Accountants turn to the cloud more
September 24, 2014

Every so often, new technologies emerge that take an industry by storm. New tools can allow office workers to become much more productive, and efficient, saving time and money. For instance, consider digitization - this technology has allowed office workers to abandon paper records and save time that would otherwise be spent thumbing through folders and files.

In terms of accounting trends, the latest technology to appear on the horizon and change the game is the cloud. This has been around for a number of years, but recent information has suggested that an increasing number of business accountants are starting to place forms, information, programs and records on a platform they can access from any Internet-enabled device.

Increasing interest in cloud services 
Despite a slow start compared to the associations in the United States, accounting firms in Canada are beginning to adopt cloud technology more rapidly, according to Techvibes. As more accountants start to see how some of the cloud's features can be applied to their daily operations, the trend looks to become a norm soon in the industry.

While there are a number of concerns for those using the technology, such as vendors' responses to data breaches and internal controls, interest in these tools is on the rise. This simply means that accounting firm owners need to make sure they are only investing in the highest quality cloud platforms for best results.

However, firms need to do their proper research first to determine which solution is best for them. By going over all of the advantages an association can gain through the flexibility of the cloud, accountants can best adapt to the challenges they may face in an evolving economy that's increasingly being defined by technology.

Follow guidelines
For those who aren't familiar with cloud computing, there are a number of resources available to ensure firms do their due diligence when it comes to security. If accountants can master cloud accounting, they can acquire a more all-encompassing understanding of the finances they manage, reported The Globe and Mail.

Accounting groups that prefer to cover all their bases to potentially avoid any mistakes such as with regulatory compliance or the law can follow the guidelines for cloud computing issued by The Law Society of British Columbia.

This step-by-step checklist can help guarantee accounting firms do their research on all their options to choose the safest possible solution with expertise and a good track record.

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