2020 Cloud Accounting & Apps Planning
Dec 19, 2019
For the latter part of 2019 we have regularly been asked what should accounting firms be looking to concentrate on for 2020 in regards to cloud accounting and app advisory...
Obviously, it depends on your maturity with cloud accounting as a firm (we use CAP levels as a measure of cloud progress, if you’re unsure of where you firm is on its cloud journey there is a questionnaire here), but my advice has been as follows:
- Ensure your existing cloud accounting estate is receiving the best basic client experience and you as a firm are getting the best out of the cloud accounting platform you work with. Automated data entry where possible, with data being processed a minimum of monthly.
- Ensure your firm is onboarding clients to a good level of cloud accounting quality. Including, automation, data frequency, records quality and good client experience - as a minimum.
- Enhancing your clients cloud accounting platform experience by offering apps based on client's needs. But, be proactive with that offering based on trends/insights you can see from their cloud accounting data - this is difficult to do without points 1 or 2 in place.
So, if you follow the above what should be the expected outputs?
- More efficient year-end activities with less data prep or corrections
- More efficient VAT/MTD periods with less data prep or corrections
- Frequent and better data allowing you more insights to be proactive with your clients
- More opportunity to solve clients problems utilising the app ecosystem, and creating a new one-off and ongoing revenue streams for the firm
- Better client experience of the cloud accounting platform and better efficiency/utilisation of the cloud accounting platform for your clients.
These are the exact areas we are working on with firms right now. Join our free Facebook group to connect with other accountants that are looking to excel with cloud accounting and the ecosystem - Get free access here