Accountants have typically seen growth as a double-edged sword. The thinking goes:
“Sure, I could grow my bottom line, but every path to growth also involves putting in more hours myself, hiring more staff and increasing costs. Do I really need more complexity in my professional life?”
Enter the latest cloud technology. In the past, advances in technology have primarily helped accountants perform client engagements faster. Now, for the first time, the latest technology – the cloud – is actually creating new growth opportunities for accountants.
Here are three ways that cloud technology can help increase the amount of money you make – without requiring more time, effort, or staff.
1. Offer existing services more profitably
Utilize automated bank feeds: Manual data entry is time-consuming and error-prone. Most cloud solutions enable you to download bank and credit card transactions directly from providers. Write-up clients who write manual checks can reduce data entry time and minimize errors by 70-80%, and make bank reconciliation faster and easier.
Reduce client errors: For most accountants, client bookkeeping errors are an enormous drain on productive time. A truly professional cloud-based accounting system like Accounting Power lets you work collaboratively with your clients, enabling you to customize the system for each client to give them access only to the functions they can perform, minimizing client errors.
2. Regain a service that had been lost to competing forces
Payroll services: In the past, payroll was taken over by payroll service bureaus. They had access to processing centers with massive computers that could automate complex payroll processing tasks. Accountants had no such tools.
But now, the cloud has leveled the playing field. Professional payroll systems like Payroll Relief were designed specifically for the needs of accountants, and have completely automated payroll processing. They've even eliminated the need for accountants to do data entry or print checks in their offices. Accountants can now make payroll processing one of their most profitable services, and one that, unlike tax and accounting, requires little professional time and generates a perennial revenue stream.
3. Offer services clients need and value