Why Do Accounting Firms Using the Cloud Add FIVE TIMES More Clients?

Accounting Firms That Exclusively Use the Cloud Add FIVE TIMES More Clients

Did you know accounting firms that exclusively use the cloud add FIVE TIMES more clients than those not using the cloud? It sounds a bit far-fetched, doesn’t it? Xero conducted research and found this staggering statistic to be accurate! The truth is, the cloud allows accounting firms to service a client base extending far beyond their local region – and it allows them to serve them well. Naturally, this leads to a much higher year-after-year revenue growth – 15% to be exact. Essentially, the cloud makes business accounting services much more flexible and profitable – offering virtually limitless ability to scale.

What is the Cloud and How Does It Work?

The technology industry seems to use a lot of buzz words and the cloud is one of them. The cloud refers to software and services running via the Internet as opposed to being stored locally on your computer. Typically, cloud services are accessed through a web browser, although some companies offer mobile applications as well. As remote servers handle the storage and computing, end-users don’t need expensive, high-end hardware to get their work done. They simply log-in and get started.

Let’s Look at the Evolution of Business Accounting Services…

In the past, accounting firms needed to sift through massive amounts of paperwork to serve their clients. Nowadays, that’s not the case with many accounting firms making the move to go paperless. This not only saves a ton of time, but also saves a ton of money. Whether you’re looking for continuous, around-the-clock access to your data or you’re looking to finally go paperless, the cloud is a great solution that meets a myriad of goals. You’re able to achieve:

• Reduced facility requirements
• Lowered hardware, equipment, and overall technology costs
• Paperless payroll and record storage
• Faster identification of problems
• Reduced number of employees
• And much more

The cloud enables you to enhance your profitability as you can serve more clients faster than ever before. In fact, cloud computing is truly the future of the accounting realm – offering a higher level of security, control, and data backup. Your accounting firm benefits from:

• Being able to better expand as your staff and principals have secure access to each and every client’s financial information.
• Lower costs in terms of your facility as there’s no need to expand or relocate to better accommodate large equipment and/or added staff members.
• Greater communication with clients in terms of providing them better access to their financial information.
• Enhanced productivity as there’s no need to disrupt your staff to make important updates to their systems.

In addition, you never have to worry about running out of storage as your accounting firm grows. You pay for what you use, which means if you’re starting to require more storage for a larger amount of data, you simply mention it to your cloud provider and they’ll be able to accommodate in a matter of minutes.

Move your accounting firm to the cloud to experience incredible business growth. Contact us now to get started.

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BY Scott Weingust | Nov 14th, 2019 | IT News, Information and Tech Tips For Toronto Business