CPA firms and accounting professionals have been impacted just as much as anyone by the increasingly distributed world we live in.
While there are clear benefits, cloud-enabled accounting solutions have greatly reduced or eliminated the need to interact directly with clients. Gone are the days of visiting client sites in order to help them process paper checks, or receive their paper records.
It’s almost enough to make an accounting professional miss the days of having an avalanche of coffee-stained receipts dumped on their desk for sorting. But in it all lies a great opportunity and there’s reason to be optimistic, at least according to the people who would know best.
A survey conducted by Right Networks found that accounting professionals feel confident about the prospects for increased business growth and stability throughout their industry and the economy as a whole. The Right Networks Cloud Impact survey polled 364 CPA firms, accounting professionals, and small businesses about their confidence in the economy, their business prospects, and the impact of cloud technology on their business operations.
In the customer sampling, 75% of the respondents that identified as CPA firms or accounting professionals using cloud storage and application technology indicated they are “very confident” about the future of accounting and their respective role in the industry. Another 21% said they were “moderately confident” about their future. And if you’re wondering how they felt about their clients – 67% of respondents said what they liked most about their industry was building relationships with their clients.
So, while the client handshake might be going away, most seem to feel that their clients are here to stay. That’s because technology hasn’t eliminated the human connection for CPA firms and accounting professionals, it’s actually made it more possible and it’s bringing more value for the clients.
What’s more, over 63% of CPA firms and accounting professionals that responded to the survey were motivated to upgrade technology to either automate administrative tasks and increase productivity and efficiency or institute more flexible and responsive solutions for clients who increasingly expect an “always available” approach.
CPA firms, accounting professionals, and small businesses have seen the light on the cloud. According to IDC, worldwide spending on public cloud computing will increase from $67B in 2015 to $162B in 2020. Cloud-enabling accounting solutions means that expensive and complex server infrastructure becomes somebody else’s problem.
A CPA firm is just a remote desktop session away from a valuable interaction with their client. Cloud environments aren’t just more secure and nearly maintenance free, they provide for real-time access to client files and collaboration. The coffee-stained receipts are now gone for good.
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About Rachel Krug
Rachel Krug is the Director of Product Marketing at Right Networks, responsible for leading all aspects of marketing including pricing, packaging, positioning, demand generation, partner management and the creation of sales and channel enablement material.