Vision for 2020 – All Accountancy Practices be Cloud based

Cloud based accountancy is here to stay, and bringing huge benefits to small businesses.  What are these benefits?

  • No need to install, maintain or host an accounts program saving you cost and time.
  • Your data is professionally and securely managed and so much safer.
  • Access to your data any time any place.
  • Beautiful technology that’s easy and intuitive to use.
  • The flow of information from, for example, from your bank or to your customers, flows pretty much automatically saving you time.  This is big.
  • Great real time information so you have up to the minute information where ever you have internet access.
  • We can advise in real time not ‘when you bring the books in’.

Clients are realising the huge importance of ‘the cloud’, and it’s a trend that’s really taking off now, but is the profession ready?  Only in parts, it’s really hard to convert an old practice to a cloud based practice.  Why:

  • Resistance from some (older?) partners.
  • It takes time and effort to change existing client systems and processes.
  • You have to be bang up to date with the accounting work.
  • Few people relish change.

So if the profession isn’t changing why do I think everyone will be using the cloud by 2020?  The simple answer is accountants that don’t engage with the cloud will wither away.  They will be replaced by new firms that are fully engaged, and determined to give clients the service they need by embracing technology.  A huge advantage for new firms setting up.