How cloud computing helps your firm stay ahead of competitors
By Blake Oliver, CPA
April 13, 2023
In this ever-evolving accounting landscape, cloud computing is no longer just a desirable tool — it's essential for any competitive accountancy firm.
While it is true that cloud computing brings many advantages, such as efficiency, heightened security and cost savings to the table, I'm here to focus on a less mentioned but increasingly crucial marketing perk of this technology: how it will help you attract new clients and employees.
What the cloud can do for your clients
First, let's talk about clients. When it comes to attracting and retaining clients, you'll increasingly be at a disadvantage if your firm hasn't embraced the cloud. According to a
2021 survey, 78% of small-business owners would consider changing their accountant to one who is using the latest technology. Small-business owners want to feel confident their accountant is using the most up-to-date technology and providing them with the best solutions. With cloud computing, you can easily show them your commitment to staying on top of the latest accounting trends while ensuring that their information is secure.
The cloud also creates a better client experience. With cloud computing, clients can access their financial information from anywhere at any time. This puts them in the driver's seat and makes it easier for you to provide real-time updates, making clients feel more valued and respected.
If you're thinking about going after larger-scale clients, the cloud is even more important. For a business to run effectively and remain profitable, they need to be able to trust that their accountant is using the most up-to-date technology.
The cloud doesn't just help attract new clients — it can also be a great tool for recruiting excellent employees. The accounting industry has been hard hit in recent years, with some firms struggling to fill job openings and others unable to keep up with the demand for quality professionals. By using cloud technology, you can demonstrate to potential hires that your firm is committed to staying ahead of the curve and providing a modern work environment that will help them grow professionally.
Young accountants want access to the latest technologies to learn valuable skills for the future. Cloud computing helps them be more efficient, which makes their jobs more interesting.
How to get started using the cloud
Not sure where to start? Here are some easy ways to start implementing cloud technology in your accounting firm:
- Proposals and payments. Check out Ignition and Anchor for an alternative to Word documents for signing up clients.
- Practice management. Solutions such as Financial Cents, Client Hub, Karbon, Jetpack Workflow, Canopy and BQE Core offer accounting-specific practice management tools to run your practice in the cloud. General-purpose project management tools such as Teamwork and ClickUp are also popular.
- Client portals. Looking for a modern client portal? Liscio has you covered.
- Help desk software. Many forward-thinking firms are adopting help desk software, also known as collaborative inbox software. These apps allow your team to share one or more email inboxes. Front, Zoho Desk, and Help Scout are a few popular options to consider.
- Hiring assessments. Use Accountests to verify the knowledge that applicants claim on their resumes and in interviews to ensure you make the right hire.
- Password management. 1Password and LastPass enable your team to share passwords securely and get rid of those sticky notes.
How the cloud can help you
Cloud computing presents accounting professionals with an array of benefits. Not only does it provide efficiency and cost savings, but it also ensures your firm stays competitive by attracting and retaining both clients and employees. If you haven't already done so, I strongly recommend investing in cloud computing today — before you find yourself left behind!
Blake Oliver, CPA is an entrepreneur and podcast host who specializes in accounting technology. He is one of Accounting Today’s Top 100 Most Influential People and has been named a 40 Under 40 in the accounting profession by CPA Practice Advisor. Blake co-hosts the Cloud Accounting Podcast and is the founder and CEO of Earmark CPE.
