Undeniably, businesses have had to adapt because of the pandemic. This has prompted a rapid shift in focus towards a digital-first industry. This report indicates that the global cloud accounting market share is projected to increase by up to $5.65 billion by 2028. However, while the use of accounting software has undoubtedly increased in the past few years, it has yet to become the norm for all businesses universally.
But for firms, digital transformation is no longer a luxury – it is a necessity. Firms have had to chart a course for their journeys towards cloud computing and execute procedures virtually to adapt to the pandemic. Moving forward, accountants and bookkeepers must focus their attention on how they are going to succeed and thrive in the ‘new normal.’
But why has digitization accelerated so much during the pandemic and why is it necessary? Here are a few reasons why firms must remove the fear of adopting new technologies that can advance their practices forward.
Developing Business Resilience
Previously, our blog discussed how cloud-based collaboration starts with having the right tools. The centralization enabled by the cloud is the key to resilience. Firms can collaborate and work remotely. Cloud-first architectures, such as the ones implemented at Auvenir, minimize disruption as they are designed to be available 24-7. When the right technology is accessible, firms can handle long-term remote working and will face minimal to no inconvenience or disruption.
Benefiting from Online Implementations
Since cloud-based solutions are hosted online, there are no installations to worry about. No longer do firms need to worry about installing the audit software on each auditor’s laptop. The only requirement is to grant access, and the team is ready to go.
Save Time Eliminating Tedious Updates
With cloud-based systems, users can have access to the latest updates and releases immediately. Auditors no longer need to waste time with technical updates and software changes. Instead, all these changes occur seamlessly in the background.
Don’t be bogged down by repetitive manual tasks. We previously examined the benefits of freeing auditors from analyzing substantial amounts of data manually in our blog. Implementing cloud technologies with intelligent automation allows more time for firms to focus on strategic tasks and increases efficiency and quality of engagements. It also leaves less room for human error and ensures all documentation is correct and where it should be.
Stronger Security Measures
With an industry that handles sensitive data, data protection and cybersecurity are critical for accounting firms. According to this report published by Statista, IT professionals have seen an increase in cyber-attacks and attempts during the pandemic, with 55% of the attacks targeting data exfiltration and leakage. Cloud accounting software like Auvenir allows firms to store large of complex data in highly secure data centers to keep data protected through encryption and other IT controls.
Is Your Firm Ready?
While the pandemic accelerated the need for digital transformation for firms, the need to have a proactive and agile approach to accounting is necessary moving forward.
If you’re ready to learn more about why your firm should be adopting a cloud-based technology, connect with our sales team today to start talking about your firm’s digital transformation.