In 2022, accountants should be utilizing every form of technology they can in order to make their work easier. This is a trend that can be seen across all industries – leveraging technology is a sure fire way to remain ahead in one’s market. We even asked a tech company in London who have worked with accounting companies to help them modernize. TechQuarters, the company in question, specialise in managed IT services London businesses have been utilizing since 2010. The company was founded in order to leverage the cloud – which at that time was an emerging technology – so as to provide a more proactive and comprehensive support service.
Benefits of the Cloud for Accountants
The Cloud has been supporting businesses, and changing the way we work for a decade now, and yet many businesses still haven’t begun leveraging it to its fullest potential. As an IT support company London businesses have used to leverage the cloud for many years now, TechQuarters were able to detail some of the top benefits it can give to a company. The following list has been to describe how accounting companies in particular can benefit:
When it comes to filing tax records, or managing financial data – particularly the financial data of customers – extreme caution must always be exercised. Accountants must be hypervigilant against data theft and loss, because they have a duty of care over the data their clients entrust to them – there are a number of risks involved, ranging from cyber-attacks, to natural disasters. Modern cyber security places a lot of emphasis on data protection, and the cloud is considered to be a highly effective way of controlling and protecting data.
Flexible Data Access
As well as data security, accountants also need to have flexible data access. In times past, accountants would only be able to access the data they needed for work in the office, due to the reliance on desktop computers and on-premise servers and networks. Now, however, the cloud can be used to host both company and customer data in a secure, yet flexible manner. Users can access data from anywhere, so long as they have a device and a secure internet connection.
Automation is a huge priority for many businesses around the world – and TechQuarters confirmed that the IT support for accountants that they provide is often a gateway to more advanced solutions like automation. When it comes to daily workflows and tasks, it is most desirable to be able to automate repetitive, predictable tasks. This will enable accountants to dedicate more time and attention to other tasks – thus, their overall productivity will increase.
Collaboration is very important for all forms of business. The cloud facilitates efficient collaboration by increasing the accessibility of data, applications, and communication channels. For example, cloud-based communication platforms, such as Slack, or Microsoft Teams, allows colleagues to communicate from anywhere. At the same time, cloud-based apps and data mean those colleagues can view and co-author work in real-time. These are just a couple of the ways in which collaboration is enhanced with the cloud.
Customer Relationship Management
The cloud enables accountants to collaborate and communicate with clients in more flexible ways, which means they it is easier to cultivate good customer relationships. Cloud-based accounting software also makes it easier to manage bills, invoices, and tax filings, so the service accountants can deliver to their customers will be more efficient, which will also improve relationships.
One of the biggest benefits of the Cloud is its scalability. This essentially means that an organisation can easily scale the resources they are getting from the cloud up or down. So, if an accountant needs more storage, or wants to onboard more clients, they can scale things up. Conversely, if they want to downsize, they can easily scale down their resources to cut costs.