In the aftermath of the COVID-19 pandemic, more and more industries are embracing the possibilities of remote working, and the accounting industry is no different.
By leveraging new technologies, such as cloud-based solutions, accountants are now able to collaborate with a wider variety of clients than ever before, while also enjoying a more flexible working schedule and environment. Furthermore these cloud-based technologies have offered accountants with a number of highly-appealing operational benefits which promise to boost the operational efficiency of accounting professionals.
So, how does this technology work, and what advantages can it confer upon those who choose to adopt it themselves? In this article, we’ll highlight how cloud solutions can enhance collaboration, data security, and operational efficiency for accountants operating in a remote or hybrid environment, and explain how INAA can provide ongoing education to help remote workers. Read on to learn more.
What is Cloud Accounting?
Simply put, cloud accounting involves moving some or all of an enterprise’s digital tools, software, and applications from servers stored in specific premises to the digital space of the cloud.
Remote accounting also doesn’t employ desktop applications. Instead, all relevant data and software data is stored on the cloud as well. This means that bookkeeping data, accounting software, and other financial information can be kept in a secure place, updated in real-time, and can be accessed at any time, from anywhere, as long as the users have a working internet connection.
Benefits of Remote Accounting
But what are some of the biggest advantages of fully remote or even just hybrid accounting?
Security
Cloud computing solutions can offer your firm greater security and visibility over the data of your clients through automatic backup and recovery software: meaning that their valuable data can be preserved regardless of any adverse eventuality.
Cloud-based technology also boasts multiple layers of encryption that occur within the system, making it harder for cybercriminals to successfully pull off a data breach.
Lastly, because files and data can be instantly exchanged through the cloud-based server, it means that compromising information is no longer being shared through email, USB sticks, or text message: keeping this data even more secure.
Real-time Reporting
Another advantage of cloud-based accounting is that it provides users with a continual stream of real-time updates, while also synchronising their financial data. This means that all relevant stakeholders will receive instant alerts for any bank transactions, invoices, and other expenses incurred by clients. This, in turn, ensures that record-keeping is far more timely, efficient, and accurate.
Third-Party Applications
Cloud-based servers also mean that accountants can easily integrate their software with other useful third-party applications. These solutions include CRM systems, payment gateways, and inventory management software, all of which can be used to improve the efficiency of accountants even further.
Automation
Cloud technologies also allow accounts to employ artificial intelligence to automate a number of repetitive and/or tedious tasks, such as bank reconciliations, invoice generation, and expense tracking.
By automating these tasks, accountants can minimize the human errors that will invariably come about as a result of manual entry, and focus themselves on higher-order priorities — thus boosting their productivity as a result.
Scalability
Cloud computing is also better positioned than on-prem servers to facilitate corporate growth. These systems can easily scale up as the volume of transactions, users, and data that accountants have to deal with increase along with their firm/enterprise’s expansion. This ensures that accountants can remain agile; adapting to new clients and opportunities as and when they arise.
Learn More about Cloud Accounting through INAA
It’s clear that remote accounting has been a game-changer for the industry as a whole. But for those professionals out there who want to integrate it into their workflow but don’t know where to start, it might be best to seek advice and support from those who know the sector and tech.
Here at INAA, we’re dedicated to keeping accountants up-to-speed with the latest developments in tech; providing ongoing training and education to help others get the most out of cloud solutions. With over 140 members across 50 countries, INAA enables accountants to connect with accounting experts and third-parties all around the world.
So, if you’d like to learn more, visit our website and sign up here.