Cloud computing in the past few decades have gained immense popularity and is now considered to be the inexorable and most sensible IT management solution for businesses. Cloud Accounting is a modern form of accounting where all of your accounting and other financial data are stored on the cloud. This enables CPAs quicker access to real-time accounting data, which in turn helps increase engagement with multiple business operations and financials to help make better business decisions.
In today’s ever-changing corporate world, many companies and businesses demand more than just traditional accounting services from CPAs. Nowadays, CPAs are asked to provide financial guidance to help companies and organizations make better business decisions and to find avenues for trimming waste and inefficiencies in their business operations. This have the conventional accounting models and methods obsolete and allows CPAs to harness the benefits of the Cloud to provide vital insights, which have significant impact on business performance. This is why the Cloud is the next big thing for CPAs as it enables them to deliver better and more consequential services to their clients. Here are a few basic benefits that CPAs can avail with Cloud Accounting.
1. Data Backup and Redundancy Benefits
The best thing about Cloud accounting is that data backups are automated, which saves time previously wasted on manually backing up all vital accounting data. With Cloud Accounting, version-control of data files are no longer necessary, as all changes and edits are maintained on a single file version.
2. Real-time File Management
With Cloud accounting, each and every file that the CPAs edit and manage are updated instantly, in real-time, even as they are making the edits. It also allows multiple users to access and edit the same file simultaneously, which is great for collaboration. This beneficial feature of Cloud accounting helps create better communication between clients and CPAs and also enables them to advice their clients on financial business decisions.
3. Automatic Data Entry
Cloud accounting eliminates the need to manually enter your transactional details into your Accounting software. Cloud based accounting systems allows CPAs to simply upload or use ‘live feeds’ of your business accounts transactions into the accounting software. This not only helps save time but also negates any human error and significantly reduces the time needed for data entry. This also helps business owners make better decisions regarding their operations as it saves a lot of time, which can be used to pursue other business development avenues.
4. Real-time Financial Data
Conventional accounting methods which required CPAs to manually update the client’s financials and accounting data, actually put those clients and their businesses at a disadvantage, as their accounting data was not maintained in real-time. But with Cloud accounting systems, all financial and accounting data is available to the clients and business owners in real-time, which is vital for making effective and informed business decisions. And thanks to the Cloud anytime, anywhere access feature, this data is available to the clients from anywhere and at any time of the day.
5. Mobility, Flexibility, and Clarity
Cloud based accounting systems offer unparalleled mobility, flexibility, and clarity of business financial and accounts. Business owners can check their business account balances, outstanding invoices, overall cash position, and other vital accounting data from anywhere in the world, 24×7. All they need is a compatible device, access credentials, and a stable internet connection. Most Cloud accounting software are now accompanied with an app, which allows for greater flexibility, mobility and clarity of all of your business financial.
These are only but a few examples of how Cloud accounting can help CPAs expand their services and skill set. It paints a clear picture of the computational power that CPAs can use to their advantage to provide better and more consequential services to their clients.