There’s no arguing that cloud technology is rapidly bringing change in the business world, and the accounting industry is not far behind. 94% of Accounting Managers are using cloud services in the USA in 2019, reports Robert Half.
Hosting your accounting application on the cloud implies that you’re minimizing the inhouse IT infrastructure and accessing your applications on the cloud provided by a third-party provider. By doing so, users can access their application and financial documents from remote locations via a stable internet connection.
Who would better explain how cloud technology is impacting the accounting industry than an industry expert himself.
Ace Cloud Hosting reached out to a multi-talented, rapper CPA who is known in the accounting and finance world as Petty Ca$h. Drew Carrick took his passion for content development and rapping into the professional Thought Leadership and social media influencer world by forming The Rapping CPA brand in 2015.
He is a multi-faceted consultant and entertainment personality, acting as an operations analyst, host, innovation strategy planner, as well as a millennial speaker and influencer, developing content mainly around business channels, as well as broader entertainment purposes.
Based in Long Island, New York, he works as a CPA and has a proven skillset to develop and implement systems and procedure logic. Find out more about his goals, aspirations, accomplishments, and skills via his website: www.therappingcpa.com.
Follow him on social media: Twitter and LinkedIn.
Let’s see what he had to say –
As we all know that cloud technology is affecting every industry. What are your thoughts on cloud for accounting?
There are so many different professions within accounting that will all benefit from cloud technology. Auditors and tax professionals will be able to perform work for clients from anywhere in the world and will be able to get the necessary review and feedback on their assignments in real-time, which will dramatically improve productivity.
Bookkeeping can now be digitized, and supporting documents for any sort of assurance assessments can be easily accessible to anybody given authentication, located anywhere. The biggest benefit to the accounting industry from cloud technology is productivity, directly connected with the higher quality deliverable that is enabled due to this improvement.
What are some of the roadblocks to adopting accounting on the cloud?
The biggest roadblock to the accounting industry and profession adopting the cloud is the uncertainty by leaders of companies to shift gears into the digital age. While everyone has known the importance of incorporating new and emerging technology into practice, the accounting profession is typically very risk-averse and is slow to invest in new technology infrastructure.
For many, a move to the cloud is a daunting task that is feared because the elder generation of leaders in the space is not familiar with how to use it or incorporate existing workflow into it.
How can one go about recommending a move into the cloud in the accounting space?
The best thing that can be done is to show leaders how beneficial a move into the cloud would be. It is good to do research first and connect with cloud application companies so that you can hear what they offer and truly understand the value they provide.
As a leader of a company, you should warmly welcome recommendations and pitches for cloud applications because it may become very apparent how useful and valuable a conversion will be. The thing will always come down to a cost-benefit analysis, so ensuring this is adequately performed will be the best approach to moving a business into the cloud.
For customers who are still using traditional software, would you like to give some tips on how to migrate to the cloud successfully? How should customers choose the right service provider?
The first thing that traditional software customers should know is that cloud technology is designed to be an upgrade from what you are currently using, not a complete upheaval and change.
When looking for a cloud application, you should consider how easily it integrates into the existing systems, if your hardware can handle the data, and how much of an implementation process it will be to evolve your business.
The benefits of cloud technology speak for themselves, but you should analyze the different options, request walk-throughs and trials, and make sure you consider all the factors that would make a certain application the right one for you.
Many service providers are very willing to perform demos. This is definitely a valuable first step because seeing the application in action will help bring it to life for you. You should also ensure all department managers are present when discussing which software to use because all factors must be considered.
Finally, talk to peers and colleagues throughout your industry and see what those who have already adopted the different providers have to say about what is or isn’t working for them. If you do all these things, you’ll be best positioned for success.
The sooner you realize the benefits of cloud accounting, the better for your business. For accountants, learning new skills can allow them to look different from others in the industry and give them a competitive edge. Organizations are more likely to hire accountants that remain up-to-date with the new advancements in technology.
So, all in all, adopting technologies such as cloud is the most viable solution for accountants and business owners.
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