Before the arrival of could-based accounting software, accountants enjoyed the spreadsheet which allows them to quickly analyse data sets, compare past records and forecast future events. With the development of cloud technology, the way accountants will work, the skills they need and the roles they perform in future are changed in various aspects to accommodate the revolution.

Virtual CFO

Cloud-based accounting programs such as Fathom can generate financial reports including financial and non-financial key performance indicators, profitability, cash flow, trends, budget, variance analysis and growth. The information showing in the reports is useful and easy to understand. In addition, cloud programs like Fathom and Spotlight are tightly linked with Xero and MYOB, so it is convenient for Xero clients, for example, to have them as complementary cloud tools.

With these cloud programs, it helps accountants further to perform the analysis with their existing skills and then they could arrange monthly or quarterly meeting with clients to evaluate the key factors that affect the business performance and to assist future improvement.

Personal Service

Accountants can also use some cloud programs to develop more personal relationship with clients by extending services relating to their personal finances. For instance, tools like Class Super, superMate and Praemium are cloud-based programs built to manage SMSFs. Therefore accountants could provide service for superannuation and wealth management for high net worth clients in addition to other existing financial book work service.

HR Advice

There are also opportunities  for accountants to move to areas such as human resources. It is not uncommon that most companies make up their HR policies which expose themselves to certain level of regulatory risk. With cloud service like enableHR which contains an array of information and advice on employment contracts,  occupational health and safety and performance management, etc. , accounts are able to provide HR related services even without in-depth HR knowledge by using software templates and information updates.

Add-on programs

Cloud accounting platform like Xero and Saasu are closely related to other cloud add-on programs, Class Super, Fathom and WorkflowMax for example. They can be used as complementary programs to tackle a particular problem of a business or assist efficient management. Based on the core program the accountant choose, they could then give clients recommendations on the supporting apps according to a client’s business situation and particular needs. The installation process is normally easy for clients to do on their own, basically creating user name and password. Then accountants could offer training support on specific functions and how to efficiently use the app, although general support services is provided by the could programs.

To discuss if you can save time and money by moving to cloud based accounting call 08 83374460 for a free no obligation meeting.

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