QuickBooks Hosting Is Redefining Financial Management Requirements
The transformation in the demands of the accounting sector has boomed unexpectedly. This is mainly driven by globalization, changing demographics and increasing complexity.
Moreover, there are various economic factors that are bridging several new opportunities for the small and medium scale business industry. Several small firms are making most of the cloud technology in streamlining their core business process.
There are mainly three essential trends for changing and driving the accounting organizations, they are as follows:
1. Accounting in the cloud
The trend of the cloud is getting stronger day-by-day because of the multifaceted features. Accounting organizations and their respective clients too have joined this cloud bandwagon and moving their business operations over to the cloud with accounting solutions like QuickBooks hosting.
This evolution has eliminated the need for up-front investments, providing anytime, anywhere access capabilities. As per the study performed by North Bridge, almost 75% of IT decision makers are reported to use cloud-based business applications.
The consistent increase in the mobile usage for business has compelled accountants to keep data in the place where it can be accessed from anywhere via QuickBooks hosting services.
Invoicing, time management, and estimations all can be handled in an accounting environment, making it imperative to keep users applications and data in an accessible location.
2. Mobile Accounting
Small businesses and accounting organizations are adapting digital lifestyles and mobile accounting practices.
They demand more from their software solutions. They need more collaboration and interaction among the clients, they need more analysis and easy accessibility to their financial records.
The main point of consideration is that the records are getting operated from their mobile devices.
There exists a dire need to use their mobile devices for several routine tasks like time sheet on PSA applications, invoicing, expense authorization, and capturing sensitive data that can be completed remotely.
As per the study, 93% of the accountants who have adopted mobile solutions are yet to adopt cloud services after realizing the improved client services.
Digital mobility possesses several benefits for accountants inclusive of improved client servicing, response time, and instant access to information.
3. Dependency on social media platforms
Efficient use of social media is gradually becoming a pre-requisite and standard parameter of accounting landscape. Embracing social media is an effective approach to leverage technology and provide better services to the clients.
Keeping the focus on client service, SMBs and accountants are “social listening” towards their clients and learning about what they are doing.
They usually use social media to get recognition in the financial marketplace. The platform permits them to attain a clear picture of their thought processes, their concerns, interactions with their clients and analyze what actually matters to them.
As per the survey conducted by Wolter Kluwer, 77% of accountants usually found of using social media channels (LinkedIn being the most popular).
With the changing technology, the main role of accounting has changed accounting and bookkeeping processes by making it more effective, efficient and less time consuming. Such trends are going to shape the future of accounting sector with elevating competition and accountants are going to play a significant role in this interconnected system.
The Cloud Accounting has enabled functionality of various accounting software like QuickBooks Hosting accessibility to businesses of all sizes and revenues. With the use of cloud accounting, small business owners stay connected to their clients.
They only require an internet connection and cloud-based software from any device. Cloud provides all capabilities to an organization similar to SaaS model. Functions are generally performed on-site as well as off-site.
All information is sent over to the cloud where it is processed and offered to the customer. Integration with any accounting software like QuickBooks hosting can be performed with useful add-ons. It’s scalable, cost-effective and easy.