If there’s one set of demographic that’s worried about “cloud-ified” technology in India, it’s that of accounting firms and tax professionals. There are baffling predictions about how cloud accounting software is all set to kill jobs in the accounting field in India. How true are these predictions? This blog aims at putting accounting and tax professionals at ease and encouraging this demographic to see online accounting as an opportunity.
The threat exists but partially
If your firm or business is about basic clerical tasks such as data entry, checking for errors and simply maintaining accounts in general, yes your business is at risk. That’s because accounting software that are cloud-based come with automation and little scope for repetition of similar entries every month. In short, accounting in the real world is moving on from the noted offline software called Tally.
However, if you or your business is engaged in advising your clients on critical financial decisions and providing them insights about cutting costs and projecting business growth better, accounting software is here to assist in letting your business flourish.
Online accounting elevates your professional standards
If you keep an open mind about moving on from Tally, cloud-based accounting is your best friend. The online accounting software gives you the freedom of automation that saves your time, brings a lot of efficiency into your work and allows you to put your accounting experience to better use.
You will be happy to leave some mundane tasks to the software, tasks that are often labour intensive, repetitive, mechanical and prone to human error. These tasks are vital but they are often never valued by your clients since they involve little skill. For instance, accounting software allows for linking all the bank accounts of the clients with the system so the task of manually making bank entries every month is eliminated, and so are the errors.
Online accounting helps you to be more efficient
One of your biggest sources of stress — overwork — is now eliminated. You are able to take better decisions for your clients, be proactively involved in their financial analysis and provide them with valuable insights. Now salaries are not delayed because of your work, the organisation depends less on you for monthly book-keeping so you can focus your energy on advisory roles.
What would accounting firms do?
Accounting firms are still sitting on a gold mine when it comes to finance and business advisory roles. Here’s what you can do for your clients with the onset of cloud-based accounting software:
– Contextualize client data in terms of the client’s aspirations, business goals, and fears
– Co-relate the data with your knowledge of accounting, finance, and tax
– Create a clear-cut financial growth path for your clients using analytics from the accounting software.
– Use the time saved from automation to finding ambitious startups and enterprises. You now would have a more diversified client portfolio.
Giddh is on a mission to help accountants, tax professionals and accounting firms do better business. If your clients haven’t shifted to cloud-based accounting, you may want to know more. Feel free to talk to us.