimated 4.9 million business (in 2019 there was 5.9 million) in the UK which employed 24.3
million, and had a combined turnover of 3.300 billion. In fact, SME’s accounted for 99.9 per cent
of private sector turnover. With 841,000 private sector business, London had more firms than
any other region in the UK. The south east had the second largest number of business with
719,000. The business landscape was changing and many new players were beginning to take
advantage of how the digital revolution could change the way of doing business and create
measurable value in a fundamentally new way. Almost a year later, in 2014 more than two thirds
(70%) of small businesses and medium-sized enterprises (SMEs) in the UK have stated that an
early adoption of the cloud will be an important factor to contribute to the growth of their
business in the next 12 months.

We understand that for many SMEs, shifting into the cloud is giant leap but for this particular
group this leap has been proved to be extremely beneficial. The scalability of the Cloud allows
your business to upscale and downscale your business requirements to accommodate your
needs or changes. This in turn allows you to support your business growth organically without
the highly expensive changes with other more traditional accounting systems.
Today’s cloud offers business more than just Mobility, scalability, real-time info, visualisation
and cost effectiveness, It is revolutionising the way in which we do business. Leaping into the
cloud isn’t merely a technology shift it’s a cultural shift. Cloud computing brings forth a wave of
closer collaboration by bringing the business together in one central, accessible location. One of
the many key benefits of the cloud is the scope of information it provides on where a business is
exhaling, thus enabling owners to make the right decision on how to make significant
improvements for more efficient systems and closer collaboration.

Using a best-of-breed cloud accounting system, like Xero has enabled us to provide our clients
with real-time accounts and cash flow information, and an enterprise mobility strategy which is
changing the way they do business dramatically. Management can harness the power of real
time bank data thus saving time and enhancing their ability to make fast and informed business
decisions. Data visualisation for finance is changing the way SMEs work by making complex
finance data simple and accessible. Armed with the right insights business Xero allows owners
can explore and understand the relationship between a global market, investors and their
current clients.

Traditionally, it was only large corporates that had vast databases on their customers, with
Xero’s engineering SMEs have cloud databases with a secure and safe API which can connect
in real time to systems and other databases around the world. Xero gives business owners a
platform to refine their internal date and make informed strategic decisions to boost
performance.

We have noticed that a lack of education with regards to the cloud is having massive impact on
the amount of small and medium sized enterprises that are considering making the leap. At
Price & Accountants, we are committed to providing our clients with a quality service in an
efficient manner. We have helped and continue to educate our clients through our top-notch
educational consulting services and free online resource materials.
So in conclusion, moving your infrastructure into the cloud will enable you exploit saving
opportunities and make better business decisions based on credible data. So if you want to
minimise risk and maximise your ROI with an accurate, actionable and transparent business
intelligence then migrating into the cloud with our cloud accountancy tool is most probably your
best bet.

Want to know more?
If you would like more in-depth guidance regarding your current finance system, a business
accounting consultation, or tax advisory, please contact 02037 355 119, email
info@priceandaccountants.com or visit www.priceandaccountants.com