Cloud Computing – Modernized accounting solution or threat to the profession?

3 mn read

Modernization has become a necessity to every industry for a significant growth; accounting is no different, from keeping the tracks of client’s earnings to maintain their expenses, modern day accountants has a lot on their plate.

There are far more advanced tools available today that have the ability to advance accounting with automations, this change is long pending in accounting industry and it has to happen fast. There is this decision accountants have to make if they want to aboard the automation train to bring technological advancements in the field.

They cannot risk to be left behind with traditional methods and work towards to adapt the ongoing benefits generated through cloud technology. Many large companies are already moved to the cloud platforms for automating their repetitive tasks. Cloud computing bought new opportunities for accountants to redefine their practice and save a lot of time with automation, this saves them a lot of time to create valuable relationships with their clients and gaining more referrals.

Benefits of embracing cloud

1.     Improved efficiency with automation

Through automation on cloud, reducing time on paperwork, eliminating spreadsheets and automating repetitive tasks leads to an increase in efficiency for the accounting firms.

2.     Increased Accessibility

Anytime access to cloud makes sharing information easier with anyone, anytime; despite of being stuck to a fixed location, you can access your files from any location.

3.     Improved decision making

With cloud, your information is available to you in real time, so instead of waiting for the historical data, you can make decisions faster and quicker based on current data.

4.     Cost Effective

Cloud eliminates the need of managing your own IT department as all the updates, upgrades and maintenance will be done by the cloud server provider.

5.     Scalability

Flexibility to grow your systems on cloud as your business grows is known as scalability. With latest cloud technologies, the resources can be added or removed as per your needs without installing any additional piece of hardware.

Moving to the cloud technology not only give your all your financial information at your tips but also makes your accounting practice faster and smarter. By embracing the technological changes, you can embrace the opportunities and the benefits cloud has to offer.

Why cloud is considered as a practice of the future?

Earlier, the image of an accountant was stereotypical; but now it is continually changing and moving further away and more is expected of them specially in terms of being a business partner, it is expected that they should be able to provide support and advice across the business to make important decisions. Most accountants nowadays should be commercially aware for financial decision making capabilities, and also having expertise in managing reports and evaluating risk management with forecasting.

Now, to achieve this, accountants have to diversify through automation; one of the key factors will be to streamlining the process and making a clutter free working environment that eliminate the need of manual and paper based systems.

With cloud based automating systems in play, accountants are seems to be carried on to the next decade. With manual tasks virtually eliminated, they will have more time to focus on clients and also take time for themselves.

Reservations about cloud

Despite the fact that cloud technology is the new future, still some percentage of accountants sees the emerging technology as the biggest threat to the accounting profession; almost a third of accountants use manual methods to keeps their records.

Many believe that with the rise in automation, they may lose their job as all the administrative and manual tasks will be carried out by AI or robots on the cloud. We have seen this similar kind of adversity in the past as well whenever a new technology comes around; lot of fearmongering has already been created around robots taking our jobs.

As we know, technological advancements have elevated the expectations of their clients and modern day accountants have to match up to these changes to meet those expectations despite the fear of adapting the new technology. What they need to understand here is having 24*7 remote access to the accounting information is invaluable and can be an asset in situations where data analytics is required to make a quick decision.

Conclusion

Industry demands much more from the modern day accountants instead of simply just collecting and analyzing information as latest cloud technology can take care of that. Businesses are looking for someone who can provide advice as well provides actionable services that can be of value for their business.

Being able to advice in real time requires access to remote technology, not only can it assist in creating and tracking progress toward those targets, but 24/7 access to that data provides you with the option to make effective changes that matters the most.

Many accounting firms have already moved to cloud based model, and that has resulted in an increase in efficiency and productivity for them. It is high time when you should also consider moving to a remote technology like QuickBooks hosting to keep up with the modern day prerequisites to operate and deliver smarter, quicker and faster for your clients; and to stay relevant.

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