Report Reveals – Cloud Based Accounting Firms Have Five Times More Clients Than Traditional Firms
Migrating to Cloud has to be the only option for accounting firms looking to derive the optimum out of the available Cloud technology. Benefits of Cloud are manifold which make transition to Cloud from the traditional systems a must.
According to a recent research conducted by a leading analyst firm, businesses that are not yet embracing the Cloud have strong chances of inhibiting their growth. More than 700 accountants and bookkeepers participated in the survey. It was found that the firms having a higher concentration of clients deploying Cloud accounting software had much higher levels of revenue growth year-over-year (YoY).
Cloud Accounting Software Making the Real Difference
It’s evident that the sheer capabilities of Cloud accounting software have helped global businesses derive maximum return on their investment. A Cloud accounting software like QuickBooks enables accountants automate manual processes besides allowing client and accountant collaborate on a single ledger.
QuickBooks Payments render getting paid extremely quicker and easier. QuickBooks Enterprise updates automatically and accordingly sends payments to your bank. With e-invoicing, you can conveniently email invoices as per requirement to your customers using a simple Pay Now link. Moreover, you can build any report whenever & wherever you need it using Advanced Reporting. With ready-made templates, you can create reports specific to your industry.
For accounting businesses interested in QuickBooks, Cloud hosted QuickBooks is the best option. Vast capabilities of this accounting software enable bookkeepers simplify accounting operations. With QuickBooks Enterprise hosting, you get the sheer flexibility of managing your accounting business wherever & whenever you want.
Such a Cloud accounting software is thus proving invaluable help for the connected Cloud practices.
Cloud Practices Reporting the Best Growth
Considering the vast benefits Cloud offers, it can be said that it has to be the need of the hour for the accounting industry. As compared to traditional firms, Cloud-based companies have five times more number of clients.
The survey results clearly show that with the growing ability to increase revenues and optimally service a client base extending past their immediate area, there is no limit at all to what connected Cloud practices have the capability to do.
At present, companies having almost 100 percent of their overall clients deploying one or the other Cloud accounting software reported the highest growth among other companies. While traditional firms witnessed a total 4 percent increase in the YoY revenue, Cloud practices amazingly reported a 15 percent increase.
It’s a surge in growth that only accounting businesses who have embraced the Cloud can experience. Fully embracing a definite cloud accounting strategy and utilizing a robust Cloud accounting software such as QuickBooks has allowed digital CPAs to grow from the level of a sole practitioner to an organization of 5, thereby achieving more than 30 percent revenue growth.
Industry experts have forecasted a fair increase in revenue over the coming 12 months for accounting firms deploying Cloud based software. Such a forecast can be considered pretty much to be true in future due to the scalable nature of Cloud technology that we currently have in place.
The survey also found that almost 71 percent of overall cloud-centric firms were eagerly anticipating a growth of minimum 10 percent in the next year. On the other hand, 47 percent of the firms were positively expecting a growth of more than 20 percent during that time. Favorably, this is as compared to just 38 percent of total traditional firms expecting a revenue growth of almost 10 percent.
Vast Capabilities of Cloud Accounting Need to be Optimally Tapped
Considering the survey results and the vast capabilities Cloud accounting brings along, it can be said that accountants and bookkeepers can definitely grow their practices by embracing Cloud.
Using the correct Cloud strategy can not only help the accountants to grow but also allow their partners excel in their businesses. Moreover, it would also become easier than ever for current genre of accountants to rapidly grow their client base by serving the existing clients in the most optimal manner.
The survey results thus put across the whole scenario loud and clear. Cloud accounting software is assisting accounting practices to not only grow but excel too. Simply by embracing the Cloud, it would become possible thus for traditional accounting firms to do the same.
- Angeela is Techarex Networks' Content Marketing Associate for Intuit products. She has worked as an eCommerce and Marketing Strategist for the last five years, helping businesses with software implementation for Customer Service, CRM and Email Marketing. Angeela thrives in helping companies find the right software solution for their projects. Aside from his obvious passion for Marketing, Angella admits to being a foodie and travel enthusiast.