With the emergence of cloud technology in 2006 and the increasing adoption of cloud computing by businesses (58% of large companies and 78% of smaller companies),
accounting firms can accelerate business performance, save time, and improve business relationships with the various provisions of cloud technologies. About 87% of businesses adopting the use of cloud technologies have testified of rapid business advancement.
Accounting Firms can also leverage the provisions of cloud computing to manage cost, improve productivity, access and gather business data quickly, easily manage document collection and processing, expand storage space, improve relationships with clients, and facilitate administrative tasks.
What is Cloud Computing?
Cloud computing in accounting refers to cloud accounting software over remote servers on the internet to access, manage, and utilize business data. Cloud hosting requires no need for in-house installation and physical maintenance of the software. It offers opportunities to improve business productivity 13% more than traditional systems.
Importance of Cloud Technologies To Accounting Firms
How to improve the efficiency of accounting firms with the cloud
Professional Cloud Training
Businesses should upskill employees in the operation and optimization of cloud technologies. They should be equipped with the basics of the adoption of cloud computing to boost business operations, spike productivity, increase data protection, and boost work performance.
Access from unlimited locations
About 43% of CPAs have employees who work from home. Employees can utilize the versatility of cloud services to improve flexibility and the demands of life. Leveraging this opportunity, clients can receive faster responses, employees can share and edit documents seamlessly, and users can hasten work-related activities seamlessly.
Remote access to work activities has improved the satisfaction of about 58% of employees. According to a Forbes survey, this remote access creates room for increased collaboration, which increases response time by 64%. It also increases visibility into the activities of various teams, promoting proper supervision from administrators. The increased level of collaboration facilitates increased performance and engagement, leading to higher productivity.
Cloud storage reduces the actual occurrences of virus attacks and security breaches. The increased platform monitoring capabilities help promote data safety, thereby building customer trust in the safety of the data system. Downtime is consequently reduced in the case of a breach. The cloud-based system also employs role-based authentication that restricts employee access and internal breach of business information.
Business Risk Reduction and Business Continuity Issues
A research carried out by D'Accordo indicates that about 20% of laptops face data loss issues, and 6-10% of desktops face problems yearly. Cloud services assist businesses in reducing risks related to data loss and computer damage to evade these occurrences.
Cloud services can improve productivity by regularly backing up business data in multiple locations for easy retrieval, thereby maximizing employee productivity amidst disasters.
Cloud computing also helps to reduce the cost of purchasing computer systems as data files are accessible via the cloud. It also reduces the risk involved in the case of a fire or flood outbreak. With these provisions, businesses can continue seamless operations and improve productivity in cases of disasters.
Reduced Workload for Technical Teams
Automated workflows reduce the workload of technical teams and allow them to improve focus on other essential activities. This reduced workload increases their satisfaction by 15% and the productivity level by 8%. Accounting firms can also improve productivity with the cloud as updates are automatically and regularly made, thus reducing their workload. Teams can also access the latest features to carry on with the jobs, businesses can engage in better competition and confidently carry out their jobs.
Agility and Flexibility
Cloud Technologies provide the needed flexibility to improve productivity by providing easy to use services that helps organizations monitor all employee activities. It gives ease in deploying services or applications to employees simultaneously. Businesses can receive the needed agility to align with contemporary trends to fit client demands and improve competitive advantage.
Transparency and Scheduling Functions
Improve employee productivity by utilizing the scheduling functions of the cloud environment. The software provides scheduling insights to prevent the over-tasking of staff. Users can also improve project sourcing and management and get insights into employee skill sets.
This cloud-based software also provides time-tracking tools that help to monitor and manage employee productivity levels. With this, project efficiency and resource utilization are achievable.
Facilitate critical business processes by automating business tasks in the cloud to improve efficiency in the operations of accounting firms. The automated functions reduce unnecessary charges and create time for employees to focus on more productive activities. For example, the time spent on the manual collection and entry of payroll data can be automated to save time, allowing employees to carry out other productive-related activities.
Businesses should scale up their activities using the multiple provisions of the cloud to improve their productivity level. Scalability helps regulate the development cycles, adapt to business needs, and ascertain the level of growth through the efficient use of resources.
Cloud adoption is a proven technology that helps to improve the productivity of accounting organizations. Hence, accounting firms have increased the adoption of cloud technologies to meet the expectations of clients. Maximizing productivity and cloud computing are two consecutive concepts that work hand-in-hand. It offers possibilities to accountants to simplify processes, improve transparency, and save reasonable time.
Accounting businesses can leverage this opportunity by training employees on the utilization of cloud processes to maximize efficiency. Additionally, automating workflows can improve productivity, employing flexible scheduling functions, utilizing cloud storage security tools, employing regular multiple backup systems, and improving remote access to employees. These measures are essential to improve productivity as well as employee satisfaction and reduced workload.