Cultural Shift In Accountancy With Cloud Hosted Solutions

By Author: Nancy Parker
Total Articles: 23
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As the accounting profession prepares for the coming decade, it is becoming abundantly clear that: clients are more demanding; technology can inspire better ways of working; and core beliefs previously driving the profession should now be re-evaluated. Technology has its roots firmly entrenched in almost all aspects of our lives. It's crystal clear by now that tax accountants won't be left behind for long. The decisions accountants make today will define the future of their profession. The accountancy profession is on the cusp of an evolutionary change. This change will propel the profession into the next decade—and beyond. Whether the focus lies on increased client expectations, new regulations, the ongoing digital revolution or a generational shift, we see evidence that a majority of professionals are actively and extensively examining not only what's being offered today to customers, but also the processes and structures behind running their practice.

Traditional core skills of bookkeeping continue to have their place, but increasingly, accountancy professionals are looking to disrupt their profession and be heard. ...
... We see evidence of the continuing shift from a transactional profession to one focused on partnership and consultancy. To meet this need, accountants are looking outside the profession to acquire the talent and expertise they need. I think the answer lies in the core concept of cloud; the ability to get your information in real time from anywhere at any time is really time saving, as we know, time is of essential in the accounting industry.

Let’s see what cloud has to offer for accounting & tax firms for conducting their business in 21st century:

More collaboration: In order to produce higher outputs, one of the key points is the collaboration among the users; the better they feel in sync. Bringing out the best of the teamwork has its dependency on collaborated efforts. Cloud brings forth a greater control and collaboration between a firm and its partners and other entities that it provides its services to offering real solutions that help in creating a diverse workforce.

Maintained systems: Reduce your IT overheads and also get rid of complex hardware settings, as the cloud hosting provider is taking responsibility for maintaining your servers, softwares. An added benefit would be of time-saving with just sole focus on your business instead of trying to get your tech needs in order. This allows the company to focus on strategic organizational processes instead of diversion of resources.

Automation: Accountants are actively seeking for some form of technology that helps them to automate tasks and improve the way they run their business. It is easier to manage accounting & tax processes on the cloud; with faster tax filing and reducing manual data entry tasks saving time and preparing you for future accounting. Manual hum interventions will be thing of the past with the latest cloud capabilities, your firm needs to pick up the pace of technology adaptation to remain competitive internationally.

Data security with Backups: The availability of instant backups and data recovery features in the cloud hosting makes you rely on cloud computing techniques; most hosting providers offers daily data backups that gets stored in multiple locations onsite & offsite to increases redundancy and the robust nature of the cloud, make your fear of losing your data goes away. Whether is missing data or accidental data deletion, cloud systems are designed to have your information restored instantly to ensure business continuity.

Scalable solutions: Understanding of scalability would be the ability to scale up with your growing business in terms of resource needs, without having to additional install any other hardware or software setups. This process works in the background and has to be done by your hosting provider, with adding a small sum of fee to your monthly cost, this can be achieved. Flexibility is the byproduct of scalability, with giving you exactly the amount of resources that you need to get your work done on the cloud in an efficient manner.

Secure architecture: Before hosting your accounting & tax applications on cloud, the most important aspect that needs to be evaluated is the security prospects on the cloud. One cannot guarantee but with the SSAE certified data centers, and enterprise-grade protections, data encryptions in place, we can say it is quite safe to have your data to be hosted on a cloud server. One thing we know of for certain is protections offered on a cloud system are going to be more monitored and hybrid instead of a local security setup.

Accountants are more positive than ever about the benefits of technology and are embracing new disruptors, like artificial intelligence, to benefit from automation. But the concern lingers that technological adaptations are not happening fast enough. Many has seen the benefits of hosting their favorite accounting & tax applications on cloud; QuickBooks premier hosting is no exception. Accountancy is constantly evolving and growing because, ultimately, it responds to the needs of businesses and the people working in them. As with any other trade, the accountancy profession is responding to business and societal changes as it enters the third decade of the 21st century.

The ongoing digital revolution is also contributing to this overall shift, with technologies like cloud computing becoming mainstream and artificial intelligence easing the administrative burden. This progress has helped forward-thinking practices be more productive while forcing them to accept the challenges of improving man with machine. We are witnessing (often digital) compliance requirements and initiatives that ultimately advance the accountancy profession originating from governments and other authorities. However, this year’s survey data suggest that accountants are responding to increasing client expectations. They know theirs is a profession on the cusp of change and, to facilitate this change, some progressive steps are now underway: moving to cloud hosting platforms for Quickbooks hosting and other tax filing solutions is a trend now.