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September 14, 2017
“As the world has changed, so has our profession. We are strong and relevant today, because we anticipate and adapt to the changing needs of the clients and businesses we serve.”
Kimberly N. Ellison-Taylor, CPA, CGMA
Chairman of the Board of Directors
In a late 2016 editorial column on the AICPA website, the then-chairman of the board spelled it out clearly. Kimberly N. Ellison-Taylor, CPA, CGMA, said that accountants must continue to evolve with the ever-changing technology disrupters shaping our profession. These disruptors have changed how our clients interact with our firms, and how they want to interact.
Blame technology, which has allowed smaller CPA firms to access the same tools as enterprise organizations, reshaped how our customers access data, and even allowed us to work remotely on any digital device. All of these changes have been affected in the cloud, sparking what has been termed the “fourth industrial revolution.”
Let’s look more closely at how these cloud-computing models are liberating even the smallest CPA firm by providing them with the tools they need to stay competitive. What are the pros and cons of moving to the cloud?
The Transformational Impact of Cloud Solutions for Small Business
Cloud solutions for small business have revolutionized our ability to compete across industries. In accounting, it’s given rise to Software-as-a-Service (SaaS) that has allowed us access to tools that make the job easier. From QuickBooks online to the Microsoft Office suite, it’s very likely that your firm is currently making use of cloud services – perhaps without even realizing it.
The pro’s of cloud solutions for any business is primarily linked to accessibility and affordability. These benefits are embodied in the “three S’s”: Stability, Scalability, and Subscription.
These benefits are particularly important for the small CPA firm. The trends show that these practitioners are finally adopting cloud models, nearly a decade after the infrastructure has normalized. The President of CPA.com confirmed it in an early 2017 article, “We’re seeing broad pickup in cloud services and other emerging technologies.”
Find out how TOSS C3 can help your business keep up with technology trends. Get a free assessment of your readiness to migrate to the cloud.
Are Cloud Solutions for Small Businesses Right for Your Firm?
Despite these trends, we would recommend that CPA firms conduct a technology assessment with a cloud service provider to determine if the model is right for you. There are three cloud models available: Public, private, and hybrid. And within those frameworks are a plethora of services which could potentially benefit your business.
Ultimately, deciding whether to migrate all or part of your business into the cloud is up to the individual CPA firm. Weighing the pros and cons is an important step in choosing which “disruptor” is right for your business.
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