The benefits of cloud accounting for both business and accounting firms are numerous. Cumulatively this has enhanced their relationship, meaning that business owners are more engaged with their finances and accountants are becoming more of a strategic partner.
There are several articles surrounding the benefits of cloud accounting for business owners, such as cheaper fees, better collaboration and no physical paperwork – yet little exists on the benefits for accountants.
In order for cloud accounting software to be effective it must have a positive impact on both the business owner and accountant. We have compiled a list of benefits that a successful accounting software will provide for the accountant.
Benefits for accountants
- A trusted business partner – Unlike the traditional process of accounting where the accountant receives financial data once a year or once a month, cloud accounting enhances the relationship a client has with their accountant. This is due to being constantly kept up to date with their finances and cash flow position.
As a result, the focus is changed from being based on compliance, to the accountant becoming essentially a strategic partner. A partner that is able to provide advice on business wide issues without needing a detailed explanation of their client’s current circumstances or financial position.
- Added Value – Cloud accounting has made the accountants relationship with their clients more effective by adding value. This is due to such software reducing the volume of data entry needed to be completed by the accountant.
- Attracting high growth businesses – Accounting firms which adopt cloud accounting software put themselves in a stronger position to attract new and fast growing businesses. More and more companies are adopting cloud accounting software due to it’s anytime and anywhere nature and simplicity – even those who have no experience at bookkeeping can use it. It is also vital for accountants to adopt the same software and speak the same language as such companies if they want to attract them as clients.
Cloud computing could be hugely beneficial to accounting firms that implement it into their business. It allows for the analysis of huge volumes of data immediately and has the potential to cut the burden of compiling half yearly or annual reports in the process. The possibilities that cloud computing hold for businesses and accounting firms are endless in an economy that needs better services that takes less time and cuts costs.