The benefits SaaS offers accountancy firms

14th May 2021
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For accountancy practices looking to implement a more agile and collaborative working environment alongside growing their firm, SaaS is a great tool and here is why.

What we have learnt from 2020 is that predicting potential challenges is near impossible.

When obstacles do arise, it’s important to ensure there are provisions in place to adapt quickly. 

Whether your firm is looking at purely remote working or a hybrid approach going forward, it’s important to ensure that speed, accuracy and flexibility are at the heart of your operations.

It was recently announced that PwC are offering their team the opportunity to work from home some of the time, a significant move that shows the work landscape is changing forever.

Although we may see some firms return to the office, it’s unlikely all their clients will, which poses more challenges.

The implementation of SaaS offers considerable benefits to accounting firms, from enhancing their manual, everyday tasks to offering the flexibility to adapt quickly to change when required.

Below, we take a look at 7 reasons why you should include SaaS in your practice strategy.

  1. Lower costs

Cost is always a contributing factor high on the list when sourcing software. SaaS is a great way to keep costs to a minimum, saving money in both the short and long term whilst increasing ROI.

As SaaS is based on a subscription model, there are no upfront costs to consider nor any new software to invest in which helps firms reduce their costs short-term. Long-term costs can also be managed effectively by accurately forecasting your software expenditure.

Cloud-based SaaS also removes the costs associated with the maintenance of any onsite hardware and infrastructure.

  1. Scalability

With SaaS, firms can manage their usage and scale the software up according to their needs.

It’s perfect for times such as tax season, when a large number of clients wish to submit their tax returns so you can increase your usage for this time to suit your requirements. 

Adding seats to your SaaS system allows you to add users, almost instantly to help during those busy periods.

  1. Security

A large part of an accountant’s job is dealing with a large amount of sensitive data, therefore ensuring you’re meeting the highest standards of security is essential.

Some software solutions only offer security updates once a year, or manual updates meaning they are not as secure as they could or should be.

Cloud-based SaaS users are covered as the systems regularly run security updates and maintenance behind the scenes.

With a proactive approach, users are safe from any threats that are attempted.

  1. Rapid Deployment

Last year proved to us all that having a flexible working approach is invaluable in order to adapt quickly to the challenging circumstances.

A great benefit of accounting SaaS is the fact that it can be deployed almost instantly, which makes it great for situations similar to the aforementioned.

When you subscribe, there is no need to wait for any compatibility or configuration reviews. Once your subscription has been activated, you along with those colleagues who you supply a password to can gain instant access and away you go.

  1. Managed updates

 Managing multiple software updates across several devices is tricky to say the least, what with making sure the latest security controls or software version is updated, software patches and of course ensuring you aren’t missing out on the latest products are just a few things to control.

The challenges faced when managing an IT estate are colossal when you take into account the number of employees, machines and locations that need overseeing.

When you choose the right SaaS, it does a lot of the IT management on your behalf, lending more time for other, more strategic tasks that may add value and growth to your business.

  1. Future ready accounting

Probably one of the most prominent benefits of SaaS, is that the systems can be accessed from anywhere, and at any time.

As many companies look to allow employees to work remotely at least some of the time, SaaS is the perfect option.

As long as employees have a mobile device, the SaaS can be accessed along with the data stored whenever, wherever.

So if users split their time between office and home, they can still access the same documents no matter where they are, or what device they may be using.

The need to be adaptable is something that is essential since 2020, therefore having the ability to flick between the office and working remotely without any disruption is priceless to firms.

  1. Enhanced collaboration

Although many sing the praises of flexible working, some have found the increased flexibility hinders the quality of collaboration between clients and colleagues.

Cloud-based SaaS links all desktop and mobile engagements to allow access for anyone who needs it from any location or device.

Allowing a fully collaborative environment for clients and colleagues to complete projects.

SaaS can assist in the overall management of client engagements and enable users to perform in a more flexible and efficient manner, from communicating and sharing documents, storing data in a secure environment to managing workflows and automatically tracking projects from start to finish, raising queries and version tracking.

Looking forward by improving today

No-one knows how we might be working in the next few years, or what the future looks like. However, what is clear is that firms should have processes, policies and software on hand to allow them to best prepare for any unpredicted disruption.

We can also see that since the pandemic, clients’ expectations have shifted, and now look for their accounting services to be fast and efficient but also keeping them updated and involved in the process. Old, outdated practice methods will no longer be acceptable if you wish to keep up with the competition and remain competitive.

The future of accountancy practices is definitely built on the foundations of software that can be scaled and deployed rapidly, promotes collaboration and is secure and compliant.

Firms who have already adopted SaaS are already noticing how their firm is benefiting.

These firms are already working remotely in the short-term, but are in good stead for adapting to their future business requirement, whether that be from home, in the office or hybrid working. Without implementing such technology you could fall behind the competition.

Are you prepared for the future?

Profit from the above advantages with our cloud technology, click here to find out more or to book a free no obligation demo