Why faster Internet makes accounting easier

South African Internet speeds may not be the fastest, but they are increasing. Cable.co.uk conducted more than 163 million speed tests in 200 countries and ranked SA number 76 when it comes to average global broadband speed. In 2017, it ranked 80^th.

If you’ve ever had to wait for a video to buffer or had your online shopping experience thwarted by poor connectivity, you’ll understand how a speedy Internet connection can improve experiences in both your personal and professional lives.

Think this doesn’t really affect your accounting firm? Think again. Here are a few unexpected ways that faster Internet connectivity can make an accountant’s job easier:

1. Save time

According to a SanDisk study, the average business loses a whole working week each year, per employee, due to slow computers and poor Internet connections. Consider for a moment what you could do with an extra five days every year. If your accounting practice is run by just 10 people, that amounts to an extra 50 days each year. And, as a number cruncher, you’ll know that having more time means more work gets done, which means more revenue and more profit.

2. Join the content marketing revolution

Gone are the days when content was only a priority for the media and communications industry. Today, all businesses that want to market themselves must have a content strategy. Video marketing has been shown to have a direct impact on business performance. According to Hubspot, 43% of people want to see more video content from marketers.

Producing a short and simple video, detailing how to complete a personal income tax return, for example, might just be the marketing material you need to secure new clients. But without a speedy Internet connection, this wouldn’t be possible.

3. Become more data-driven

It’s no surprise that when you use data strategically, your business is better positioned to make more informed decisions.

But being able to store, sort, access, and analyse your accounting data in real time demands a fast, reliable Internet connection. With fibre, that’s no longer a concern. Accountants with a good Internet connection – and capable analytics tools – can instantly update and share financial information, offer greater insights, and exceed customer expectations. 

4. Consume software as a service, in the cloud

The cloud may seem too technical but it’s a great asset for accounting firms. The obvious benefits include the fact that you can securely store and access your data anywhere, at any time, and can easily access the most up-to-date information. With cloud, you can say goodbye to expensive software licenses because you only pay for what you need and use.

If you’re keen to scale up or down as your needs change, cloud gives you this flexibility. And with solutions like those offered by Sage, compliance is easy because tax rate changes are updated instantly.

Accounting firms have to deal with more and more data and they often need help handling all this information. At Sage, we’ve focused our R&D spend on cloud-based solutions. It won’t be long before running your accounting practice in the cloud will be the norm.

5. Future-proof your business

High-fibre Internet increases the likelihood of business success. With the lines between the physical and digital world becoming ever more blurred, businesses have to deal with so many “things” they’ve never had to handle in the past. Having the agility to quickly adapt your business model to handle these changes is a must.

Your Internet connection may be fast enough today, but you’ll need to increase it in the future. Why not upgrade your connection before it becomes an issue and take a step towards making your firm a digitally enabled business?