As accountancy became a hot in-demand profession in recent years, the number of small accounting firms exponentially increased and gave birth to numerous accounting startups. Currently, of the 46,000 accounting firms in the U.S., around 45,500 can be considered small accounting firms.
The recent expansion of small accounting firms has initiated a much-needed debate around the dependency of small startup firms on cloud accounting software. While some accountants will consider cloud accounting for the big players, the truth is that small firms can also greatly benefit from this latest technology.
Here’s why you should invest in accounting software if you’re running a small-scale accounting startup.
Improved Collaboration and Access
Like most startups, small accounting firms also minimize operational costs by operating remotely. To increase collaboration among the accountants working at different geographic locations, cloud-based accounting software plays a vital role.
Accurate Data and Insights
In the early days of accountancy, accountants used primitive methods to maintain data sheets. As the world advanced, accountants moved to computers for better accuracy. But now, the accounting industry is progressing and making leaps for big data. Accounting firms with access to accurate and insightful data insights are meant to stay ahead in the coming days.
The machines are now assigned redundant and repetitive tasks while accountants focus on building customer relationships. This is the recipe for a successful accounting startup, and you can achieve just that by opting for cloud accounting solutions.
One of the biggest challenges for startups is to find a market that needs them. The same is the case with the highly-competitive accounting industry, where small players need to carve a niche for themselves. By relying on cloud accounting software, you can add value to your services and attract more clients amid the cut-throat competition.
Increased Agility and Reliability
The world is past the stage of slow-paced accounting firms that face unforeseen down-times. Now, with cloud accounting solutions, you can remain agile and offer reliable services to your clients. Automatic backups, updates, and improved technology can help you become a dependable source for your clients.
Upscale Your Accounting Startup
If you don’t want to incur infrastructure costs, save time, and increase revenue, then reach out to AccountantWS. The cloud-based accounting practice management software can help your startup become a next-gen accounting and tax firm. Upscale and digitize your tax practice today!