Accounting is at a critical moment. Most firms are so used to running their practice in a traditional way but their processes and techniques are quickly becoming outdated. What's going on within the accounting industry isn't a trend, it's a fundamental change in the way the profession operates. This change is fueled entirely by cloud-based or automated SaaS-based technology solutions. This change is so significant that an accounting firm that doesn't take it seriously today will more than likely no longer be around by 2020. Technological changes should be embraced, especially on a scale this large because it will streamline business practices and lead to better results for clients.
Believe it or not, especially within the accounting industry, utilizing the cloud is not the norm. In fact, the majority of accountants haven't migrated to the cloud. According to AccountantsWorld, 57% of accountants still use the desktop version of QuickBooks software to manage their day-to-day bookkeeping. What these accountants don't realize is that their reluctance towards moving to more cloud-based and automated solutions is costing them hundreds, even thousands of unnecessary dollars.
Accountants who embrace the cloud are at a bigger advantage than those who do avoid it entirely. This makes competing against firms who use automated, cloud-based solutions nearly impossible. However, it's not too late for accounting firms who are still using the more traditional techniques to switch and embrace the technological advancement.
The list of benefits accountants and organizations receive by using automated, cloud-based solutions seems never-ending. Most importantly, though, these solutions hello accountants secure, manage and collaborate on their sensitive client data in real-time without having to worry about losing anything.