10 Reasons to Practice Cloud Accounting
More businesses move to the cloud each day. Learn how offering cloud accounting services can send your practice to new heights.
With the increasing availability of cloud technology, more and more accounting firms are floating up onto the cloud, almost as if they have stolen a taste of Willy Wonka’s famous Fizzy Lifting Drink. No giant, dangerous fan awaits these companies, however; they simply bask in the warmth of the sun. If you are just starting a practice or have been in business since the slide rule, offering your clients cloud accounting services will not only benefit them but your practice, too. Read on to learn more about the ways in which practicing accounting on the cloud can benefit you.
- Access Anytime, Anywhere– Moving some or all of your accounting services onto the cloud allows you to access your files anytime from anywhere. Imagine being able to call any place with an internet signal your office. This includes your favorite restaurant, the beach, travel destinations, and even the sofa. Cloud accounting provides your clients with greater access to you and gives you more flexibility while offering the same (if not more) services you do when working from your actual office – you know, the one with a desk.
- Ease of Use– One of the major benefits of offering cloud accounting is built right into its natural structure, automatic remote data storage for both you and your clients. Cloud accounting software integrates automatically with you and your clients’ existing banking and bookkeeping systems, automatically backing up data and records in a safe, secure location off-site on the cloud.
- Always Up to Date– In addition to being automatically secure, you can also rest easy knowing you and your clients have the most up to date version of your cloud accounting software because it always updates automatically. You will always operate with the most recent improvements, security patches, and compliance-driven updates without spending your valuable time running updates on software yourself. Also, you will never again have to worry about running the risk of wasting valuable time by forgetting to update your software.
- Reach New Highs– Cloud accounting will increase the efficiency of every aspect of your practice. Whether you currently spend time with clients at your office or travel between your clients’ various business locations, working directly with them, in this way, wastes a lot of time. By increasing your practice’s efficiency with the capabilities of cloud accounting, you free up more time which can be put toward offering additional services, providing consultations, and going after new business (which you will actually have the capacity to take on).
- Meet Expectations– By moving your existing brick and mortar accounting practice onto the cloud, you will meet your clients’ expectations before they even realize they have them. The industry is already showing a strong trend toward the cloud accounting space; the model has already been tested, and it works. Establishing a solid cloud operation now will ensure you have tried and true processes in place when you really see the demand increase.
- Greater Client Capacity– Operating with increased efficiency will mean you have more time to take on additional clients, which you otherwise might have had to turn away. Without the need to hire additional staff, you can expand your client list, share your skills and expertise with a greater portion of clients, and increase your profits.
- Expanded Services– In addition to taking on more clients, cloud accounting practices have the ability to expand their products and services into consulting areas which they previously did not have the capacity to offer. Cloud accounting saves you time on traditional services such as record keeping, tax filing, and payroll. With more automated processes, you will be able to surprise clients by offering invaluable services like up to date key performance indicators, strategic planning, financial guidance, growth strategies, early problem identification, and you will also be able to participate in their business decision-making processes.
- Soaring Client Relations– As a result of your newly increased list of services, you will become an invaluable asset to your clients’ companies. They will no longer see your accounting or bookkeeping practice as interchangeable with every other practice operating out of an office cramped with dusty file cabinets; they will see you as an integral, irreplaceable member of their team. You will have the time, tools, and capacity to act as an outsourced CFO to all of your clients.
- Maintain an Edge– As a vital part of your clients’ businesses, you will maintain an edge over your competitors. The move to the cloud seems to be the biggest shift in the industry since the advent of bookkeeping software and digital record keeping. Accounting practices which choose not to offer at least partial or optional cloud accounting services to their clients are swiftly falling behind the curve. Moving your practice to the cloud will show your clients that your practice is still relevant and that you take advantage of every option available to better serve them.
- Rising Bottom Line– As a result of all these benefits of providing cloud accounting, you will also enjoy seeing your practice’s bottom line move in an upward direction. Practices primarily offering services with fee-based pricing, see a major increase in profits because cloud accounting allows them to turnover jobs much more quickly. Unfortunately, cloud accounting has not yet found a way to insert more hours into the day, so practices which mostly base charges on hourly rates will experience a less pronounced increase in income. Both fee-based and hourly practices, however, will see increased income due to their greater capacity for taking on additional clients and expanding their product offering.
Be Smart About the Switch
Accounting practices run into trouble when they change all of their clients over to cloud accounting too quickly. Making the switch before you have had the chance to learn the new software and to put established processes into place will put your practice at risk of facing lots of problems all at once. When you decide you are ready to offer cloud accounting services, you will want to proceed both deliberately and carefully with expert advice.
Migrate to the Cloud with Professional Assistance
We can help you navigate the migration to the cloud by helping you identify ideal clients to transfer initially and to schedule each client’s shift mindfully. In addition, we will walk you through your new software, establish an updated system of operation, and help you refine your client transfer process. To learn more about how you can lift your accounting practice onto the cloud, contact our IT professionals today.