Recent statistics from cloud accounting software companies, such as Xero and Quickbooks report that cloud based accounting increases growth in the practice of bookkeeping and financial accounting.
Not only are cloud based accounting companies able to grow in terms of increasing the amount of clients receiving their services. But agencies that practice cloud based accounting are seeing a higher year-over-year revenue growth.
Cloud Accounting Growth
Some reasons to credit the substantial growth of accounting companies using cloud accounting software, is the fact that some cloud accounting software come with resourceful technological tools and advantages. Some of these advantages include manual processes that allow clients and accountants to collaborate on a single ledger.
These new technological feats are paving the way for faster results, due to repetition and automation, as well as a sense of accuracy (if data is recorded correctly) and the usefulness of the ability to collaborate online, as well as the ability for clients view your personal accounts on the internet.
Not only does cloud accounting software make financial accounting easier for accountants, financers, and bookkeepers, it’s a completely scalable tool. The software can be used in almost any form of accounting, and when you grow your business, you can take the tool to almost any new branch that has been created to represent your accounting practice’s brand name.
It is highly resourceful to keep digital data of your client’s financial records, that way information could be transferred more easily, than let’s say your pre-dated paper documents. Don’t get me wrong, paper documents are here to stay, but digital documents make the transfer of information seemingly effortless, and at times, more accurate.
Cloud Accounting Competition
If your business is willing to invest money into cloud accounting, I suspect from historical data that you will be finding a high ROI from that investment. But you should know there are plenty of companies, providing cloud accounting tools, as well as other finical or accounting software that you can benefit from. But the real question is, which tool best fits your needs?
There are plenty of accounting software companies who create finical accounting tools, including cloud accounting software vying for a market share from the large accounting and finance industry. Each company producing products that stand out more than other companies in different ways.
The competition is steep, so I suggest you take the time to research what kind of finical practice you will be initiating, and to determine trough research which kind of financial tool or cloud accounting software fits your needs.
Cloud accounting is a fairly new practice
Research has shown that only four out of ten accounting software users are in the cloud. Which is incredibly low, compared to how resourceful and useful cloud account is. There are plenty of benefits to cloud accounting, such as the ability to communicate with your accountants on the internet, and to allow viewers to see their financial information online, as well as for businesses to start charging monthly fee’s to keep that convenience uninterrupted.
In a way, cloud accounting is a win-win for all parties, consumers, businesses, and clients. A fantastic tool to even check up on while on the road. In hindsight, cloud accounting has even proved to provide less work for small business owners to conduct.