Home For accounting professionals General accounting discussion
Current updates regarding coronavirus (Covid-19) and the precautions AAT are taking will be continually updated on the below page.

Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚


Cloud software

Hi

Could you please help me in understanding some questions I have in relation to cloud software

1) What is it you actually do? Is it a case of just over seeing what the client is doing with the transactions? You make any necessary alterations?

2) Who is responsible for year end adjustments? Depreciation, accruals etc?

3) Speaking of accruals and such, will the client key this as and when, or is this left to you?

4) Who has the responsibility for VAT, if relevant?

5) Who performs the bank reconciliations?

6) If the client doesn't want to use the cloud, doesn't want to do the bookkeeping, are you using VT/Sage instead to complete?

Thank you, I appreciate I've asked a fair few questions but I can really find the answers.

Comments

  • TreadStoneTreadStone Feels At Home AAT Licensed Accountant Posts: 280
    Just because it's cloud based doesn't mean anything will be any different to what arrangement you have using current software ?
  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,431
    Agree with @TreadStone that it depends on what your letter of engagement specifies. For some clients I do all the above, so they are not usually on a cloud software. For others it's limited to year end / quarter end adjustments and review of entries. The benefit of the cloud is that I don't have to wait until year end to start looking at adjustments.
  • wills135wills135 Registered Posts: 30
    Thank you.

    So essentially there is no point in using the cloud if the client does not do their own bookkeeping.

    When you mention year end and quarter end adjustments will the client for instance enter the invoice, for let's say electricity, followed by some form of note to inform you of what it is for?

    Thanks
  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,440
    As others have said cloud based is not chaning much. It means that clients can undertake some more basic bookkeeping as they can be supervised.
    For us even if clients are paying us to do bookkeeping we still utilise cloud software where it has an advantage such as using bank feeds and coding rules.
    Regards,

    Burg
  • wills135wills135 Registered Posts: 30
    Hi,

    Thanks for your responses.

    I have an interview next week, having never worked in accounts I just want to be able to answer questions such like, "what do you know about cloud software."


    I'm trying to cover a few scenarios at the minute.

    I appreciate this is in the wrong section, but I figure you guys have the most exposure to the software.

    Thanks
  • wills135wills135 Registered Posts: 30
    Accounts Assistant
  • wills135wills135 Registered Posts: 30
    In Practice.

    Any tips?
  • wills135wills135 Registered Posts: 30
    Thank you.

    I take on board what you have said.

    Maybe I've been trying to prepare too hard for the interview, it's just that positions, which require no experience, aren't easy to come by - well that's my observation.

    Thanks.
Sign In or Register to comment.