Thanks to decades of development by brands such as MYOB, Xero, Intuit, Reckon and Reach, adoption of accounting software is cheap with online applications meaning every business can now afford an online system that organises their financial information. The cloud has become the go-to destination for the more recent providers.

Accounting and bookkeeping professionals have begun to see the benefits of cloud within their organisation as a revolution, not an evolution. In simple terms; cloud computing models, including accounting applications, provide the opportunity for revolution when servicing customers and stakeholders alike and to also secure a competitive advantage in the marketplace.

What Is Cloud Computing?

When we talk about the cloud, we are talking broadly about online storage, tools, and services that make it easier for people and businesses to connect, share, store information, build relationships, make sales, and create value. “Cloud computing” is not just about technology; it’s about finding new ways for your business to work efficiently and access convenient tools and serve your customers better.

In general, cloud computing is a matter of providing certain technology solutions (software, platforms, servers, infrastructure, etc.) as a “service” instead of as a product. With cloud computing, rather than buying software or buying a server that is physically located at your company’s office, you are “subscribing” to a service by paying to use someone else’s software/platform/server, which is accessed online

Because cloud accounting gives you the opportunity to have real-time access to clients’ data, that should drive opportunity for bookkeeping ad accounting professionals to do more high-value work because they’re able to look at what’s happening in the client’s business today rather than what happened in their client’s business six months ago.

The technology theoretically should be enabling firms to provide better advice, more up-to-date advice, which clients will value more and be more willing to pay for.