Monday 16 September 2019

Five Cloud Accountancy Statistics to Make You Sit Up and Take Notice

Like it or not cloud accounting is here to stay. It’s universally-agreed that cloud accounting has completely revolutionised traditional accountancy practices, transforming the sector and, alongside receipt OCR (optical character recognition) technology, propelling us towards a new frontier in digital accounting.

Blue-chip and SME’s alike can benefit from cloud accounting. Streamlining processes, providing easy access to vital information whilst bolstering existing security for sensitive information, the benefits to cloud accounting are extensive and penetrating.

There really isn’t much more to it than that. However, before you accept this statement as gospel, or if you’re someone that needs cold hard data to back up claims, why not read these five cloud accountancy statistics. They’ll surely make even the most cynical cloud computing and associated technologies, such as a receipt scanner, retractor a believer in the power and potential of cloud computing.

67% of Accountants Prefer Cloud Accounting

If you’re under the impression that accountants are stubbornly remained loyal to traditional practices, refused to employ cloud computing and receipt OCR tech, you’d be incorrect. In fact, 67% of accounts prefer cloud accounting.

Advocates of the technology believe that cloud accounting makes their role easier. Simplifying and speeding up client collaboration whilst improve the quality of service that accountants can provide their clients with, cloud accounting is increasingly becoming the norm in the accounting profession.

58% of Blue-Chip Companies Employ Cloud Accounting

According to Accounting Today’s ‘Year Ahead’ survey, as many as 58% of blue-chip companies have adopted cloud accounting. The percentage tends to fall in accordance with the larger the company, but generally-speaking, it’s apparent that cloud accounting is outstripping traditional desktop accountancy.

This isn’t hard to understand when you consider the benefits of cloud accounting. Receipt OCR technology and cloud accounting can be easily integrated – and given the ease and convenience of cloud accounting it’s not too much of a stretch to say that in the very near future 90%-plus of blue-chip companies will adopt cloud accounting.

53% of SMEs in the US Believe Cloud Accounting to Be Essential to Integrating Accounting, Invoices and Payments

SMEs in the US believe that it makes sense to integrate cloud accounting, invoicing and payments. This is a notable increase on statistics in years past and heralds the dawn of a new era is accountancy.

The concern most often voiced by managing directors, CEOs and CFOs was the issue of security – and the reason why many companies are yet to integrate cloud computing to an all-in-one solution.

Ease-of-use and accessibility were also mentioned as potential drawbacks, however with the increasing prominence and understanding of cloud computing and receipt data extraction technology, those less educated in the process are increasingly seeing the benefits of adopting the solution.

66% of Businesses May Not Be Handling Paperwork Properly

As hard as it may be to believe, as many as 66% of businesses may be putting their financial future in jeopardy just by mishandling paperwork.

Filing cabinets, cupboards and drawers and not an effective means of safely storing vital commercial information. By automating processes and storing client information, invoices and purchase orders to the cloud, businesses don’t ever have to worry about losing paperwork every again. Documents can also be safeguarded, permitting access only to relevant parties.

Moreover, its estimated that it takes companies a minimum, on average, of 5-6 days to retrieve lost documents. 44% of companies said that it can take as long as a week to retrieve their documentation and some even said that it took a month. Documents stored on the cloud take seconds to retrieve.

83% Of Clients are Demanding More from Their Accountants Today Compared to Five Years Ago

Leading accountancy software, Sage has reported that 83% of clients are demanding more from their accountants than they did five years ago. This is a clear indication that accountants need to evolve to provide a competitive level of service to their clients – and thus grow their business.

It also means that its paramount accountants reduce the administrative burden by automating time-consuming tasks, like data entry. Cloud technology and other technological solutions such as employing an accurate receipt scanner are great ways that accountants can free up value time and improve brand authority and client retention rates.

These are just five statistics that should convince any business owner to employ cloud computing. If you’re not already, what’s stopping you?