Whether you’ve noticed it or not, cloud computing has already become a hugely important part of the modern business world. According to data from Salesforce, businesses that invest in cloud computing, mobility and security tend to see 53% faster revenue growth than the ones who don’t.
But if you’ve never used the cloud, it can be tough to make the transition from more traditional accounting practices. One of the most efficient ways to smooth out this transition is with the use of accounting practice management software.
Still, despite the many benefits of cloud-based practice management software in the accounting industry, not everyone understands the specific reasons they should embrace the cloud. In this article, we’re diving into four of the most important ways accounting practice management software makes this switch less of an interruption for your business so that you can immediately reap the benefits of using SaaS.
One of the biggest benefits of making the jump to cloud-based systems is hardware flexibility. There’s no need to worry about being restricted to only using a work computer, or leaving some important documents in the office making it impossible for you to finish a project on a different device. With accounting practice management software systems, you can get access to the information needed whether you’re at the office on your normal computer or using a smartphone or tablet at home.
Just remember to implement security standards and best practices internally, so that your team doesn’t run the risk of causing a data breach or other similar issue because of poor device handling practices.
On a typical desktop or laptop computer, there are standard security measures in place to safeguard accounting firm data. However, not every accounting team member or associate will always closely follow these measures. Also, in the event of theft or similar physical incident, these computers can be easier to break into than you might think. According to data from Verizon, 85% of security breach events involved a human factor, such as a physical breach or inside party.
When you use cloud-based storage systems for your accounting firm’s data, there’s less risk of a breach or theft incident because the information isn’t physically accessible to malevolent actors. Your data is stored on servers in a safe location with multiple layers of security and encryption. Cloud storage also saves you the big hassle of having to update and maintain your storage systems, since all of that is handled by your provider. Failing to update systems in a timely manner can pose a huge security risk to your firm’s data.
Any time your business is making a big transition to a new operating method that will affect the way you work with your clients, there is the potential for some friction. After all, they aren’t concerned about the decisions that will optimize your business, or how beneficial switching to the cloud may be for your team. Their only objective is to obtain the services they’ve paid for as quickly and easily as possible.
Again, accounting practice management software can be a big benefit here because it keeps all of your cloud data and processes centrally organized. With the right tools, your clients can enjoy uninterrupted access to important information even as your firm transitions to the cloud. It’s also critical to do a sufficient job communicating to clients during this time period. Be sure they understand why this transition will benefit them and explain any potential obstacles in advance.
Since 2020, we’ve seen a huge jump in the number of information workers leaving the office and transitioning into a fully remote or hybrid role. Of course much of this is due to the COVID-19 pandemic, but this transition was already starting to happen before the widespread March 2020 shutdowns. Remote working is convenient and more flexible for employees and saves money for employers.
With the right accounting practice management software, remote team members can maintain access to the most important data and tools they need to still do their work effectively without being in the office. From shared folders that can be edited on any device, to project dashboards and customized email notifications, remote working is much easier with a comprehensive software tool that ties everything together and provides universal access to the team.
Best of all, the top software tools include built-in security features, so even when your team isn’t physically present you can be sure your internal data is safe.
It’s easy to feel overwhelmed when you start pursuing a transition to the cloud. There are many different moving parts, and a lot of the new elements of working in the cloud are unfamiliar to people used to more traditional work methods.
Fortunately, there are a number of steps you can take to ease the transition for both your team and clients. Choose a good accounting practice management software tool and you’ll get instant access to communication and collaboration features that will make it a breeze to move your old firm processes to the cloud.