Businesses around the world are embracing digital tools and new technologies to meet higher end-user expectations; cut back capital expenses; and respond more swiftly to changing business environments. Be it a healthcare organization, an educational institution, or an IT firm –moving business processes to cloud-based hosting platforms, these days, is considered as one of the most strategic technology decisions. And, in the same context, accounting firms are no different. The advent of cloud technology has enabled third-generation accounting firms to stay competitive while gaining their full potential. It has transformed how these accounting services are opening new vistas of market opportunities.

Financial Accounting in Cloud: A whole new world of opportunities

Accounting: Yesterday and Today 

Prior to the emergence of cloud technology, accountants were forced to work with different variants of a specific software program, depending on specific needs and priorities of the organization, thereby, resulting into disorganized desktop systems that displayed integration paucity. Disorganized desktop systems would increase the time required for data entry, apart from burgeoning the risks for inaccuracies.

In addition, earlier accounting firms were banking upon rearview accounting, which, many experts believe, lacked essential competencies to provide insight into data that organizations would need to comprehend how their business is performing.

Bid Goodbye to the Inept Rearview   

Unlike traditional rearview accounting, cloud based accounting systems provide higher value analytics for informed business decision making. It provides an access to centralized database that both clients and accountants can leverage. Real-time access to data is changing the paradigm of accounting systems, providing accountants with granular control over their accounting platform. Today, a plethora of cloud-based accounting software mechanisms are available that allow accountants to access data. With the help of tools like dashboard and alerts, analysis of data has become quite simpler, allowing organizations to access real-time financial status and proficiency of their business. Real-time access to data and information provides accounts a better insight into client’s financial standing, so that they can plan next course of action for their clients. Besides, it gives access to many other tools such as snapshots and performance reports to boost the collaboration between client and benefactor.

Daily transactions, account balance, and check delay and account issues – everything is updated in real time and can be viewed by simply logging into the client’s portal. Things that seem simpler today would never have been this way without the interference of cloud.

Cloud Extends Accounting Capabilities

Market trends speak volume about the significance of cloud based accounting systems. These trends also show that how it is giving birth to new genre of accounting services within the accounting organizations. The good news is that five years down the line, accounting services will be completely transformed and will witness a high adoption rate. Well, this is what many studies proclaim.

Through cloud, clients can avail instrumental back-office support, from an outsourcing firm. Most of the cloud accounting service providers are offering services that can be upgraded to link and sync data with time and attendance tools.

Moving further, a smorgasbord of organizations are showing bend towards business process outsourcing services, wherein cloud is enabling accountants to get into any kind of service.

If you move your business financials to any of the leading cloud-enabled software, you do not have to worry about downloads, installs, and even updates –you simply need to login to your portal. Another best thing is, you can access this accounting software from any device and from any part of the world.

An Advanced Billing Approach

Besides real time data access and upgraded service levels, many accountants are considering cloud to leverage pay-per-use based pricing over hourly billing model, as they have discovered that pay-per-use billing model encourages many small businesses to connect with them. Earlier, small businesses would feel hesitant to pay for accountants for an hour of consultation. However, now, they are aware that their queries will be handled in real-time and in an economical way. It is useful especially for the clients that require an annual download and review of an LFX file, and that do not want to pay for monthly software subscription.

Strengthening Accountants-Clients Relationship

One of the major benefits of cloud enabled accounting services is that it is bolstering a bond between accountants and their clients. Many accountants believe that real time access to the required accounting data is helping them to strengthen relationship with their clients. Now, they can serve their clients in a prompt manner with accurate advice.

Online accounting software eliminates silos of data with the help of integrated approach, which provides efficiency, flexibility and insight into data. It allows them to create customized accounting processes that can handle more clients in a more holistic and cost-efficient manner.

In a nutshell, cloud enabled accounting services will transform the way accounting firms interact, charge, and advice their clients. Real-time access to data, and unified platform will blur the geographical boundaries and platform dependency – allowing them to build stronger relationships.