September - 2016 - issue > CEO Insights

REVOLUTIONIZING THE ACCOUNTING INDUSTRY THROUGH CLOUD COMPUTING

Chandra Bhansali

CEO-AccountantsWorld

Tuesday, August 30, 2016

Forward

The desktop computing era gave us Do-It- Yourself (DIY) accounting systems created for small business owners. Accountants have become accustomed to working with their clients' DIY accounting software solutions, despite their inherent risks and limitations. Now, cloud-based professional accounting systems let accountants overcome these challenges. Unlike DIY systems, these professional systems combine the functionality of current DIY systems with the more sophisticated capabilities accountants need for their professional work. These systems allow accountants to work collaboratively with their clients, while they remain in the control of accounting process-a true win-win.

While nearly 40 percent of accountants want to update their current offerings in order to remain competitive, many have been slow to adopt the cloud because they're unaware of the benefits that it offers.

Smoothing Operations with Seamless Collaboration:

Most business owners that use DIY accounting programs don't have the basic understanding of accounting required to operate the DIY systems properly. This results in errors which accountants have to spend hours to correct. This is one of the biggest drains on accountants' time.

Integrated cloud-based accounting programs allow accountants set up the entire system correctly and then give clients access to only the functions they're capable of performing. This customization minimizes client errors and makes the system easier for clients to use. By now focusing less on corrections, CPAs can provide more value to their business clients.