THE CLOUD. and how it can benefit your firm

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1 THE CLOUD and how it can benefit your firm

2 Accountants and bookkeepers have something very important in common with the rest of the world. These professionals now rely on the cloud as one of the most valuable technologies at their disposal. There s no question cloud technology has permeated every area of business. In the United States, for instance, cloud services company RightScale found hybrid cloud adoption rose from 58 percent in 2015 to 71 percent in Keep in mind that, by way of definition, RightScale further defines a hybrid cloud as something that spans at least one public cloud (an ondemand, pay-as-you go service accessible over the public Internet, like Amazon Web Services, Google Cloud Platform, or Microsoft Azure) and at least one private cloud (which typically serves the needs of a single organization and is often purpose-built to fit a particular infrastructure and use case).2 Considering the important role they play ensuring their clients long-term business success, it makes sense that accountants and bookkeepers want to invest in the cloud. After all, clients will favor business partners like lawyers, accountants, and marketing agencies that are fully up to speed with the technologies they use in their own businesses. Here are three ways cloud accounting technology benefits accounting and bookkeeping firms: 1. Saves time, increases productivity, and enables client mobility 2. Serves your clients better 3. Promotes business growth 2

3 The cloud saves time, increases productivity, and enables client mobility Now is the time to move away from spreadsheets and into the automated, accurate world of cloud computing. Cloud-based services offer numerous benefits to clients and firms alike, including speed and efficiency, reliability, and enhanced customer service. When data is stored in the cloud, multiple individuals can process and access it simultaneously, speeding up the rate of work. According to mobile workflow management software provider TrackVia, 59 percent of companies that use the cloud are likely to see productivity benefits. 3 It s no surprise the cloud saves time and boosts efficiency. Cloud software helps bring time-consuming, manual business processes online, makes security a company-wide responsibility, and provides added flexibility without cumbersome paper trails. In terms of reliability, some clients may worry about power outages and Internet connectivity. However, the truth is that reliability is far greater when your information is hosted in the cloud. And in terms of customer service, the cloud provides the kind of flexibility that allows you to get things done more quickly. And let s not forget offering your clients mobile capabilities, which wouldn t be possible without the cloud. If they don t already, it s only a matter of time before clients expect to be able to run their businesses from anywhere they like, from the palms of their hands. Mobile, online business apps provide the kind of in-the-moment, real-time access to data that all professional services providers, including accountants and bookkeepers, simply must offer. 3

4 The cloud serves your clients better A spike in productivity and improved speed in accounting and bookkeeping translates to happier clients. Moreover, the cloud enables firms to collaborate with clients in real-time through advanced digital technologies. By moving manual or lengthy in-person processes online, accountants and bookkeepers can spend less time on administrative tasks and more effort on valuable partnerships with clients that boost ROI. One of the most common challenges with their accountants that businesses bring up is a lack of proactive advice. Clients want more than just the numbers; they want to know what those numbers mean for the future of their business. Becoming cloudoriented is helping many firms provide proactive insights to their clients. First, a little background: Until the recent past, accountants were expected to provide their clients with only hindsight perspective, answering such questions as, What happened? and How many? This meant a focus on financial statements, revenue and cost analysis, and tax and compliance, with a bit of advice thrown in. What about today? Cloud adoption has been instrumental in helping many firms advance to the point of being a virtual extension of their clients businesses: a valued, trusted and essential business and financial advisor and partner. These firms want to be able to answer such questions as, Why did it happen? and What is being done about it? That includes analysis of profitability of products, customers, markets, spending, operations, working capital, and pricing. And what about the near future? If they aren t already, clients will expect their firms to provide the future perspective, answering such what-if questions as, What will happen next? and What are the risks and opportunities? Among the services clients will expect are forecasting, scenario planning, investment advice, modeling services, and analytics. Here, too, the cloud is indispensable in helping accounting firms acquire the talent and tools it needs to become the business advisor and strategist its clients demand. 4

5 The cloud promotes business growth Above all, cloud accounting software is a valuable tool for long-term business growth. Improved productivity means time for better innovation and more personalized client interaction. Moving to the cloud helps speed up traditional workflows and inspires teams to find new ways to work together. As a result, firms that use cloud technology stand in a better position to evolve and compete in the market. It s important to note that growing your firm doesn t always mean more clients. It could also mean more services. According to Accounting Today, from 2010 through 2014, accounting firms experienced 91 percent growth in the kind of real-time advisory services made possible only through the cloud. While growth in tax and audit revenue slowed, advisory services increased to nearly one-third of the revenue at top 100 firms. 4 Embracing the cloud is essential to helping firms move beyond core accounting. By providing real-time, proactive insights, firms cultivate customers for life throughout the entire 365 days of the year, not just periodic transactions usually around tax time. Moreover, with the proliferation of cloud technologies, today s accounting and bookkeeping firms can now look beyond local only for new clients. Firms can bring on new clients regardless of where the firm and the client are located, whether it s around the corner, across the country, or anywhere in the world. 5

6 Take advantage of the cloud, for you and your clients In the constantly transforming field of accounting and bookkeeping, innovation and adaptability are crucial. To stay ahead of the competition and continue to grow, firms must find ways to make the most of the benefits of cloud technology. 1 RightScale blog post Cloud Computing Trends: 2016 State of the Cloud Survey, 2 RightScale blog post Private and Hybrid Clouds: 9 Use Cases and Implementation Advice, 3 TrackVia blog post Cloud Computing can Increase Productivity, 4 Accounting Today, 2015 Top 100 Firms supplement 2016 The Sage Group plc or its licensors. All rights reserved. Sage, Sage logos, and Sage product and service names mentioned herein are the trademarks of The Sage Group plc or its licensors. All other trademarks are the property of their respective owners. NCM /16