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Is cloud accounting worth it for my practice?

24th Apr 2024
Brought to you by
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Wolters Kluwer provides software to tax and accounting professionals.

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Maybe you’ve heard of the benefits of cloud accounting and are considering implementing it in your practice, but some concerns or queries are holding you back. Or perhaps you don’t know what it is and how it can help you. 

Benefits of cloud accounting
Wolters Kluwer

Whether you’re new to cloud accounting, or already embarking on your digital transformation journey, we’re here to talk you through what it is and how it can help, so you can decide whether it’s right for your practice. Let’s start with the basics.  

What is cloud accounting? 

Unlike traditional on-premise software installed directly onto computers, cloud accounting uses web-based software to manage financial processes and transactions. Cloud accounting operates entirely online, allowing users to access real-time financial data from any device connected to the internet. 

CCH iFirm is our cloud-based accountancy solution designed to enhance the efficiency of practices as they grow and develop. It is a scalable and seamless platform that supports the growth journey of all practices. CCH iFirm is transforming the way practices work, view, collaborate, and act on everyday workflows and compliance tasks, elevating the accounting experience for advisors and clients alike. 

What are the benefits of cloud accounting? 

Cloud accounting promises increased efficiency and collaboration, among other things. Here are some of the benefits you can expect to see when switching to a cloud solution: 

1. Enhanced accessibility and flexibility 

With data stored securely in the cloud, users can access financial information anytime, anywhere. Whether you're traveling, working remotely, or meeting with clients, you can effortlessly manage invoices, track expenses, and monitor cash flow with just a few clicks. 

2. Real-time collaboration 

Cloud accounting enables collaboration between team members. Multiple users can simultaneously work on the same financial documents, eliminating the need for file sharing and version control. This real-time collaboration enhances transparency, accuracy, and efficiency in financial reporting. 

3. Automatic updates and data backup 

Gone are the days of manual software updates and data backups. With cloud accounting, software updates occur automatically, ensuring that you always have access to the latest features and improvements. Additionally, cloud-based systems regularly backup your financial data, minimising the risk of data loss due to unforeseen issues. 

4. Scalability and cost efficiency 

Cloud accounting solutions offer scalability tailored to your business needs. You can easily adjust your subscription plan to accommodate growth or fluctuations in demand. As cloud platforms typically operate on a subscription basis, this eliminates the need for costly upfront investments in software licenses and infrastructure. 

5. Enhanced security 

Contrary to common misconceptions, cloud accounting offers robust security measures to safeguard sensitive financial information. By entrusting your financial data to reputable cloud vendors, such as Wolters Kluwer, you can enjoy peace of mind knowing that your information is secure. 

6. Identify growth opportunities  

Using your cloud solution to monitor key performance indicators (KPIs) and conduct financial data analysis may help to identify new growth opportunities for clients. 

What is the objective of cloud accounting? 

The objective of cloud accounting is to empower businesses with greater agility, efficiency, and insight into their financial operations. Practices can streamline accounting processes, optimise resource allocation, and make data-driven decisions to fuel sustainable growth.  

At Wolters Kluwer Tax & Accounting UK, we see CCH iFirm as an opportunity to help our customers drive more innovation, improve business processes with technology, and grow their competitive advantage. 

Is cloud accounting right for my business? 

Larger enterprises and industries with stringent regulatory requirements may need to evaluate additional factors such as data security, compliance, and integration with existing systems before migrating to the cloud. Ultimately, the decision to adopt cloud accounting should align with your business objectives, priorities, and long-term growth strategy. 

Reasons moving to cloud accounting might align with your strategy include: 

  • You want to scale and grow you business, without the constraints of on-premise software that will need updating and licenses renewals. 
  • You want to consolidate your data and financial documents into one system to allow efficiency and ease between teams. 
  • You want to maintain growth and a competitive edge through driving efficiency using automation. 

 

Interested in learning more about the benefits of cloud accounting? Join the first in our series of Fireside Chats, featuring Jeri Williams of Smooth Accounting sharing her experience with cloud accounting. Sign up here.