Accountants have a tough job – managing the finances of one client can be challenging, but many accountants have a large list of clients to attend to. On top of this, each client may use different software tools, so accountants often have to be very adaptable and be able to learn as they go. According to Gavin Dixon, Managing Director of Business I.T. Solutions, “Of all the types of clients we deal with, accountants are interfacing with a greater variety of 3rd party software than our clients in any other sectors.”
With such a challenging job, accountants need efficient and convenient technologies and tools to perform their daily tasks. This is where cloud-based software saves the day – more automation, easier access and lower IT costs all mean that adopting cloud software is a no-brainer for any accountant looking to streamline their work.
In this article, we explore a few key ways in which accountants can benefit from adopting cloud-based software and tools.
One of the greatest benefits of cloud-based software for accountants is that these systems automate processes which would traditionally be conducted manually. For example, software upgrades are done automatically in the cloud, streamlining processes and also reducing the cost of hiring IT support. Further, any employees who may have been responsible for managing backups and controlling data storage can focus on other areas of the businesses rather than getting caught up in behind-the-scenes administration.
By automating processes like this, accountants no longer have to worry about data loss or software updates. This means that accountants can get to work on the financial side of things, to provide clients with the most accurate and insightful information on their cash flow and future projections.
More automation therefore increases productivity and efficiency and reduces the likelihood of human error and time wastage. According to research carried out by Harvard Business Review Analytic Services, “74 percent of businesses feel like cloud computing has given them a competitive edge.”
An excellent feature of cloud-based software is its accessibility. Cloud-based software allow data to be stored in one place, but accessible through multiple devices wherever there is an internet connection. This means accountants do not have to lug around a laptop or remain stuck at one desktop all day; instead, they can be mobile, and access important information on-the-go.
The accessibility offered to accountants by the cloud is not only a matter of convenience; it also further reduces the need to worry about data loss from a desktop crash or another disaster. With the cloud, data will always be saved even if the PC, laptop or mobile in use happens to crash or break down in some way.
Lastly, cloud-based software provide an extra layer of security for sensitive information. According to recent research, “94% of SMEs have experienced security benefits in the cloud that they didn’t have with their on-premises service.” The cloud provides a backup solution which safeguards vital business information, so that accountants do not have to spend precious time managing data security themselves.