Some accounting industry insiders predict the increased uptake of automated cloud accounting software may not only benefit employers, but also their employees.
Benefits of Cloud Software for Accountants
1. Cloud ought to be considered a business tool and this is where accountants can add value. Accountants can use their expertise to help business owners with financial data analysis, tax planning, financial reporting, financial data analysis, asset protection, succession planning and business valuations.
2. This software enables the integration of document scanning for quick, automatic sending of invoices and other documents. This can also cut book-keeping costs for accountants, saving them money.
3. Cloud allows for more accurate and real-time information allowing accountants to give very-detailed, expert financial guidance.
4. All this culminates in accountants being able to cut costs and improve their service, without having to reduce client fees (in the best case scenario).
5. Less time preparing accounts means accountants can focus on educating themselves about the ins-and-outs of the business so they get the most insightful advice possible.
6. Australian and New Zealand accounting firm Hayes Knight, Greg Hayes also points out that most importantly, ““you can’t automate relationships and you can’t automate trust.”
What Cloud Services Are Leading the Charge?
MYOB CEO Tim Reed attests to the remarkable growth in cloud software adoption by businesses. “Cloud accounting now makes up 67% of our new registrations, up from 48% the same time a year ago and 24% the year before”, he says.
MYOB’s June 2015 Quarterly National Survey of Australian business owners and directors of 1000 small to medium businesses reveals good results for those taking up cloud software.
"27% of SMEs using cloud computing saw their revenue increase in the last 12 months compared to 20% of non-cloud users. Cloud users are also more likely to expect revenue to increase in the year ahead (by 39%), compared to 27% of non-cloud users,” states the MYOB report.