Because the accounting and bookkeeping industry is such a complex arena in the business world, company owners are who wise enough to hire the best CPA firm they can afford to keep their books will be financially rewarded by doing so.
Moreover, the accounting industry is not immune to the evolving trends of the marketplace. To accommodate recent market trends, the industry must evolve accordingly and stay abreast of the latest business innovations.
Unlike years past, clients are looking for CPA firms not only to keep their books and payroll, but also to contribute to growing the business. As a client who grew up with today’s technology, it is only natural to expect you hire an accounting firm to offer a more sophisticated and technologically-enhanced approach to keeping your books.
Cloud-Based Accounting: The Future of Bookkeeping
Cloud-based apps have come a long way from being an outlet to share music and photos to keeping client’s accounting books. The years of on-site consulting are slowly being replaced by virtual accounting services that offer clients more flexibility and convenience when dealing with their books. In effect, you are able to receive faster, more reliable and up-to-date accounting solutions through cloud-based platforms.
Cloud-based accounting allows both accountant and client to view the books jointly in real time and directly download financial accounts to compose an accurate summary of billing statements and invoices.
According to the latest accounting prediction, more than 90% of small- and medium-scale entrepreneurs (SMEs) will switch to virtual accounting in the near future because of its mobility and low-operating costs.
Going beyond the traditional call of accounting duty
A majority of SMEs will want their accountants to adopt a proactive approach when it comes to handling their businesses. In short, as a client, you would expect accounting compliance to come second only to helping improve your business growth with the firm’s bookkeeping prowess.
Those who find their accountant’s services unsatisfactory can quickly and easily change to another firm thanks to the virtual market. This means clients expect accounting firms to maximize the capacities of recent technologies in regard to bookkeeping and payroll services.
Recent technological strides make it possible for CPA firms to work with their clients at each other’s convenience, without office walls and the inherent interruptions of the workplace. With cloud-based accounting, the client can check and monitor his business’s finances in real time. It also reduces the need to keep physical records, which are prone to a number of vulnerabilities, including misplacement, theft, and damage.Â
Sources
How Technology Is Changing the Accounting And Bookkeeping Industry, Forbes.com
Cloud Accounting vs. Traditional Accounting Software, SmallBizDaily.com
What Your New Business Can Expect from Working with an Accounting Firm
