3 things to help identify where your firm is in its cloud journey
September 14, 2016

There is no question about the benefits of cloud technology for accountants and bookkeepers. The advantages this technology provides explain why, according to McAfee, 80 percent of IT budgets will go toward cloud computing in the next 16 months. Today, adopting cloud technology is not only crucial to client happiness, but to the efficiency and success of your firm from an operational standpoint. Here are three factors to consider in determining how far your firm has progressed along its cloud journey:

1. How you invoice clients
For many accountants and bookkeepers, mailing, emailing or hand delivering client invoices is the custom. However, as Merchant Maverick pointed out, cloud-based invoicing software helps businesses simplify their invoicing processes, streamlining important tasks like tracking payments and calculating fees, and providing a simple interface for clients to make payments. If your invoicing process today is cumbersome and disorganized, chances are your firm is falling behind with the cloud.

2. How you process payments
Accountants and bookkeepers know better than other professionals that a major barrier to revenue is inefficiency with regard to accepting and processing payments. The good news is with cloud technology, payment processing becomes painless both internally and for clients. Firms that process client payments using the cloud ensure greater client data security, integration with sales and other platforms, acceptance of a variety of payment types, enhanced importing and exporting functions, and above all, increased efficiency.

3. How you analyze data
A crucial function of any accountant or bookkeeper is to crunch numbers and provide effective financial strategies to clients. Of course, this task lends itself to tedium, errors and inefficiencies when conducted manually. Not only does the cloud automate formerly manual processes, it allows for heightened collaboration within the firm and directly with clients.

The way your firm invoices clients, processes payments and crunches numbers is a huge indication where it stands from a technological standpoint. More importantly, where your firm stands technologically has a direct impact on its competitiveness. While other firms are providing strong long-term strategies to their clients, members of your firm might be stuck behind a computer inputting data into an Excel sheet.

The time to shift to the cloud is now. Find out how Sage Impact can help you.

Nexus: G-WEBCD4