Today, practice clients not only desire more and better but they are also open to trying new modalities of working – using Skype, virtual CFOs, daily reports and rolling forecasts, for instance. Concurrently, accounting firm costs are rising and often partner profits are down. For these reasons, firms that depend on compliance work and paying significantly for desktop software are particularly succumbing to competition from more agile competitors.
Cloud Accounting Technology Factors
The biggest factors contributing to the rapid increase in cloud accounting technology include the possibility to cut practice overheads like travel and data input costs, as well as improved service and increased client satisfaction.