Outsourcing owes a lot of its relevance to the prevalence of cloud computing.
This is one of the insights provided by The Outsourced Accountant CEO Nick Sinclair in one of the roadshows we’ve recently conducted in key cities across the country.
Although it encountered a certain amount of skepticism at first, the benefits of switching to the cloud has made it possible for accounting firms to not only double their capacity but also add more value to clients. Furthermore, cloud computing redefined the manner in which accountants work.
“It doesn’t matter where they’re sitting now as long as they’re doing the work.”
It has enabled companies to create a distributed workforce–accountants can be sitting at the beach and yet continue to deliver output–that can contribute to their growth.
Additionally, it made establishing a portable workforce easier. Companies can now veer away from the traditional setup and set up global teams. This mobility also allowed clients to have unrestricted access to their information.
With the changing client expectations, utilising cloud technology will be beneficial to firms because they can do the following:
- Streamline workflow
- Double capacity
- Reduce support costs
- Unrestrained access to data
- Reallocate resources
Data plays an important role in accountancy. Its location and those who have access are equally important. According to Business IT Solutions, accountants and financial controllers are attracted to the idea of the cloud because it reduce costs and saves money.
1. Cloud computing boost your firm’s capacity
Nick believes that cloud computing is a main driving for offshoring. The technology makes it possible to double capacity by increasing the number of clients you service without compromising the quality of output. Unlike seven years ago, there’s a wide variety of available technologies now that firms are able to maximise. Improved workflow allows firms to perform 24-hour accounting. Implementing three shifts, for example, will expedite the turnover of deliverables.
Now, firms can deliver work continuously regardless of location because accountants can work remotely. Anyone can work anywhere: the beach, coffee shop, or even at home. Additionally, accountants can provide clients with data immediately without having to leave home.
Cloud computing also offers convenience to clients. They have easy access to their data and can easily see whether or not accountants are doing their work. They can have up to the minute financial information.
2. Cloud computing provides firms with tools to service clients better
Leveraging cloud-based technology has transformed accounting firms. With software and applications like Xero and MYOB, business-to-business functions have taken on a new form. What used to require visits and face-to-face interactions can now be accomplished with a simple click or video calls.
Innovations in technology have made it possible to conduct consultations at even less convenient times. Urgent issues can be quickly addressed. Firms that utilise technology also pave the way for their employees to focus on becoming higher level skilled professionals. Now that routine tasks are completed by programs, they can better service their clients.
It’s also made securing data easier. Firms can now take advantage of software/programs that centralise access to various websites by using only one login credential that is only accessible to specific people, time, and location.
Similarly, technology makes accountants’ work easier. They are no longer burdened with time-consuming process-driven tasks thanks to automation. It’s possible to work remotely, which one of the perks millennial accountants are looking for today.
However, Nick noticed that many firms are still not using systems available at their disposal. He said that they are not utilising 70 percent of technology they have.
REMINDER: the most efficient firms are utilising technology.
3. Cloud computing can provide you and your client data in real time
Accountants need to be versatile to successfully perform their tasks. At the same time, they need to be aware of effective ways to do business. It goes without saying that accountants are looking for–and should continuously–more efficient ways to deliver.
Technology provides these.
Cloud computing, more specifically, eliminates the need to waste time in routine tasks. Firms can now automate these processes so they can focus more on real management accounting, which involves financial advice and consultation.
Cloud technology set forth improvements in technology. Through cloud-based platforms, you and your clients can work on the same ledger, for example, using real-time data. Both parties save time and improve workflow.
Embracing technology in this changing landscape can only be advantageous for firms. Not only will it improve workflow and increase capacity, it can also keep you relevant and competitive.
This is just one of the many ways on how you can supercharge your firm capacity. We’ve got an exciting webinar lined up where you’ll learn effective tips on doubling capacity and scaling your business.
Join us in our upcoming free-to-attend webinar – a discussion on the best insights from the TOA Roadshow 2017. Register here now.
You can also contact our local experts or call us today at 1300 896 522.