Remote work is no longer just a trend-setting buzzword that companies recently tapped into. It has become a little more than that. Until a few years ago, business owners were often forced to hire unskilled and inexperienced staff due to a lack of qualified staff in close proximity. However, the cloud happened and times have changed since then.
Most of us have heard how market giants like IBM are promoting work from home policy. These days many employees, and not just women, have the luxury of working from remote locations. When you try to dig into the reasons, there are two salient factors that come into play:
- Helps save operating cost. Fewer employees on the floor means reduced expenses for hardware, software, and general employee maintenance.
- It gives companies the option to hire a highly qualified candidate, regardless of the geographical barriers in between.
How is the remote work structure helping the accounting industry?
There is no doubt that the telecommuting structure has given accounting the makeover it needed. But what exactly are the positives of the cloud’s entry into the accounting industry? Let’s discuss:
Environment and efficiency go hand in hand
The cloud is not just a technology that introduces efficiency in the accounting process. Of course, making entries in the heavy ledgers, keeping the sheets, and writing everything down is a big deal for accounting firms. With cloud-based applications and services, businesses have not only enjoyed a time-saving daily process, but have also witnessed a significant reduction in errors.
However, what is even more appreciable is the fact that businesses have become much more environmentally friendly with the help of cloud technology. These cloud-based applications are not only paperless to run, but have also promoted the idea of having a work culture where the need for hardware is minimized. By having everything in the cloud, handled by a cloud service provider, companies do not need to have their own elaborate internal IT infrastructure. This means reduced hardware consumption and ultimately a reduced amount of IT waste. After all, a technology that favors the planet, favors everyone.
Helping the modern accountant to be
It is not only companies that have gone global, but the modern accountant has also followed suit. Unlike the old days, where accountants made regular visits to their clients’ offices and reviewed their accounts and invoices, today’s professionals can do it all sitting in their own office or even at home.
Cloud-hosted accounting applications such as QuickBooks hosting have given accountants and their clients the option to work collaboratively, 24 hours a day, regardless of geographic location. All they have to do is have their data stored in a cloud-based application and share the credentials with their accountants in order to access their files. So being physically present like traditional accountants is no longer as necessary.
Tax return errors greatly reduced
Tax filing season is tough for most business owners and, understandably, for their accountants as well. The culprit is clearly carelessly handled financial records. Cloud-based accounting systems do most of the heavy lifting on their own, allowing accountants to have a seamless tax season. With everything properly documented, all in one place, the chances of accountants missing or missing a taxable value are significantly reduced. This allows accountants and/or tax professionals to compile reports accurately and also improves the chances of seeking tax reductions, due to the clarity of the reports.
Clients Abroad, Consult
How often do you seek advice from doctors practicing abroad? Or take an online course because it’s not available in your area? Well, we all know friends and family who opt for cloud-based services for a host of daily needs. Similarly, with the help of the cloud, companies, individuals, and business owners can hire a remotely located accountant to handle their finances and accounts. As already mentioned above, clients and their accountants can conveniently collaborate with the help of the cloud regardless of the difference in their current locations and time zones.
And finally
Accounting innovation has positively affected the accounting industry in more ways than we have previously discussed. Although the four areas mentioned above can be seen prominently, other benefits accompany them. Anyone with first-hand experience working in the cloud understands that the cloud is not just a trend but also a necessity. Any business, large or small, that needs to introduce a technological boost to their process without spending a fortune can opt for the cloud right away.
