Last updated on July 18th, 2022
Almost every sphere of business is changing with time, and the accounting industry is no different. CPA firms are no longer following the same methods of accounting or doing business anymore. By leveraging the advanced technologies that are shaping up in place, even certified accountants are finding it easier to modify the way they work.
For instance, they used software like QuickBooks Desktop installed on their local systems initially. But these days, QuickBooks Desktop hosted on the cloud is available for even better results. All these advancements are creating growth opportunities for accountants.
Simply put, cloud computing can be considered the technological foundation of a well-run CPA firm. Numerous firms have already made the transition from on-premise to the cloud because of the numerous benefits they get. Hence, if you own a CPA firm that is yet to make the transition to the cloud, you can transform your firm for growth by making this move right away.
Here are certain aspects that you will get helped in by adopting cloud computing for your accounting firm.
1. Efficiency and Work Productivity
There are certain parameters like consistent reporting and dynamic financial data analysis that determine the success of a CPA firm. Let’s say you have a hundred computer systems installed in your office, each with the desktop versions of accounting software installed in them.
The more the number of clients you cater to, the higher is the amount of accounting data for you and your team to work upon. Sharing files to and fro for minute changes, saving multiple revisions in different computers, etc., it all makes the accounting professionals less efficient.
With the accounting software hosted on the cloud, you can make the work more efficient and productive. The risk of human errors can also be minimized to some extent, and you will have a record of revisions made to the accounting data saved on the cloud. Business-related tasks become easily manageable.
This way, cloud computing can help you build a strong foundation of your business growth, while also keeping you ahead of your competitors.
2. Remote Data Accessibility
In the contemporary world, time is more valuable than ever before. You need to invest your time wisely in dealing with the clients you work for. At any moment, you may need to access a data file of one of the clients and work on it. But you will need to visit your office and do the required work as that file is saved only in your office computer, which is a time-consuming task.
Hosting your accounting application and data on the cloud makes them accessible from any place and at any time. You and your team will only require an Internet connection to access them remotely. Just think of all the data files that your team of accountants works upon every day. Moving them all to the cloud will make them easily accessible, allowing your employees to work on them from wherever they are.
Moreover, cloud computing makes collaboration between the accounting team easier and simple, which is vital to beat the competition. The CPAs can view the file in real-time and update it on-the-go.
3. Data Security
If the accountants in a CPA firm are its blood-vessels, then its financial data is certainly its blood. Loss of data or a security breach to access data by an unauthorized user can cause significant damage to the firm.
A common misconception of some of the accounting firm owners is that their business-related data is completely safe within their office, which is not entirely true. Hardware theft, hard drive damage, power failure, cyberattacks such as Ransomware, etc. can occur at any point in time causing loss of data.
On the other hand, cloud technology minimizes this risk of data loss. Moving your accounting software and data on the cloud keeps the stress and worries of data security away from you. The competent cloud service providers take care of the security measures, including the use of firewalls, data encryption, Intrusion Detection and Prevention Systems (IDS & IPS), etc.
4. Disaster Recovery
Being prepared for a possible disaster is important for all businesses. Specifically, for accounting firms, a potential disaster means the loss of client’s accounting data. Of course, you cannot predict a disaster with certainty. But it is important that you have effective data recovery plan to deal with it.
It is not possible to completely recover data and business applications from local machines in your office when a disaster occurs. But with the help of cloud, you can stay well-prepared for such incidents. The renowned cloud service providers offer automated backup facility and store the data in multiple geographic locations. This ensures that your accounting data is kept safe, away from the effect of any natural or man-made disaster.
5. Cost Savings
Switching to cloud technology can help you avoid paying for purchase and installation of local hardware infrastructure. Not just that, you won’t need to worry about the cost of maintenance. You can eliminate the cost of an in-house IT team as round-the-clock support is offered by the cloud service provider. All that you will need to pay is a monthly rental fee for the cloud services.
Another benefit of using cloud technology for your CPA firm is that you will only need to pay as much as you use. This is different and even better than investing in computer systems for your office wherein you must pay even for the resources you won’t be using a lot.
All the money that you save by moving to the cloud can be invested in planning the next-level growth of your accounting firm.
As detailed above, cloud computing is no less than a boon for the CPA firms as it cuts the work-related complexities down to the minimum. To plan further growth of your accounting firm, it is very crucial that you stay in line with the current technological trends, one of which is cloud computing. Moving to cloud will help you stay ahead of the competition because of its advantages.
If you are willing to discuss how you can get the maximum benefits of cloud for your CPA firm, call our experts now at 855-910-6927
Chat With A Solutions Consultant