Cloud accounting allows small business owners and their accountants to work much more closely throughout the financial year – because they can both work with the same, up to date numbers at the same time.
Working with client data “online” is the future of the profession. In this new model, you speak with your clients regularly, to resolve queries and make corrections to the accounting records in small batches, as the financial year progresses.
What about clients who only want a year-end service?
However, despite the seemingly obvious advantages for both sides, we know that that every established accounting practice will have a significant number of clients who do not want to work in the new "regular touch" model. These business owners prefer to deal with their accountant just once a year - at year-end time.
In this scenario queries are resolved and corrections are made looking through the whole year’s transactions in one go. Should you, the accountant, be happy to work with the data online now? Do you really want to make (potentially) hundreds of corrections, deletions and re-allocations directly in the client's own accounting records before you confirm the final accounts with your client? You won't have a full audit trail of what you've done and will have no way of restoring back the original data should you make mistakes or the client doesn't agree.
At Checkmybooks we believe this may not be the case. So we take a risk-free copy of the client's data, to work on “offline”. Corrections can then be made; safe in the knowledge that the client’s records are ring-fenced. Once the final numbers are agreed, then you can process the year-end adjustments (often in summary form) back into the cloud accounts. This way, the client sees their cloud accounts made consistent with the final year-end numbers - but only once everyone is happy with them.