So, the concept that we know as “The Cloud” has been around for a few decades, I believe since at least the 1970’s, but it has really become mainstream over the last decade. I remember when working for a new IT Company back in 2006 and was introduced to “The Cloud” as a service to sell to corporate UK, and really struggled to get my head around what the Cloud was.. When I heard of the cloud, I pictured fluffy white clouds, that data was backed up to 😊 and I have heard many others still do so! However, what the cloud is doing is creating new jobs as old ones are increasingly being done by machines. This has led to many asking the question, “where will the accounting function be in 10 years’ time and how will its relationship with business change?”
Our roles as Accountants and Bookkeepers are evolving, we are now able to provide a much more value-added service to our clients. Why? Well this is due to intelligent learning, document recognition software and cloud accounting systems such as Xero and QuickBooks.
As a Bookkeeper or Accountant, we need to communicate with our clients so that they understand how all this software helps them within their business. For example, as a bookkeeper we can look at the same dashboard at the same time as our clients, so if there is a query to be resolved, it can be done so relatively quickly. It’s easy to retrieve the source documentation as it’s all electronically stored. Also, key management information can be at ours and our client’s fingertips 24/7 for a slicker decision-making process.
Accounting technology can detect fraud more efficiently and storing data in the cloud can serve as a good back-up for all companies. However, it’s absolutely vital to protect your data and their systems from attack, and it goes without saying that you should have a business continuity plan in place.
The future is looking bright for the financial sector, and what is fantastic is that we can our clients with the higher-level strategic and commercial advice that they find valuable for their business. The Cloud enables us to be there for our clients when we’re needed, and wherever the client happens to be! 😊
For more information, have look at: Great Elm Bookkeepers – Cloud Accounting Specialists