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 Accountants embracing the trend & moving to the cloud

 The introduction of new technologies over the past decade has seen massive growth and change within the workplace, particularly with the finance industry.

Day-by-day, week-by-week, year-by-year, new advancements and discoveries are made within the digital technology area; drastically changing the way businesses operate and interact with their customers.

Now more than ever before small businesses must ensure their technology is constantly evolving to remain competitive and keep up with demand.

With the average Australian Internet user spending a staggering 17.6 hours per week online, now more than ever before customers have information at their fingertips and are better equipped to make informed buying decisions.

A recent study conducted by CapioIT, commissioned by Wolters Kluwer, showed that on average accountants use two cloud based accounting applications. Furthermore the average age of accountants using cloud technologies was 36 years of age while the study found that regional accounting firms were picking up the technology at a increased pace.

It is no surprise that approximately 70% of accounting firms in Australia have embraced cloud computing in particular with the steady increase of the use of Xero and MYOB.

The overall findings of the study included:

• Uptake of cloud technology hovered around 23 per cent last year; two of the biggest drivers for the move to cloud computing was security (44 per cent) and functionality (42.6 per cent).
• 90 per cent of accountants used at least one cloud based accounting program while 49 per cent used two cloud products.
• More than 76 per cent of accountants were “very likely” to spend more on cloud applications in future.
• Only 7 per cent of accountants were responsible for deciding to purchase cloud products, with nearly 60 per cent saying “someone” within their organisation had that responsibility.
• SME users were slow to use cloud technologies but Mr Hassey expects the 27 per cent already on the platform to double next year.

What do small businesses need to know about moving to the Cloud?

It goes without saying that cloud computing is revolutionising the overall productivity levels of small businesses. Small business as a whole is taking up Cloud-based applications at a rate of knots – in particular email, online accounting and social media apps - with a recent report estimating that in the USA 78% of small businesses (that have less than 50 employees) will be fully adapted to the cloud by 2020 (Small Business Trends, 2015).

This is a staggering figure and outlines the way the cloud is reshaping small business and pointing business owners towards increased productivity and enhanced online functionality.

Being on the cloud has a range of benefits for small businesses including 24/7 security, increased ability for collaboration, improved data control and the ability to store data in a safe location in the event of a disaster (disaster recovery).

While moving to the Cloud may be the popular choice for small business, ensuring you have the appropriate Internet connection is key to guaranteeing optimum speed for all of your business data needs.

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