4 Higher-Value Activities Enabled by Cloud Accounting

It’s no secret that cloud computing helps accounting firms save copious amounts of time, thanks to its enablement of smoother collaboration, easier file management and elimination of IT-related headaches. These time savings allow firms to carry out higher-value activities — but what form do these activities take? Let’s look at four key ones. 

Cloud computing advantages

Cloud computing uses software, servers, networks, databases and intelligence over the internet. It is a catch-all term for any kind of on-demand computing using internet services on a vast network of servers known collectively as  the cloud. This contrasts with using and managing your software, servers and other hardware locally.

Some advantages of cloud computing include:

• Teams can work either in the office or fully remotely with access to the cloud
• Centralized data storage means easier sorting and searching for information
• IT costs can be reduced because of resource-pooling and on-demand services
• Companies can pay for only the services, storage and infrastructure they need, when they need it
• Staff members don’t need to manage the software themselves
• Advanced encryption on cloud servers can keep data safer than on local hardware
• Automated cloud software saves time and resources by taking care of menial tasks and increasing productivity

Artificial intelligence (AI) is making cloud computing even easier and faster by automating tasks, handling complex computing such as data analysis, enabling conversations with computers as if they were human, and providing advanced analytics. Menial tasks can be automated, freeing up time and resources for companies and letting them concentrate more effort on serving their clients.

Four activities enabled by cloud computing

Let’s look at how cloud computing can specifically benefit accounting firms and audit departments by allowing for the following four valuable activities. 

1. Client care

When you’ve saved time and resources by switching to cloud computing, your company can finally do what it does best: taking care of clients. When administrative tasks are reduced or completed by automation, more time can be spent handling clients and caring for their needs. Specific areas include: 

Client communication

Your clients want to stay on top of any news involving their accounts, so your team should always take a proactive approach and reach out to clients to let them know about any information that would benefit them. 

Connect with clients with software such as cloud-based client portals and secure messaging apps. A client portal, also known as a customer portal, is a web app that lets clients securely log in to connect with the company. This is a way for clients to collaborate with your company without having to meet in an office. 

On a portal such as the Caseware Cloud module, clients can:

• Send and receive private messages
• Share files
• Receive status updates 

Understanding clients

Getting to know your clients can help you better serve them. You may consider using software for surveys and questionnaires so they can open up to you, help you get to the root of their problems and identify pain points. Advanced data analytics can also help you understand your clients and use the analyses in your decision-making process. 

Machine learning and state-of-the-art software can analyze enormous amounts of data, such as the financial data of your clients, to find patterns and sort or visualize it. AI models can help you find opportunities to provide more value-added services. These methods can help you gain insights to make more informed strategic accounting recommendations for your clients. 

Addressing client concerns

Using cloud-based collaboration tools can help your teams work with clients to address any concerns they may have and help solve their problems. Workflow automation can streamline client communication. Messages and reminders can be sent automatically, saving you time and reaching your clients faster.

Part of addressing client concerns is understanding the people themselves and developing a strategy to help serve them better. This can be accomplished with feedback mechanisms. Send surveys after each phone call, email or virtual meeting. Address feedback promptly and use client insights and suggestions to improve your services. 

2. Strategic planning/brainstorming

As the world changes with technological advances and the market evolves, your company can benefit by strategizing on how it can stay ahead of the competition and use technology to improve its business operations. 

Cloud-based data analytics can spot market trends so you can satisfy client needs. Hold brainstorming sessions with your management team to spot any weaknesses and areas that need improvement, or come up with new ideas for products and services. 

Strategic planning is not just for your clients. Spend time strategizing where your firm is headed, what projects are in the pipeline and how you are going to expand your operations. Now is the time to plan new services and see where you can allocate resources to expand or add new departments. Consider developing an app for your company or using a comprehensive suite of cloud-based tools such as Caseware Cloud.

3. Staff care

It isn’t just your clients who can benefit from cloud computing. Having time and resources freed up can help your staff as well. Good talent can be difficult and costly to retain. Spending the extra energy to keep your employees happy can lead to cost savings in addition to a more productive and happier workforce. 

Cloud software can help you connect with staff like never before. This is true whether you work with everyone on the team in an office setting or fully remotely. Keeping employees engaged may be more important now than ever with many workers out of the office and some teams even dispersed globally.

Your human resources department can develop a career development plan for employees so they can go through training, work toward promotions and improve themselves so they can be more productive and happy and the firm can retain that top talent. 

4. Research

While the technical world is always changing, especially with recent advancements in automation, machine learning and cloud computing in general, other industries are changing as well. That includes the field of accounting. With time gained from the efficiencies the cloud enables, you can stay on top of changes in laws and accounting regulations, new technologies and how they can benefit you and your clients.

Research and development undertakings can include:

• Career training and human resources initiatives
• Compliance and changes in laws and regulations
• Changes in tax laws and their implications for clients 
• Cybersecurity threat mitigation
• Competitor analysis to see what rivals are doing and to exploit any gaps or opportunities
• Developing industry-specific services for clients such as tailoring services to industries or niche market clients
• Conducting SWOT analysis for company improvements — strengths, weaknesses, opportunities and threats
• Emerging technologies such as AI, machine learning, blockchain, software and web apps
• Developing training for employees and management to educate them on new technologies, innovations and new accounting services

As new technologies are developed and the market opens up to new companies taking advantage of them, new clients will spring up and need accounting services. Be sure to research your client’s industry to fully understand their needs and pain points. 

Research can be an ongoing endeavor, helping to improve the company, adding new services based on new technologies, and always servicing clients as best as possible. 

The Caseware Cloud advantage

Caseware Cloud’s enablement of automation, smoother collaboration and simplified file management helps accounting firms get out from under time-consuming, menial tasks and spend more time on higher-value work. See how your accounting firm can realize these advantages.