Accountants should collaborate the cloud way - 31 Oct 2012 - Accountancy Age

Accountants should collaborate the cloud way - 31 Oct 2012 - Accountancy Age:

IN AN INCREASINGLY competitive market, accountants cannot contend on price alone; improved client collaboration and proactive delivery of added value services such as business planning and cashflow management are becoming a critical component of the accountancy portfolio.

However, without real-time access to transactional level client information, it is impossible to achieve the levels of efficiency and automation required in a lower-cost marketplace or access the in-depth insight demanded to deliver innovative, revenue-generating services.

Tight integration between cloud-based bookkeeping software and ‘on-premise' accounts production systems is set to change the way accountants and clients work together.

Commercial reality
The accountancy world is at a crossroads. With declining fees and an erosion in customer loyalty, practices face tough choices: de-skill to cut costs and attempt to retain profitability with the same business model or look for a new way of generating revenue and building client relationships.

In recent years, practices have exploited a number of new technologies in a bid to gain efficiency advantages and improve client services. Many have switched from the annual fee and client meeting to a monthly service which includes business information and services as well as standard compliance activity. The use of secure access to clients' online bank accounts has enabled accountants to track cashflow and offer advice, while the ability to integrate on-premise bookkeeping and accounts production software has helped to streamline some processes.

Read more: http://www.accountancyage.com/aa/opinion/2221466/collaborative-cloud-accountant#ixzz2CIo0FkXY
Accountancy Age - Finance, business and accountancy news, features and resources. Claim your free subscription today.
'via Blog this'