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November 10, 2017
Over the past five years, cloud solutions for small business have evolved into the “single source of truth” for any company seeking to leverage the always-on promise of the Internet. Cloud solutions for small business have been the great equalizer, allowing even solo practice services firms access to the same tools used by big competitors.
Nowhere is this truer than in the small accounting practice, where, after years of reluctance to embrace the digital transformations occurring in traditional work models, CPAs are finally participating in the great cloud migration of 2017.
This post explores trends that will likely affect cloud service adoption for CPAs next year. How will these trends affect the small accounting practice? How will cloud solutions for small business change the accounting field in 2018 – and beyond?
Find out how cloud solutions for small business can help your CPA firm excel in 2018: Get a free assessment now!
Cloud Technology Means Opportunity for Accountants
“Technology continues to transform the accounting profession. Cloud computing and mobile devices have untethered CPAs from their desks and desktops, allowing them to do work and access data on a virtually anytime, anywhere basis. Technology continues to break down geographic and market barriers, creating unprecedented opportunities for CPA firms and for CPAs in business and industry.”
Jeff Drew ~~~ Journal of Accountancy
For the past two years, the Journal of Accountancy has been predicting that financial services firms would finally reap the benefits of our digitally focused society by changing their business models.
Certainly, cloud technology has been transformational, it’s just that financial services firms have been reluctant to embrace changes to their business models. But that is changing. Some of the latest CPA industry trends are tied irretrievably to cloud computing, and 2018 will likely be the stepping off point for the staid tradition of accountancy to change into a new model that embraces cloud computing. Some of these trends include:
Cloud Solutions for Small Business Accounting
It’s clear that accounting practices of all sizes must finally begin to leverage cloud-based tools or start to fall behind. SaaS providers have all kinds of products that include easy-to-use tools for financial consolidation, benchmarking, and reporting and business planning, forecasting, and budgeting. SaaS can be leveraged beyond QuickBooks to create a new model of practice that finally reaps the benefit of the Internet and fulfills the promise of the CPA future state.
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