By Analytix Editorial Team
Accounting functions are rapidly migrating to the cloud, and this is substantiated by figures released by cloud accounting software providers such as Intuit (with an increase of 41% in subscribers for QuickBooks Online, per its 2016 fiscal report) and Xero (which experienced 51% growth on its subscriber base in the year ending March 2016).
With reduced costs, increased independence due to freedom from physical boundaries and infrastructure, streamlined operations, and enhanced security measures, the cloud is positioned as the ideal choice for businesses that perform their own accounting and for businesses which perform accounting functions on behalf of clients.
As cloud-based platforms gain ground, it is important that companies embrace this technology to capitalize on its benefits.
Trend #1: Prioritizing Client Needs
Cloud apps that will enable accounting to become more secure and accessible will rule in 2017. Features such as bots and mobile apps will allow better access to financials for authorized individuals, thus improving the overall client experience.
As financial data is confidential for most companies, security is a priority and cannot be compromised. One of the best ways to ensure client satisfaction and loyalty is to provide better data and security for their data.
Moving your accounting processes to the cloud can help you provide enhanced security to your clients more comprehensively. You can customize security in several ways, including adding encryption along with regular features such as authorized access, etc.
Cloud based accounting can also improve you clients’ experience by providing easier access to information, improved communication, and transparency through collaborative interfaces such as dashboards. Connectivity between accounting professionals and their clients is also stronger due to tools such as instant messengers and chats, resulting in more seamless delivery of services.
Trend #2: Easier Customization
Most cloud accounting applications allow for multiple operations, so customization within those applications will become easier.
Unlike earlier conventional accounting practices, cloud-based apps allow you to provide your clients with several services consolidated under one roof. Features such as accessing accounts payable, tracking invoices, and calculating timesheets for payroll or productivity are all better managed through software apps. You can select the ones most appropriate for your needs and sync it with your clients’ requirements to ensure you are able to customize better.
Trend #3: Equipping Small Businesses for Advisory Roles
With more businesses moving to the cloud, clients will be relying on their partners and vendors for help with business insights, as well. Businesses will need to equip themselves better for this role, and cloud apps will prove to be helpful as companies begin to navigate the world of consultation. Cloud accounting also streamlines operations, freeing up valuable time that can be reallocated to providing added value to your deliverables due to these business insights.
Trend #4: Transforming Job Model
For those who believe that technology reduces human engagement, think again. Cloud computing promotes flexible working practices for accounting professionals, independent of physical location. Working remotely has significant benefits from a business continuity perspective, and it is becoming much more widely accepted, especially due to reliability and security enhancements made possible with cloud based technologies.
In 2017, it is predicted that accounting professionals who are competent in managing software and leveraging the full capability of apps will be able to provide higher value to clients.
The experts at Analytix Solutions have helped many small to mid-sized businesses migrate successfully to the cloud, enhancing their security and operations in the process, while adhering to budget. For more information on our services, please visit us at www.analytixaccounting.com or email us at [email protected].