Cloud technology has sparked a revolution in the way we do business. A recent report showed that as many as 81% of all enterprises have a multi-cloud strategy already laid out or in the works. So, it’s safe to say that nearly every business across the country has discovered the benefits of cloud technology and is actively implementing it into their operations.
Of course, as with any technology, accounting firms need a convincing case to change and adapt. Specifically, how will embracing cloud technology help their bottom lines? Will it be worth making the switch in the long run?
In this article, we’ll cover three key ways that cloud technology can impact your firm’s ability to grow and drive profitability.
Your new hires will expect you to use cloud technology
You’re undoubtedly aware of the current shortage of accounting talent in the profession today. Firms across the country are struggling to attract new hires.
While there are many opinions on the issue and how to address it, there’s one crystal-clear fact about the profession that we can’t forget:
New technology is transforming how accountants perform their duties, and new accountants will be honing their skills based on these technologies.
The National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA) already have plans to alter the CPA licensure model in 2024 to include a focus on new technologies and their associated skills.
Simply put, if you’re looking to get some fresh blood into your firm, you must use the technology your new hires will expect to use. For example, today’s new accountants will be well aware of the benefits of cloud technology. They’ll be well versed in using it and will want to work with a firm that takes advantage of it.
By taking advantage of cloud-based services and the latest software applications, your firm will present itself to new hires as a progressive, forward-thinking firm looking to operate with the best modern tools available.
Cloud technology also makes it much easier to collaborate with your employees, no matter where they’re located. Plus, it creates more flexibility for employees who prefer a remote work environment.
Your firm will be more efficient with cloud technology
Of course, adopting cloud-based services into your firm offers more benefits than just attracting new employees. One of the most significant benefits cloud technology provides is something every firm wants: to spend less time on tedious tasks.
For example, many businesses use a variety of applications to manage their expenses and accounting. Equipped with the right cloud technology, such as Rightworks OneSpace Firm Premier, your firm could access all of the apps you need to work with your clients—all in one location.
The less time you spend on tedious administrative tasks, the more time you can focus on the most important part of your business: your clients. This means more time spent on profitable endeavors and less time bogged down by sluggish processes.
And because your firm’s core competencies don’t include figuring out how to secure data, operating your onsite infrastructure or being a cloud expert, managed technology like OneSpace Firm Premier lets you do what you do best: serve your clients, expand your business and have a life.
You’ll better position yourself as a trusted advisor with cloud technology
Adopting cloud-based services for your firm can provide even deeper benefits than enhancing your performance. Not only can you improve the efficiency of your operations, but you can also improve your client’s experience with your firm.
Cloud technology like OneSpace Firm Premier can grant your clients access to the thousands of applications it supports. This allows them to easily collaborate with you and enjoy the same convenience, efficiency and security these applications provide for your firm. As a result, it’s much easier and more secure for them to interact with your firm. And ultimately, this will help encourage these clients to do business with you in the future.
Offering a secure application experience like this will help you better position your firm as a trusted technology advisor. Imagine using OneSpace Firm Premier to expand your client accounting and advisory services (CAAS). From right within your OneSpace Firm Premier portal, your clients can easily access secure application experiences with just a few clicks. In the process, you’ll make the businesses you serve more secure and expand your services. That’s a win-win for you and your clients!
It’s time to embrace the benefits of cloud technology
As time marches on, cloud technology will only see more widespread use. The benefits of cloud technology simply cannot be ignored. Not only does it make your firm more efficient and more secure, but it also provides avenues for increased flexibility and expanded services. The sooner you can adopt cloud technology into your firm, the better positioned you’ll be for continued success now and into the future.
OneSpace Firm Premier was built specifically for accounting firms to help revolutionize their technology experience and improve efficiency and profitability—all in one platform. Learn more about OneSpace Firm Premier.