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2016-04-11 07:51:45AccountantsEnglishAccounting has long been synonymous with tradition. In Hong Kong, traditions are an essential part of businesses.https://quickbooks.intuit.com/hk/resources/hk_qrc/uploads/2016/04/Ray1-253x163.jpghttps://quickbooks.intuit.com/hk/resources/accountants/buck-tradition-embrace-technology/Embracing technology with Accounting in Hong Kong

Why you should buck tradition and embrace technology

2 min read

Accounting has long been synonymous with tradition. In Hong Kong, traditions are an essential part of businesses. I am personally in favour of marrying traditions and technology, and as such, I decided to adopt cloud technology to enhance my business – a decision I’m glad that I took.

Less time spent on manual work

The interface of our cloud accounting platform, QuickBooks Online, is easy to use, and allows our clients to create inputs of their own. That, as well as the automated data entry, means that my employees do not have to spend as much time on tedious, manual data entry work.

Less money and time spent on training costs

Over the years, we’ve had to deal with a number of different software, and my team has had to undertake various trainings to learn how to use those platforms efficiently. This takes up a lot of time and resources. Having to switch between these platforms in day-to-day use is also tedious and inefficient. With the free migration service offered by QuickBooks Online, we are able to integrate with whatever software our client has used previously. Now, we only need to be trained in one system, saving both training time and cost.

No more geographic limitations

With our files and processes on the cloud, we now have the ability to work at any given time and in any given space. This reduces lapse in progress of work, and also removes the geographic limitation on what we can do and who we can work with. We’ve been able to have more staff in our China office, where labour costs are cheaper. Productivity has risen and we are subsequently able to handle more clients.

Focus on value added activities

The above 3 benefits mean that we’ve increased our efficiency, and we can now focus more on the value – added activities we offer, such as consultancy services. This provides a higher profit margin for us and allows us to set ourselves apart from our competitors.

Makes us more well-known globally

Moving to the cloud has not only helped us increase effectiveness in running our business, but it’s also helped grow our business. With a presence online, I have had increasingly more contact with an international client base. A consultation can be easily arranged and carried out without much hassle. Not only the physical limitations are removed, but time difference is also no longer a factor.

Moving to the cloud has served us well, and it’s a waste for any accounting firm to not make use of such technology. Many accounting firms in Hong Kong are too traditional, and if you want to increase productivity and keep up with your peers (both internationally and locally), you’ll need to be more open-minded about embracing technology.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.
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