Cloud accounting software is taking hold throughout the accounting sector, driving efficiency boosts and collaboration gains like nothing else and in so doing is proving a mighty success for many accounting and audit firm owners and key decision makers.
So what exactly are these collaboration and efficiency advantages cloud software has to offer and why should today’s accounting professionals embrace them?
Cloud accounting opens the door to collaboration between systems using Webservices and between a system’s users by means of anywhere, anytime accessibility. Huge efficiency boosts just waiting to be seized by accounting professionals with foresight.
Customers can benefit from web access to an online portal where they can take a look at their invoices, statements and more. Companies also stand to benefit from a collaboration improvement: collaborating firms, or those in a group can take advantage of automated postings.
Cloud accounting software also offers a leg-up on those accountants who use traditional Desktop based software packages when outsourcing their professional services to clients.
These traditional accountants can’t get any work done on reconciliations, allocations, end-of-month Journal Postings and so on if the client is overseeing the prime books. The accountant must wait the month out before they can get the account system files off their client (usually via an electronic file transfer, email back-ups, or possibly discs).
Then, once in the accountant’s hands, the client must sit back and wait before resuming normal posting of new transactions until the accountant gives back the altered files.
On the other hand, by using cloud software these potential security risks are completely eliminated, as is the risk of inadvertently overwriting any fresh postings on the adjusted system files (after the last transfer was made) and neither party have to wait before continuing their work. Instead both client and accountant can collaborate and work simultaneously without halting the other person’s progress, nor hampering one another as work proceeds into next month.
Collaborative accounting is just one of the myriad of benefits cloud accounting offers accounting professionals. Cloud definitely looks here to stay so isn’t it time you seriously considered getting on board.