As more companies transition to working remotely, they are adjusting to the process of servicing their clients from a distance. Whether it is across town or across the country, the ability to serve clients online is becoming increasingly critical. As a CPA, this gives you and your clients access to powerful tools you can use across the country or across the street.
Thankfully, services like cloud-based software make that transition easier. Using the cloud takes physical proximity out of the equation and allows you to focus on the services you provide to your accounting clients, not where they have to be to access them. Here are a few ways that cloud-based software has your back.
It can flex
Cloud computing is the act of storing and accessing our data over the internet. The hard disk on your personal computer isn’t needed. All of the storage and processing power comes from remote servers. All the data from financial transactions can be imported, analyzed, and reported on anywhere. You have unlimited storage and powerful operations at anyone’s fingertips.
Putting everything on the cloud means you aren’t responsible for setting up the hardware necessary to run your business. You don’t have to get large servers up or put the capital together to just to get started. Most models run as a subscription and allow you to pay as you go. All of the accounting tools you need are affordable and accessible, whether you are a mom and pop operation or a multinational corporation.
The cloud providers themselves have developed a reputation for keeping us connected 24/7. They offer support every time of day and keep your business running 99.9% of the time without any worry on your end, allowing any online component of your business to keep working around the clock. The software that manages your business works tirelessly too. Your software is available whenever you need it, and support is just a click away.
That automatic connectivity also extends to your updates. Whenever a company makes an important update, fixing frustrating bugs or adding exciting new features, you don’t have to go through the process of updating. It’s all done for you effortlessly.
All of your apps are able to talk to each other. Whether you run QuickBooks On-line, Xero, or Sage Intacct, all of your bills and invoices can be tracked anywhere. Your balances are always available, and you can export that data automatically to other helpful tools that can use that data in a meaningful way.
With the processing power out of your responsibility, you can run powerful programs from mobile devices, with all you need being an internet connection. With 2.6 billion smartphones in use today, that’s a good deal. You can use less powerful devices to stay connected while still having full access to all of your processing power. You can check on any of your critical tools on the go, without having to boot up a laptop.
Cloud-based software is flexible. It can move up and down with you as your business scales. You can pair down how much you pay and only have a few users when things are tough, and quickly ramp up to enterprise levels when you need it. Your accounting tools are robust enough to handle thousands of transactions. This process doesn’t take months but can be easily done in a day. Onboarding new talent becomes fast and easy, and they are able to start collaborating on your client work seamlessly.
Using the cloud is safe. The latest security processes and software are already built in. The only risk you face is keeping your account information in check.
Having the ability to perform any of your tasks anywhere enhances your capacity to collaborate. That means collaborating between employees and communicating between clients. Diverse groups can adjust to the times, meeting virtually and exchanging information on the fly. Your team is able to continue functioning as a team, regardless of what is happening around you in the world.
Version control is a thing of the past. Cloud-based software allows you to keep everything in one place, so you’re confident that you have the latest iteration of any projects. There is less need to keep track of assignments and hunt them down. Everything is saved together, and you don’t have to worry about what kind of file you are working with.
When cloud-based software first took off, it created the problem of siloing your data. Your data and all-important insights were trapped in different services and blocked off from being useful. Today, however, the market has changed. Software is built from day one to talk back and forth with the systems and services you already use. Your data is more connected and interconnected. Your accounting software can talk with your sales apps, and you can bring all of that data to the forefront, making it accessible.
With modern APIs, you can move your data back and forth automatically. You can get up and running with new software without needing the technical skills to set it up. You can get to your insights faster and with fewer human errors involved in crunching the numbers. That means keeping track of exactly where the capital in your firm is being deployed and the return it’s bringing.
Knowledge is power, and you have faster access to this knowledge. At the turn of the century, having data was powerful. Today, seeing the story that data is telling is where your advantage lies. The powerful trends and insights that we need from our data are easier to grasp.
Finally, your cloud-based service may be more sustainable for the environment. The ability to scale things up and down depending on your need means that you need less hardware and infrastructure to get things done. An accounting firm can lower its operating costs while lowering its carbon footprint.
Having your files all in one place reduces the storage you need and being able to show your clients your projects on a screen means that paper is unnecessary. All of the reports that you generate for clients are easy to share with just a few clicks.
Data centers, the large facilities that make the magic happen, are able to become more efficient with their space, and the energy that flows through it. It is estimated that energy consumption dropped by as much as 31% in data centers from 2010 to 2020. That despite the strides we’ve made to our connectivity and speed. It is making us and the software we use more agile and less wasteful.
Cloud-based software is here to stay. In a world that demands more and more from your services, the flexibility that the cloud offers makes it possible to meet those demands. The rise of virtual services and products is allowing CPAs to offer clients better results in less time. The technology is automation-ready and primed for machine learning out of the box.
Meeting the demands of your virtual workspace is easier than ever before with cloud-based software. If you are in the accounting sector, then consider giving Dryrun a try. Our scalable solutions offer powerful insights driven by data that is automatically imported. Take a look at what the future holds for your business.