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Why Every Accountant Should Be Using Cloud Accounting

Every accounting practice should be using cloud accounting for their practice for three reasons:

  1. Access to real-time (daily) accounting data showing the practices current financial position. This includes the practices profitability, financial position, cash-flow, debtors, and creditors. This real time data allows business decisions to be made very quickly and action taken straight away, so losses are minimized and profits enhanced.
  2. To assist with transitioning all the practices business clients across to a cloud accounting platform. For clients that are hesitant to move across to cloud accounting, it will be easier to sell a client on the benefits of cloud accounting if the principals can say they have been using the product themselves successfully for years.
  3. The bank feeds and automated coding of transactions can reduce the time involved in preparing the practice accounts by up to sixty five percent.

A well know management proverb is that ‘what you don’t measure in business, you can’t manage’. Cloud accounting provides real time (daily) measurement of a practice’s performance, so the principal can manage it effectively.