Yesterday I was a participant at an Accountants technology conference in Melbourne. There were 31 technology companies who sell their products to Accountants or the clients of Accountants. The constant word – CLOUD.
It seems every technology provider either has or will be providing an internet based system. Moving from the legacy of server, CD or PC based systems to have the product / content / method hosted on massive servers in/on the internet.
I know in my business (21 people) we are currently shifting everything to the internet. Accounting, CRM, Email, Word processing, Document Storage etc. It is not an inexpensive exercise however the access, speed and versatility are the reasons why I am doing it. Having the ability to access every piece of data from any internet enabled device will make my business more efficient and responsive.
Moving your clients to cloud accounting systems will help you and your clients enormously. Your clients will have more efficient accounting systems and access to better data and you can get access to that data very quickly. If you know what is happening in your client business you can be more responsive with real time advice.
The estimates are that it will take 30-40% less time to prepare compliance accounts (at the Accountants end) because of these new cloud based accounting systems. This is great news for creating capacity. But what are you going to do with the time? I think you should be using the data and offering value added services. I think you should use the time to be more proactive with your clients. It’s what they want.
My prediction is that Cloud accounting systems will wipe out some of the more reactive accounting firms. The ones that do not embrace this new change will be left behind. The firms that embrace the change will capitalise on a wonderful opportunity to serve clients in a new and exciting way.
To cloud or not to cloud – that is the question. What is it for you?