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Don't be a dinosaur, extinct by the cloud meteor

The world of accounting has been changing for some time. Most of you will already use cloud technology, Facebook, emails, online banking. Cloud accounting is experiencing massive growth and the switch to digital tax accounts with HMRC is going to speed up the changeover.

By 2020 tax will be visible and manageable in as close to real-time as possible. HMRC will draw information from various sources rather than relying on data from the business or individual.

This has huge benefits for the user. Combined with software like Xero, Receipt Bank, Chaser and Crunchboards, businesses will not only be saving time and money, they will have the information they need to respond quickly to market changes.

We are finding that accounting firms are at various stages on the spectrum of change. From those that do not have the cloud on their radar to the those fully investing and embracing various programs, putting them ahead of the competition.

Most accounting firms are somewhere in the middle, struggling to move forward with their cloud conversions but aware of the need to change. There are common challenges, balancing the responsibility of fee earning and the investment of time to prepare and maintain the change process.

There is a universal feeling of stepping into the unknown. The cloud ecosystem can seem a daunting place and many feel overwhelmed when they start looking into the various add-ons. Creating your firms preferred horizontal and verticals appropriate to their niche area is a vital process.

For many firms, cloud conversions have stagnated as obstacles with client transitions have complicated the process. It is important to keep moving forward. The change will happen we are already seeing clients moving accountants to find the cloud support they want for their business.

It is critical that accountants get ahead of client demands and are actively encouraging the change, rather than being dragged along behind. Those firms that embrace the change will see greater benefits, adapting their role as business advisors to reflect the time saving achieved through digital accounting procedures.

If you are ready to embrace the change but need a little helping hand getting your processes in order or support in initial client conversions, get in touch with us today.