An unprecedented event like the coronavirus (COVID-19) outbreak has put Australian businesses to the test – forcing them to adapt to unforeseen and rapidly evolving changes.

One way many businesses have adapted is by allowing their staff to work from home. Those businesses set up with remote working capabilities, thanks to cloud software, have been able to maintain business continuity in a way that simply wouldn’t be possible if they were still confined to on-premise solutions.

In these uncertain times, accounting practices too can benefit from cloud software – and not only in the short term by allowing their staff to work and access practice data remotely. Cloud software also offers many long-term benefits – irrespective of the current crisis – that can help practices work more efficiently and reduce expenses.

How are accounting practices embracing cloud practice management software?

A 2019 Sage survey reveals Australian practices are adopting new technology like cloud software faster than those across the globe. 46% of Australian accountants say they’re earlier adopters of technology, compared to the 35% global average. In addition, 70% of Australian accountants believe Australian firms need to increase technology adoption to stay competitive.[1]

So why are Australian practices increasingly adopting new technology like cloud software? Our survey reveals that 89% percent of Australian accountants believe technology advancement is delivering value to their business, whether to free up time so they can focus on customers or to boost productivity.

It’s also helping them connect with today’s increasingly tech savvy clients, who anticipate the same tech savvy in their accountant. And it helps them attract the new breed of young accountants. 41 percent of millennials believe technology will soon make the concept of “your desk” redundant. Instead, they think everybody will work via a mobile device.[2]

Top 6 benefits of cloud practice management software for accounting practices

So what are the specific benefits cloud practice management software can offer your practice? It can help you:

1. Access your practice data anywhere, anytime

With your software in the cloud, there’s no need for expensive remote access networks. Your staff can access practice data on any web-connected device, whether they’re on the road, at home, or in the office.

2. Save time and eliminate IT costs

As your data is stored offsite, you can reduce the time and cost of purchasing and managing your own servers. Plus all software updates and upgrades take place automatically as part of your subscription, so you never have to update software yourself.

3. Automate manual processes

Cloud solutions offer the latest in automation tools that can help practices eliminate time spent on data entry. And as the solution is in the cloud, you will always have access to the latest automation capabilities thanks to automatic software upgrades.

4. Keep your data safe and secure

With cloud practice management software like Sage HandiSoft Online, your data is encrypted and stored in a secure ISO-accredited Data Centre that always remains located in Australia. And automatic data backups mean you don’t need to worry about storing data on external devices or servers.

5. Gain more flexibility and control

Removing and adding users is a simple process with cloud software like Sage HandiSoft Online. You can add users without worrying about increasing server capacity. And with subscription pricing based on your number of users, you only pay for what you use.

6. Stay compliant

Traditionally, businesses have been responsible for ensuring their IT systems are compliant with industry standards and regulation. With cloud software, compliance with such regulations are taken care of by your software vendor.

[1] [2] The Practice of Now 2019, Viga and Sage