Accounting in the cloud – top 5 benefits

By QuickBooks UK

3 min read

Your clients probably already conduct much of their business in the cloud and so should you. In 2015 IBM predicted that over the next four years, workloads hosted on the public cloud will grow by 44%. Back in 2013, Intuit produced a research report entitled “The Changing Role of Accountancy” which surveyed 200 owners and senior managers of UK SME’s. The report revealed that 61% of clients demand cloud based accounting and 88% of those surveyed said moving to the cloud would help to keep their accountant ahead of the technology curve. A Nielsen Consumer Insights study for Intuit showed that 65% of SME’s now use the cloud for invoicing and accepting payments.

The accounting Firm of the Future has to make use of cloud based accounting and devise new ways to price and sell services while empowering their customers with access to data. If you’re not convinced already then read through these 5 benefits of cloud based accounting solutions.

Efficiency

The Firm of the Future is more efficient and earns more for less work. Instead of charging by the hour, you can charge your client according to a pricing plan which includes access to the cloud based accounting software you use. Fixed pricing plans change your client’s attitude toward their accountant and the software made available to them.

With cloud based accounting you only require one data file and it can be accessed remotely by you and your client. When you don’t use a cloud based system it can be easy to make duplicate data files and update the wrong ones. This is not only confusing and time consuming, but can lead to embarrassing and costly mistakes. You save time and money through the efficiency of a cloud based accounting solution.

Improved Client Relations

By embracing new technology and changing your approach to accounting, you not only differentiate yourself from competitors, but provide your clients with a greater level of access to their data. The Firm of the Future charges customers for access to a cloud based accounting solution like QuickBooks so that clients do the bookkeeping work that you used to do for free. Clients really appreciate access to an empowering software suite that lets them view data for themselves.

You can further differentiate your firm from competitors and demonstrate your prestige as an accountant by becoming an Intuit trusted advisor. Trusted advisors improve their clients’ financial lives with valuable advice and guidance.

Secure Sharing

Cloud based accounting solutions like QuickBooks facilitate safe, secure and instantaneous data transfer between colleagues and clients. Accountants, bookkeepers and business owners can easily access the same files from multiple locations and multiple devices via a secure cloud based environment. This removes the need to keep posting and emailing selected reports and updated data files.

Flexible

With a cloud based accounting solution you can access data from anywhere with an internet connection. If you use QuickBooks mobile accounting software then you can access all your work files from your mobile device, even if you’re at home, on holiday or travelling to work. This gives you the freedom to work from wherever you want or need to; sending invoices and updating files on the move from your smartphone or tablet.

Economic

QuickBooks works on a subscription basis, so you only pay a monthly fee which can easily be recouped if you are charging your clients for access. Buying a permanent software solution outright would be far more expensive and the installation could lead to complications. By changing to a cloud based accounting solution, the firm of the future can quickly see increased profits. You can begin a 30 day free trial of the software today to see what you’ve been missing out on.

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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