March 3, 2016 For Accountants en_MY Understand how cloud accounting could benefit accountants and their clients in Malaysia - By Abu Bakar, a leading accountant in Malaysia. https://quickbooks.intuit.com/cas/dam/IMAGE/A2w8miczT/b7cbdb18f4cf752498055ab8af781fec.jpg https://quickbooks.intuit.com/my/r/for-accountants/4-reasons-why-the-future-of-accounting-is-online 4 reasons why the future of accounting is online
For Accountants

4 reasons why the future of accounting is online

Abu Bakar March 3, 2016

In 2009, at a QuickBooks Online event, I heard a speaker say “The future of accounting is online”. That line really stayed with me, and it piqued my interest to understand more about cloud accounting and how it could benefit us and our clients. Now, we’re a QuickBooks Online ProAdvisor, and have seen for ourselves the benefits and importance of embracing the online world.

Here are 4 reasons why you should do the same.

Easy transitioning

The transition away from desktop accounting to cloud accounting was one I was worried about. I needed to ensure the transition was as smooth as possible, and finding the right partner to do so was important. The transition was easier than I expected, though. QuickBooks Online helped a lot; it was relatively easy to navigate and start off with.

Offering premium services

With cloud accounting, most data entry work is now automated. This means my staff is able to shift their focus to offering premium services such as business advisory guidance to our clients. These premium services allow us to set ourselves apart from our competitors.

Attracting a younger audience

Moving our services to the cloud has also helped us attract and work with younger enterprises and young entrepreneurs. This younger generation are more comfortable with the mobile world – they value they time saved and flexibility offered by mobile technology. We’re now able to engage with them on the platform that they are the most comfortable on.

Online presence drives business Growth

As part of our move to the cloud, we also developed an online presence to market our business. This has helped with growing our presence in the industry. Currently, we are focused on building a stronger foundation locally across Malaysia, and being online has enabled us to attract attention from clients located in other Malaysian states. We’ve also seen a rise in our international clientele, through online enquires.

Embracing the online world has enabled us to take our business to the next level. So, for my fellow accountants, I’d like to say: Whether we like it or not, the future of accounting is indeed online.

Abu Bakar is a qualified Chartered Accountant, Chartered Financial Planner and Principal of the firm Abu Bakar & Partners in Kuala Lumpur, Malaysia. Abu Bakar has extensive experience in all areas of Accounting and Finance, with expertise in taxation advice and planning, business structuring and development, audit and assurance, self managed superannuation and providing general management advice to a large portfolio of diverse business clients in Malaysia and beyond.