The Receipt Bank Blog

Today we live in a world where as customers we expect more and we expect it faster. The accounting industry faces this challenge as much as the rest. Clients are increasingly investing in cloud technology and seeking accountants who have also adopted it to meet their requirements.

Intuit’s recent poll of UK accountants revealed that the proportion of clients using the cloud is predicted to skyrocket, reaching 30% in 2015*. With this number only set to rise that’s a lot of cloud-based clients to miss out on!

As clients on the cloud demand more from their accountant, practices must look to increase productivity, without necessarily raising headcount or workload, to stay competitive.

Taking advantage of the cloud yourself is an immediate move towards greater productivity. It offers numerous possibilities for your practice, including cost saving, process automation and cloud-based convenience.

5 Top Cloud Productivity Tips

1) Cost Saving

With many cloud products you can pay monthly with no initial hardware costs and no need to be locked into a long term contract. Instead this resource can be invested back into your practice.

2) Convenience

You can manage your books anytime, anywhere, and on any device with remote access, enabling you to stay connected to your clients.

3) Time Saving

Cloud technology cuts out several steps from older accounting methods. Data input, calculations and the filing of tax returns can be automated, to name just a few. This time can instead be spent offering clients higher value services.

4) Insight

Automated data feeds enable you to offer clients regular financial insights. No more out-of-date annual reports, you can advise your clients on business development throughout the year.

5) Add-ons

Got a particular productivity draining issue that you’ve always wanted to be resolved? The majority of cloud accounting software packages integrate with numerous problem-solving add-ons. You can pick and choose the most relevant to boost your practice’s productivity.

Clients are already cloud savvy so it’s critical that accountants and bookkeepers are informed and available in this space. Plus cloud technology provides an advantage over desk-based practices as it’s easier to connect and collaborate with clients. The cloud gives your firm a competitive edge, ensuring that your offering is the one forward-thinking clients will choose.

Interested? Many cloud vendors offer free trials so you have plenty of opportunity to test them out and find the perfect vendor for your practice.