By Julie Carman, Sr. Director, Strategic Partners, Bill.com
A significant component that impacts the accounting profession is the resiliency (or lack of resiliency) to change. One very important variable toward change is the adoption of cloud technology.
How can cloud technology influence people so that they find comfort and security to change? If you own a smartphone to text, shop online, and/or coordinate your travel plans you have already changed and adopted cloud technology. Now you can transfer this process of change and adoption to your accounting profession that will then ensure transactional benefits as it has for your personal life. Choosing cloud technology will help you respond to the ongoing challenges and drivers for the accounting profession including automated processes, optimized customer experience, attract and acquire new clients, expand into new markets, staying one step ahead of the competition, and many more attributes that will equal economic success.
Some of the key drivers that are expected to have the greatest impact on the accounting profession include the market demand for transparency, integrated reporting, stable yet flexible business models, succession plans, and a high quality talent pool. Adopting cloud technology will help you address these and other drivers that will impact the accountant industry for the next decade.
Your technology choices will be vital to the success of your organization and will deeply separate the successful firms from the rest. The technology you choose should allow your firm to:
- Serve and acquire more clients without increasing costs and staff
- Scale your business and offer more financial and non-financial services
- Expand into new markets
- Automate workflow
- Enhance efficiencies
- Access data on-demand
- Increase daily productivity
- Establish and maintain an agile business model
- Reduce the risk of fraud and regulations breach
- Increase security, transparency, and trust
The world today is highly competitive, collaborative, and integrated. In order to gain a sustainable advantage, you must stay abreast and aligned with what impacts and drives the accounting industry. Cloud technology adoption will allow you to achieve this while providing you with real-time and relevant data that will give you visibility into economic scenarios and instantly view business information and trends so that you can build a high-performing, healthy, and growing firm.
Download and read the "Selecting the Right Technology" white paper to learn:
- Steps to progress the firm's modernization efforts
- Benefits of SaaS or cloud-based solutions for accounting professionals
- Mistakes made when selecting new technology
- Consideration points for evaluating technology and vendors
Access our on-demand webinar series featuring Bill.com and Doug Sleeter of The Sleeter Group titled “Get in the Game” to learn essential steps to position you for more profitability and productivity.