Cloud Finance & The future of Accounting

What may seem like a few growing pains this year will soon become a new normal for the accounting industry. Cloud software is quickly becoming more than just the next big thing. It's a central force of change in how companies manage their finances and employees manage their time

Cloud finance could change the way companies do business, but it's unclear what effect it will have on accountants' role within the company as well as small businesses' financial stability. While big companies can absorb the change, accounting firms that do not adapt could find themselves increasingly irrelevant.

"Cloud accounting software is already replacing the role of the traditional CPA. The CPA is going to be seen as no longer necessary for most audits," said Eamonn Evans, a partner at accounting firm BDO. "It's happening now."

The cloud revolution has been enabled by some recent changes in how businesses operate and assess their financial health. The availability of cloud accounting software has changed the way accountants do their jobs. Cloud accounting software is more reliable than its human counterparts, and it can expand to provide new capabilities without disruption — a luxury, not many companies have had in the past.

What are the Pros & Cons?

  • Pros: It’s efficient, simple, and convenient
  • Pros: You can use it from anywhere
  • Pros: Makes it much easier to move to a paperless system
  • Pros: Improved security
  • Cons: A lack of specialized tools
  • Cons: Demands strong security practices from your team

Is it time to move to the Cloud?

Like all IT solutions, the Cloud does have its risks, but many business owners would agree that the risks are not only much smaller but are mitigated by the fact that if, for instance, your internet goes out, you can simply move to another location and keep using your Cloud accounting software.

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