Disruptive technology trends determine how the year 2019 would be shaped. They would transform and accelerate many industries rapidly for years. For the accounting industry, the year would be more about laying groundwork than historic innovations. However, it would be an exciting and busy year, as many cutting-edge technologies would find their way into useful applications.
According to a report by Accounting Today, the global market for accounting software would have a value of $11.8 billion by 2026.
The accounting industry is already digitized. With the emergence of cloud accounting, the ability to access information from anywhere through an internet connection, virtualization is the new norm. The increasing system of applications which integrates with different accounting platforms has proven to be effective by streamlining various processes.
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Changing Expectations in the Accounting Industry
Clients today are expecting more from their accountants. According to a global study by Sage, 83% of clients are expecting more from accountants today than 5 years ago. Also, employees are expecting more and looking for more significant roles which go beyond number crunching and data entry. So, instead of patiently working on their bookkeeping tasks, accountants are moving towards client-facing roles.
One of the major trends which continues to grow is the role of cloud technology in helping businesses retain their top talent, who are expecting more flexibility and freedom from their workplace. Many accounting firms are using cloud computing to attract clients who are using this technology for their business processes.
The Accounting Industry has Changed
Adopting cloud technology in your accounting practices would force you to change your business model. You would stop worrying about the time spent on usual tasks and start focusing on the consequences you’re trying to accomplish with your clients. This allows firms to improve their process, increase efficiency and deliver the results in half the time.
Cloud technology is changing the entire workflow. The complete process of preparing the tax return, organizing the source documents, the review and e-filing can easily be processed by cloud technology.
Cloud allows the information and data entry to be aggregated in one place. For example, on the dashboard, there is the client access – a common interface allowing clients to interact with the team. The portal lets accountants or clients download or upload files and collaborate with each other.
With the mobility feature of cloud accounting, clients or users can access data remotely from any mobile device with an internet connection and perform tasks from anywhere. This increased efficiency and accessibility helps build trust, which in turn creates added value for clients.
How Cloud Accounting can Supercharge your Firm?
The advantages of moving to the cloud have made it possible for the accounting firms to add more value to their clients and double their capacity. Below are three ways the technology can be beneficial for your business.
1. Cloud Accounting Provides Firms With Tools to Service Clients Better
Leveraging cloud accounting has changed the way companies work. While previously you needed face-to-face interactions and frequent visits, things now can be accomplished with a simple click.
Now that time-consuming process-driven tasks can be done by programs, employees can focus more on providing better service to their clients. Cloud has allowed users to work remotely, which is one of the advantages millennial accountants are looking for today.
2. Boost Your Company’s Capacity with Cloud Accounting
Cloud accounting allows firms to double their capacity by increasing the clients without compromising on the quality of the outcome. With an improved workflow, firms can provide 24-hour accounting services, which would increase the business revenue.
As accountants can now from any location, firms can deliver their work regularly. Anyone can work anytime and from anywhere – coffee shop, home or office. Moreover, one can provide data to the clients instantly without having to leave home.
Cloud solutions are convenient for the clients as they can easily access their data and monitor tasks with a single click. They can get access to financial information in real-time.
3. Get Real-time Access to Data
It is expected from accountants to be versatile in order to complete their tasks successfully. Also, they should know the effective ways to do business and deliver results. Cloud accounting offers these.
With cloud accounting, accountants don’t need to spend more time in their routing time-consuming tasks. They can automate these tasks and put their efforts on real management accounting, which involves consultation and financial advice.
The Human Impact of Technological Transformation
Thanks to the emergence of cloud accounting, an increasing number of companies are making a transition to a virtual workforce. Though it could be a frightening move, the benefits are undeniable.
In some ways, this transformation has forced firms to implement virtual work as means to be competitive. Businesses embracing this trend would grow and those who don’t would struggle to attract and retain top talent.
The challenge to work in different geographic locations for small firms is maintaining a strong company culture. Cloud has allowed firms to collaborate effectively and stay connected. The advantages of the cloud for entrepreneurs are apparent – happier and more productive staff with extra time to provide true value to the clients.
How to Thrive the Change and not Just Survive
Planning is important. So, figure out your business needs, continue to build relations and strengthen your relationship with the clients. These things will give you a competitive edge, continue to provide value to the clients and prepare firms with all the resources.
Digital transformation has grown dramatically over the past decade and is now even seen in SMBs. Therefore, embrace the change. Embrace cloud accounting. Make the year 2019 your best year with cloud accounting.
Firms don’t need to be intimidated by the rapidly growing accounting landscape. Important advancements which offer easier access to information, increased security, enable real-time financials and allow integration between tools would ultimately change the way your business works for the better. As you navigate through the landscape, educate yourself about the cloud accounting tools.
Tell us in the comments section below, which other accounting trends are you most excited about?