The Cloud... Friend or Foe?

The Threat and Opportunity of the Cloud for Accountants

5-Feb 2019 • Tech for Business
Lovelie2
Lovelie Faustino CONTENT SPECIALIST

Cloud technology is changing the nature of B2B accounting firms. What used to be hours spent on manual work, or with only limited accessibility, has transformed accountants internal processes. Cloud-based tools have also improved internal team and client relationships alike.

Here's a few ways cloud technology has revolutionized (and threatened) modern accountants:

Automation = Decrease in Admin Work

Accountants can leverage the power of automation to make their processes more efficient and profitable. Cloud tools give accounting firms the ability to easily manage all facets of their business in one central system which is accessible to everyone on your team. With Service Operations Automation (ServOps), you can sync your favorite accounting tools, oversee prospects to close, monitor client correspondence more easily, and manage accounting tasks without the pains of having to juggle multiple systems.

Accounting firms that prefer to stick to pre-cloud methods could see this as a potential threat. Small businesses are now searching for accounting firms that value cloud technology. Accountants shouldn't let that deter them, though. The U.S. Bureau of Labor Statistics predicts that yes, although the cloud is expected to make a bigger impact in the field, this will not reduce the demand for accountants. Rather, it will make menial tasks automated and much more efficient.

Boost in Visibility and Less Client Mystery

Cloud technology makes for a strong source of visibility. In terms of accounting firms and their clients, the cloud makes information accessible to you, your colleagues, and clients no matter where you are. Before the cloud, project information and knowledge was limited in accessibility and time. But now, with a system like ServOps, your clients can access their books without you, can read over and study reports easily to absorb more than they could before, and you have your homebase to house all of this information and refer to it at any time.

Accounting firms might feel a slight concern when it comes to just how hands-on their clients can be, but with this integrated system it empowers your clients to access and track how far along you are when it comes to their tasks. No longer do they have to ping you whenever they want to know if you've completed a deadline. 

Empower Yourself To Take Next Steps

Like we touched on earlier, the U.S. Bureau of Labor Statistics believes the cloud will continue to play a large part of the accounting process to make the grunt work more automated. So what does that mean for the future of the industry? There's accountants out there that might think this threatens the field and will result in a reduction of billable, service hours.

Technology is constantly evolving, and with it comes changes to how people work. Instead of it being a threat to accountants, change the perception and use it to your advantage. Rather than using your valuable skills and knowledge to code transactions and create PDF income statement reports, this can give accountants the time to strategize and offer expert advice for their clients. 

All you have to do is take the initial steps! Give it a try, sign up for a trial to see how our system can automate your business and give you more time to to help your clients and their businesses scale and prosper.

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