Traditional accounting businesses should be aware that today’s challenging and highly competitive economy demands better efficiency with fewer resources.
Advances in digital technologies such as cloud computing have proven to be a boon for businesses; the same holds true for accounting firms too. Firms can leverage this revolutionizing technology to revamp their services, drive their business to greater heights, and increase profits. The technology also helps CPAs automate tasks and get freedom from monotonous tasks, leaving time for better client success.
In short, cloud computing helps accountants offer client-centric services. Let’s see how:
What if there’s a traffic jam on a Monday morning and you’re stuck in it for a couple of hours. As a result, you reach the office late and have to stay late to compensate. What if your teammate made some last-minute changes to the data, and you’re already on your way to meet the client? It will only make things more complicated as you’re not aware of the changes.
Cloud computing allows you to access your accounting data anywhere (all you need is a stable internet connection). This way, you can complete your accounting tasks from the comfort of your home, in a cab, or at the airport. You’ll not miss out on any changes and be better positioned when dealing with the client.
As per a Forbes report, 59% of SMBs have witnessed an increase in productivity by using the cloud. Cloud computing automates mundane accounting tasks such as data entry and allows CPAs to focus more on revenue-generating tasks.
Cloud computing also minimizes the chances of human errors, allowing you to access error-free reports in less time compared to traditional accounting methods. This way, you can analyze the data from these reports for greater profits.
Data security also plays a crucial role in the success of your accounting firm. One small data breach and all your hard work can go in vain. Such incidences can damage the reputation of your firm and eventually result in revenue loss. It will also become difficult for you to crack new deals in the future.
Cloud computing offers enterprise-level data security by encrypting your data, using the latest firewall and antivirus, and altering automatically upon intrusion. Reputed cloud vendors have a dedicated team of It professionals that monitor your data regularly for suspicious activities to keep your data safe.
Your clients might have been satisfied by communicating over a phone call or email in the past. However, this scenario has completely changed by firms becoming more client-centric and giving them more control to communicate efficiently – another way to leverage cloud computing for your firm’s success.
Cloud computing offers online dashboards, real-time data analysis, and communication methods for efficient collaboration with the client as well as within the teams. You can share your schedule with cloud calendars. As multiple people can simultaneously access the same data, you can eliminate the errors caused by inefficient communication between the employees and the client.
Firms across the globe are trying to minimize paper usage, and cloud computing is one of the best ways to achieve this. By using this technology, all your data is stored in remote servers, helping companies save paper usage costs and enjoy a new way to do business.
This new way of doing business saves money by cutting down the cost of paper consumption and eliminates the cost associated with its storage and archiving.
Applications such as QuickBooks that you use daily for your accounting use can be deployed using the cloud. You can also use electronic signatures and file-sharing applications, helping you ditch the traditional methods and move to paperless accounting.
Adoption of cloud computing doesn’t mean instant success. It is a gradual process, but the results are indeed worth the investment. Many accounting firms have leveraged the technology and its benefits and have helped their clients grow their business.