In 2019, 90% of companies were on the cloud. By 2021, it’s predicted that 94% of workloads will be processed by cloud data centres. It’s a big buzzword with even bigger statistics, but ‘the cloud’ is just a metaphor for the Internet.
Cloud computing is when you store and access data and programs over the Internet, rather than using your computer’s hard drive. This technology not only allows businesses to work smarter and more cost-effectively from any location, but it also enables them to deliver innovative service in real-time to their clients.
The biggest reason why cloud computing is set to become a $330 billion industry in 2020 is simple: it helps businesses deliver better service to their clients. Here’s how it can help accountants keep their clients happy and confident.
Monitor clients’ tax in real-time
With the help of cloud computing, dealing with tax is no longer a once-a-year event. Everything is automated, so you can monitor clients’ real-time tax throughout the year and easily step in with advice at any time. Real-time reporting means you can help them to plan, stay ATO compliant, and make tax decisions that improve their financial position.
Your workflow is simplified
Using the cloud is a massive time-saver because you get instant access to your clients’ data and documents, all in one place. This means you can finally stop chasing people for the information you need! Simplifying your processes with live data feeds and automated tax calculations allows you to focus on what’s really important, such as building rapport and taking time to understand your clients’ goals.
Location doesn’t matter
Cloud computing helps you and your clients break free from location limitations. So many small businesses are transitioning to location independence because it massively expands their potential client-base, while providing their staff with the flexibility and freedom to access information from anywhere in the world. Cloud computing is even transforming the way accountants work. Did somebody say working holiday?
It boosts productivity and speeds up solutions
Providing self-service and on-demand data to you clients means they don’t have to wait, and you don’t have to stress. Cloud computing removes the need for time-consuming admin tasks, complicated paperwork, and wasting time in your email inbox. The ease and simplicity makes cloud computing a super efficient way of doing business, giving you and your team more time to focus on the bigger picture.
Increased collaboration provides higher value
Once upon a time, collaboration required travel time, face-to-face communication, long meetings, notepads and pens. Then email came along and helped a bit, but it also created new ways for clients to feel confused and forgotten. Cloud computing offers your clients’ the power of your whole team working together with a strong sense of purpose, which means they get innovative answers instantly, along with a lot more clarity and confidence.
Educates and empowers your clients
Life is so much easier when your clients are tax confident, and cloud computing is a powerful way to educate and empower them to make smart decisions that minimise their tax liability. The best thing an accountant can give their clients’ is the confidence that they’ll get every deduction they’re entitled to, stay on the right side of the ATO, and never miss an opportunity.
Goodbye confusing email chains
Ever missed a crucial deadline or overlooked some important information that was hidden amongst the mess in your email inbox? Cloud computing makes it difficult to let anyone down, as it provides a safe and secure platform to send instant messages to your clients and your team. Your clients can get in touch with you for expert advice in real-time, and you can keep them smiling with a fast and seamless turnaround.
Safe solutions to meet their needs
Every client will have different needs. Cloud computing is fully customisable, so you can cater to the needs of your client whether they are an employee, a property investor, a business owner, or a tricky combination of all three. One thing they all have in common is the need for a safe place to permanently store their files and receipts, so that tax anxiety is a thing of the past.
Are you ready to transform the way you work and explore intelligent tax tools to empower your clients? TaxTank can help you offer an unparalleled level of service while bringing flow and ease into your work life. And the best part? It’s free for accountants, so book in today for a demonstration!