Given up on Accounting Outsourcing Services? 9 Ways Cloud Accounting could make you think again.

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1 Given up on Accounting Outsourcing Services? 9 Ways Cloud Accounting could make you think again.

2 Introduction Cloud accounting has evolved rapidly. Cloud Solutions are now available to cover most business types and applications, from small business starter systems to more sophisticated solutions for multientity, multi-location businesses requiring advanced functionality and consolidation. This offers some exciting new opportunities to accountancy practices who have struggled to make their outsourcing services work. This paper presents some of the functionality that cloud accounting offers that can help overcome the problems that have restricted outsourcing growth and profitability.

3 1. Cloud Based Service Model Most cloud accounting software provider charge a single monthly fee There is no upfront capex, no ongoing maintenance fees, no upgrade fees. It s super easy to bill your client as part of your overall service fee. 2. A Single Shared Solution With both your outsourcing staff and client staff all working on the same accounting software, and with access available from anywhere and at anytime, collaboration becomes much easier. No more sending files back and forth, and with many solutions providing document management, documents can be attached to transactions and paper-chasing is eliminated. Working on a single, shared solution also promotes a much improved level of customer service as the potential for errors is greatly reduced. 3. Handle more Clients without Increasing Staff Costs Expanding the scope of your outsourcing service can increase the benefits you provide and impact you can have on your clients business. Instead of basic transaction processing, you can use a good accounting software solution to include invoice capture, automated approval workflow, ebanking integration, batch payments and other time and cost saving technologies. All of these automated features mean staff can work more productively and you can handle more clients without adding to your payroll costs. You also can by automating accountant-client exchange, streamlining accounting work, reducing duplication, accounting errors and eliminating paper-chasing.

4 4. Staff Satisfaction and Workload Distribution Recruiting and training staff can be an difficult, time-consuming and expensive business and can be a major obstacle to running an effective accounting outsourcing service. Anything that can be done to offer an improved accounting solution experience will help maintain staff morale and retain your best people. A good cloud accounting solution can do this in a couple of ways: Spreading the workload: Waiting for clients month-end data to be submitted is no longer an issue. With a cloud accounting solution you have the data readily available and can work on month end closing in advance of final data submission. This spreads the workload and reduces the bottleneck rush at month end. This is a major boost to both productivity and staff satisfaction. Modern interface and navigation: Being built specifically for web-based accountantclient collaboration cloud solutions are uniquely placed to take advantage of web always-on connectivity to smooth communication and work processing with clients. Also, most cloud accounting solutions will offer the very latest user interface design and navigation providing a much easier and more enjoyable experience for busy staff. 5. Become the Trusted Adviser With all accounting information and data being updated and available in real-time, in-depth and up-to-date data analysis becomes easy. Cloud based solutions that provide excellent data analysis and reporting tools and dashboards can leverage 24/7 data availability. With such tools available to the outsourcing professional, now they can provide valuable insights to their clients business performance and make recommendations for improvement: Achieve trusted adviser status by quickly gaining a clear insight into your client s financials using the reporting and dashboard features. Deliver Consulting Expertise Access your clients accounts and improve your knowledge of their business to deepen and expand your business relationship.

5 6. Move up the Value Chain Very often, small business clients love using an accounting outsourcing service until such time as they expand into a Group structure. With cloud accounting solutions now offering features such as Group Consolidation you can now retain those small business clients who grow and expand into multi-subsidiary and multi-location businesses. Of course, larger businesses use more services and create more profits so instead of losing clients just as they become valuable, you can hold onto them and enjoy the benefits. 7. Deploy Advanced Features As the outsourcing market has developed and services matured, it is suggested that providing cost reductions are now just the entry stakes. Many clients are now looking for advanced features from their outsourcing service. One example of how outsourcing providers can deliver on this is to use a cloud accounting solution to help deliver speedier period-end closing. A solution providing group consolidation will help deliver this, particularly where part-ownership of subsidiaries is a factor.

6 8. Conduct Easier Audits Having ready access to your clients up-to-date data means planning and implementing audits is much easier. Check that a good transaction search and audit trail facility is provided and some cloud accounting solutions also provide document management features that make it easier to locate supporting documentation. 9. Easier Integration Most cloud accounting solution take advantage of web technology to provide APIs (Application programmable interfaces). These make it relatively straight forward to integrate third party systems such as payroll, ecommerce and epos with the accounting solution. They also provide Excel import-export functions making it easy to convert data to excel for further analysis. About AccountsIQ This article is brought to you by AccountsIQ, cloud accounting and consolidation software for midsize companies, particularly those with multi-entity or multi-location needs. Built for the cloud, AccountsIQ is in use in 23 countries and is now the solution-of-choice for many the worlds leading accounting practices. For further information on how AccountsIQ might work for your growing business please feel free to contact us and we would be happy to discuss your needs. sales@accountsiq.com Web: UK: +44 (0) Europe: +353 (0)