Benefits of Cloud Accounting to Accountants

A couple of times, we have heard accountants say, cloud accounting is a technology that has come to take their jobs away from them; a replacement for their duties in a business setting. Well, this article aims at debunking the above statement. In fact, cloud accounting has made accounting super easy for both business owners and accountants. Although, we tend to focus more on how it benefits the former so that they become independent of the latter. I believe it is not wrong to say that both can work hand in hand; smoother, better and faster with the use of the ultimate tool which is cloud accounting.

Bringing out ways cloud accounting can be beneficial to accountants as much we talk about how it is to business owners makes it easy for accountants to accept this technology for what it really is, thereby creating an easy way of keeping books and handling financial matters for their clients. This way, everyone is happy and getting paid. It’s pretty a win-win situation.

Now, I will analyse ways cloud accounting can be beneficial to accountants:

Flexibility, Convenience and Efficiency

Cloud technology grants accountants easy access data; accounting data, anywhere, anytime. It enables them collaborate with their clients working in multiple locations. Some accountants recommend accounting software to their clients to make it easy to work together and have an overview of the business. This is because cloud accounting allows an accountant as well as other team members of a company have access to the company’s accounting data which makes it easy to view the business progress anytime. This boosts the firm’s productivity and efficiency.

Time Saving

Gone are the days when as an accountant, you have to register your client’s accounting data manually and also prepare reports and balance sheet manually too. This sure takes a lot of time and energy. A lot of things could even go wrong: documents could get burnt, missing, mishandled. What then?

Now, all you need to do is make sure data are input correctly; in their right accounts in order to get the right profit and loss report, which is prepared automatically. See? It is cool, right?

Safety and Reliability

The safety of their clients’ data is paramount and of great concern to every accountant. It is therefore important to choose a cloud vendor that have some security certifications who can also provide multiple and continuous backup in case of disaster or emergency.

Client Expectations

It is essential for accountants to embrace and implement cloud technology in their business model to meet consumers demand, firm’s productivity and competitiveness. If I as a client already use an accounting software and you as an accountant still build your model around traditional accounting, I’d take it that you still leave in the past and you might take my business backwards. We don’t want that, do we?

It is therefore crucial that you update your accounting model to suit and meet the expectations of your clients.

Better Business Decisions

As stated earlier, traditional business methods require you to do accounting manually, hence your accounting data lags behind reality. Cloud makes accounting in real time and up to date. How? You are keeping tabs on your clients’ financial status via an accounting software, have an overview of the business and can offer advice for the growth of the business based on real time data.

It is important that we continually evolve our methodologies as time changes; to suit time, so that we will not be left behind and then left wonder: how did it all move so fast. In the same light, accountants should adopt this cloud technology as the world has moved past the traditional accounting phase.

To accountants, cloud accounting should be seen as the dopest thing since Coca-Cola.

Cheers.

P.S.: In case you want to give cloud accounting a try subscribe as an Accounteer Partner