Cloud Computing in Accounting Industry

With cloud computing came the revolutionary surge of new technological advances that had seemed like a distant dream to many. The shift to cloud computing, a rather novice step, is rapidly bringing about change in the business world. It has a galore of features to boast about, reduced IT outlay and undenied data access to name a few.

There ceases to be any department or ward of business that remains unaffected by the Midas touch of cloud computing. The accounting and finance industry isn't an exception either when it comes to the benefit deliverance that has been brought about by the cloud. In fact, I would rather podium up to say that the accounting and finance sector is one of the most fast-evolving divisions under the new cloud technology as it has stood to simultaneously present new opportunities and has opened up new imperatives.

The increment in value has been witnessed whilst adapting to new technology. If you have been around for a couple of decades, you would agree with me here when I say that financial innovations have faced apprehension in some way or the other. Even tools like ERP or spreadsheets faced rigorous tests and frowns before they were accepted as a daily tool by the business masses. It is only human to get hard-wired by the new changes and it is understandable we have our fair share of doubts. Having said that, a fact that can't be overlooked is that the accounting professionals who were ready to take the plunge and migrated their working to the cloud ended up increasing the value of their organization and their value to the organization as well.

According to an independent survey conducted by Floqast, about 85% of accounting firms have a hard time hiring and retaining talent for their firms and more than half of these folks have resolved to technology to overcome this boulder. Adopting modern tech Fastracks your business processes and enables your staff to be more efficient. This survey witnessed higher job satisfaction and less work stress upon adopting the latest technology.

An overview of cloud and it’s uses

The benefits of cloud computing are in direct compliance with the functioning of the cloud. The cloud is an IT infrastructure that lets the user have access to information via the internet, thus eliminating the need for dedicated staff and budgeting for maintenance of the on-premise server and IT infrastructure. This, in turn, helps in saving big numbers on the investment and liability of the balance sheet.

Cloud is tri-natured- Dedicated, Shared, and Hybrid. The cloud system allows the accounting team, other employees, and clients to connect using a wide variety of applications and software like QuickBooks, Lacerte, etc.

Different businesses choose a different type of cloud server based on their size and budget, some go for dedicated cloud hosting, while some prefer the shared route. Either way, it stands to be highly beneficial.

Cloud, infact has given rise to a completely new generation of applications that are relatively more intuitive, productive, and quick to deliver.

During the onset of cloud computing, it was the smaller companies that found abode in this technology as they had budget constraints and lacked to afford their very own robust computing system. To them, the cloud was the ultimate answer, as it was way cheaper and required just an internet-enabled device to access data, helping these companies save on space and money.

This technological revolution spread across in what seemed like a jiffy and even bigger organizations adapted the change brought about by cloud computing. Today, as we see it, the pursuit of the latest tech has both small as well as big companies storing their data on the cloud and hosting their favorite software on the cloud, giving rise to a whole new genre of the industry- the cloud hosting providers. Thus, all that has been brought about by cloud computing is a positive change and increased employment opportunities. While choosing the hosting provider, be sure to check their reviews on a reliable source like serchen, as you do not want to end up committing to something that is not competent enough.

Accountants have always been expected to be versatile and work their way around non-conventional business practices in order to successfully do what they do. They are to understand various stratum that their clientele is based of off. To retain the sanity of accountants while they do all of this and more, tolerant and delivering IT solutions are a must. In my opinion, the core of any business work is a robust network.

With cloud computing, a client can have his accountant virtually, anytime they want, and the same goes for accountants. With cloud technology, they can have the latest advancements, so much so like up to an hour lead financial information. With the feature of mobility and multiple user access, data input can be done by the sales department, logistics department, and of course by accountants as well. All of this leads to accountants being pulled out of the archaic book-keeping pit and out in the fresh stance where they are of integral importance in financial advising and more into real management accounting.

Nonetheless, it’s safe to say that the accounting industry likes the idea of the cloud, well it saves money and that is the language that the accountants speak. The benefits of cloud computing far outdo the initial apprehension that it faced. Significant downsizing in parked capital, energy bills, physical IT support, and physical backup system to name a few amongst the handful of benefits that the cloud bestows. It gives automatic updates, server security, scheduled backups, easy maintenance, and user compatibility.

When I say this, I’ll just be stating the very obvious, that when an accountant has cloud computing/cloud hosting, they don't have to leave their office in order to deal with a minuscule data change and update on the client’s part. A lot of time and energy is saved, as the client, as well as the accountant, have undenied, 24×7 remote access to the data. What all of this does is increase productivity and turn bigger profits.

A reliable and good server network is becoming seemingly important for running the accounting industry.

Outcomes like increased work efficiency because of automation, flexibility to work from any location, and less physical paperwork have proven the fact that cloud computing is the much-awaited ‘apple of the eye’ for the accounting industry.

Furthermore, apart from adding transactional value, cloud computing is also a  pro-environment move as it prevents unnecessary use of paper, minimizes the e-waste accumulation by rendering decreased use of wires and storage hardware. It also induces emotional well-being by increasing job satisfaction due to decreased work pressure. All of this converts into a healthy thought process, better mental and emotional health, and elevated happiness quotient. A happy mind is a productive mind.

The introduction of cloud technology has provided the accounting industry the opportunity to be set apart while simultaneously making work enjoyable. I stand by the fact when I say that the cloud has offered a galore, while this is just the start and a lot is yet to come.

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