Accountancy firms need to get to grips with the very latest technology if they want to remain relevant and competitive, according to a Shropshire financial expert.
Our Business Development Specialist, Sarah Hartshorn explains how cloud technology and cloud computing have changed the face of the accountancy industry.
“This new approach offers a lucrative and cost-effective route for accounting firms who have yet to embrace modern technology, and the systems are less daunting and less complicated than many people may think.
“Moving accounting operations to the cloud allows firms to quickly streamline their processes, reduce costs, scale up their operations, and deliver more data-led services. And it’s vital that accountancy firms take up the very latest technology if they want to remain relevant and competitive, otherwise they will be left behind as their competitors beat them to the business.”
Sarah said accounting professionals put off by the new systems should bear in mind that the benefits of moving to cloud accounting far outweighed the complications.
“If you’re using cloud technology, there is no need for on-site hardware such as servers or databases which means you can save on the cost of computers, hardware and software. It’s also constantly accessible with an internet connection, so having information and files ready for us at the touch of a button allows accountants to work from wherever they like and at all times including outside the more traditional office hours.
“A better grasp of the technological capabilities that cloud technology creates means you can automate processes that previously would have taken up a lot of staff time, allowing your employees to redirect their efforts to other more productive issues such as new business development.”
Sarah said another huge benefit of the cloud was that it had no limits on its capacity – in contrast to the office space your company occupies.
“And as firms become more familiar with the cloud and its capabilities, they can begin to offer more sophisticated services which could bring in new revenue. Data-driven insights, predictive analysis and trend analysis can be invaluable in terms of building your business.
“One of the very best reasons to use cloud technology it its ability to recover information is there is a system failure. Cloud services store and maintain electronic copies so you can recover data and continue your business activities on a second server if there is a hardware or software failure. So far from being something that accountancy firms should be fearful of, taking the leap to cloud technology could be the very best move your business could make.”
Sarah Hartshorn, Business Development Specialist