Moving into the cloud is increasing your work speed, making your business more flexible and, ultimately, boosting productivity. However, according to Rob Stone, national partner director at Xero, Australia, “it requires a huge leap of faith” due to the number of adjustments that existing firms have to make.
Policies need to be adjusted, procedures need to be altered, and it is all a huge undertaking. But, it is an investment businesses need to make in order to “benefit your business far into the future,” says Stone. The most important thing is that existing accounting businesses need to be able to adapt and learn in order to become more current and progress seamlessly into the future.
This is why it is far easier for up and coming accounting firms to launch their services through the use of cloud software, like Xero. Amanda Aguillard launched an accounting firm on Xero software several years ago, and discussed her decision with AccountingWEB. “I knew that the most important thing was flexibility, geography and time. I needed to be able to work from home at times, say if my kids were sick or if I’m on the road,” Aguillard said. Thus, it benefits everyone – accountants and clients alike.
Stone goes on to add that “firms that go all-in on the cloud maximise collaboration, both within their teams and with clients. The same goes for growth.” Moreover, Xero ensures that the cloud has access to the most current accounting software, which means that both accountant and client will never fall behind the times.
Gone are the days of having to lug around hard copies of clients’ books and constantly back up files. “In fact, the need for client visits significantly decreases,” says Stone. “Accounting firms that use cloud-based systems are all-in-all more agile. The instant nature of the system speeds up the once-slow workflow speed. By encouraging collaboration, firms can innovate and equip employees to propel the business forward.”
Although the transition between the old and new ways of accounting may require a big transition, the overall benefits are worth it for all parties involved. So, why not make the move and make accounting software work for you?