It can be difficult to make the right decision when you are looking for a new accounting firm. It’s difficult to choose which option to go with when everyone is promising you the moon and everything. This will be a long-term relationship so it is important to choose an accounting firm that suits your style of work. Let’s look at why you might choose to work with a cloud-based accounting firm over a traditional one.
What is Cloud Accounting?
These terms can be used interchangeably, regardless of whether you call it a cloud accounting company, an online bookkeeping company, or simply a modern accounting business.
A cloud accounting firm, which is essentially an accounting firm that provides accounting services online, is simply what it sounds like. This business model represents a major shift in how things are done. The firm must have the right tools, processes, and systems in place.
What does that mean for you?
Small business owners can make a significant change to a modern model, but it is not for everyone. During our initial assessment call, I tell interested small business owners that we are not only trying to assess the business but also the personalities of the people working there. We want to see if you are open to change and if you enjoy working with us the way we do.
Here are 5 reasons why an online accounting firm is better than a traditional one. These are generalizations, and while a traditional firm may not have all the qualities I listed above, I believe they are true based on my own experience with an older firm, my experience managing a modern accounting company, and conversations I have had in the past with colleagues from similar firms. These data show that online accounting firms offer five reasons why you might choose to work with an older firm over one that is more modern.
Reason 1: You have faster access to your financial information
Access to your data is essential for your business’s decision-making abilities. Do you need to hire another employee? Do you need to invest in a website? Should you invest more in marketing? Without financial data, all of these decisions won’t be possible.
Cloud accounting software is the preferred method of online accounting firms. They won’t work with your book unless they have migrated them to the cloud. Cloud-based means that you have access to all your financial information from anywhere, anytime.
Traditional firms still use desktop accounting systems for most of their business. These systems can be found at your accountant’s office. Accessing your data becomes difficult as a result.
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Reason 2: Faster response
Another generalization I am making is that we notice that modern companies are more connected to email, Skype and Slack than their older counterparts. This constant connectivity means that same-day response times are often the norm.
Many entrepreneurs I have spoken with complain about their accountant’s inability to respond. Based on my experience, and the communication I have had with other entrepreneurs in the same space around the world, this is largely due to the tools used as well as the culture at these firms.
Reason 3: Improve business processes
Modern accounting firms are highly process-oriented. We want to help you get your financial data into the cloud accounting system as fast and easily as possible. We can integrate third-party apps with the internet-based accounting platforms used by online accounting firms to improve the way we get your financial information into your accounting system. This allows small businesses to have a more efficient and automated back-office, which results in time and efficiency savings.
To do this effectively, we need to first understand your business process. We can then identify what is working and what isn’t. Then, we can make process improvements in the financial part of your business. Without understanding the business processes, a streamlined system cannot be implemented.
Your online accounting system is the key to all of this. It’s a powerful system, and if you understand your processes, it can transform your inefficient process into something more efficient and automated.
Reason 4: More convenient meetings
Modern accounting firms prefer to meet virtually than in person. While some business owners enjoy this technology, others prefer to meet in person. For example, some business owners prefer not to be displaced and would rather have a meeting over Skype with screen sharing.
It all comes down to personal preference. However, those who are extremely busy might benefit from a convenient virtual meeting rather than driving around to meet their accountant in person. The value of an in-person meeting can be quite small compared to the time savings that can easily be made elsewhere in the business.
Reason 5: Everything can be done electronically
Cloud-based companies need to find effective ways to communicate with each other. Sending documents back and forth by mail is not the best way to do this. Online accounting firms use a different technology that facilitates seamless collaboration without any paper. This means that there is no need to send anything by mail, no need to drop off papers at your accountant’s office or wait around for papers to be picked up at your office… basically, no paper.
Are You Ready to Switch to Cloud Accounting?
It all depends on the value you place on each of these 5 items. These aren’t important selling points for you. If you value the above items, you might consider moving to a company that is more modern.
The execution of an online accounting firm is what really matters. Executed correctly, the online accounting firm will deliver efficiency gains, improved access to data, and a better experience in the part of the business that is often fraught with frustration.
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