9 Ways Cloud Software Can Help Reduce Your Accountancy Fees

Posted on Jan 17 2014 - 4:24pm by Editorial Staff

Cloud Computing

Cloud software has many uses, one of which is to help you reduce the fees associated with having your taxes done every year. If you are an accountant, small business or sole trader, here are nine ways that cloud software can help you.

Helps You Save Time and Money

Saving time and money is important to most of us, and a great way to do so is to use cloud software. This type of software can save you anywhere from 30 to 40% of the total cost you incur when it comes to bookkeeping and accounting.

Necessary Tax Expenses Can Be Minimized

While there are always expenses involved in tax returns, but the expenses you incur can be minimized using cloud software. One way you can do this is to stop simply handing over a year’s worth of receipts and bank statements to your accountant. This results in them doing hours of data entry that you will have to pay a premium for.

A note here is that there is a cloud software program called Sage One Cashbook that can help you do your own prep work. Once that work has been completed your accountant will be able to tackle the technical aspect of their job, which means less work for them and lower fees for you.

Monitors Your Accountant’s Work

Before cloud software was created an accountant could take as long as they wanted to do your taxes, because you had no way of proving how many hours they spent working on it. Thanks to this software you can now see what tasks they have accomplished and which ones they have not. This means it is possible to catch them wasting time simply to be able to bill you more. They are now held accountable for every minute they spend performing work for you.

Accountants Can Expand Their Services

Whereas in the past your tax professional did your taxes and then bid you farewell now they are working with their business clients to help them grow said business, resulting in a higher profit for the business. These higher profits translate to your accountant’s fees eating up less of your income than in the past. They are able to help business owners as effectively as they can because they now have cloud software at their disposal. Using a system such as Xero, cloud software has helped many businesses thousands of dollars in accounting costs. Xero is accounting software that uses cloud computing technology. They work with both accountants and small businesses to help them save money by reducing fees.

The Use of Project Management Software

Cloud based Project Management software is allowing accountants to work more efficiently, which means you pay them lower fees. These software programs increase profitability for those who use it.

Cloud Software Powers Helpful Apps

Cloud based software is responsible for many mobile applications that help accountants do their job better. Intuit Online Payroll, for example, is a mobile application available for iPhones that synchronizes payroll tasks. Accountants can use this to perform a company’s bookkeeping more efficiently. PayWare Mobile is another application that any business can use. This app allows users to process credit card purchases using their iPhones. Both of these applications can ultimately help save money on accounting fees.

Cloud Software Enables Remote Access to Information

Cloud software is responsible for accountants being able to access their records on the go. Using nothing more than a device connected to the Internet, your accountant will be able to work from anywhere. This allows them to work more efficiently and, in turn, bill you more efficiently.

Improved Level of Records Reporting

Cloud software is also responsible for an improved level of records reporting. Reports can be generated easily and information can be analyzed quickly and easily. The speed in which information can analyzed translates to less in accounting fees for you.

Less Risk of Data Loss

Data loss is not as much of an issue as it used to be due to cloud based software. Accounting firms can prevent client information from being accessed by unauthorized users. This means that they can offer you more security now than they could in the past. An increase in security can lead to an increase in the number of clients an accounting firm takes on. With more clients they are not as likely to charge each client as much in fees as they did in previous years.

Managing online accounts is now much easier to do thanks to cloud- based software. All nine of the reasons stated present compelling arguments as to why cloud software is so helpful when it comes to reducing the fees you need to pay to your accountant or finance team.

Whether you are working with an accountant on a professional basis, a personal basis or both, you will see the many great advantages to both them and you that we have to thank cloud software for. This software has changed the face of the accounting business. It is effective in catching those who intentionally bill you for more hours than they actually need to complete the work they are doing for you. As a result, the integrity of many shady accountants will now be compromised due to technology advances.

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Editorial Staff at I2Mag is a team of subject experts.