Why Accountants Must Prioritize Cloud Usage?

The Quintessential Technology Source for Corporate Financial Professionals

Why Accountants Must Prioritize Cloud Usage?

CFO Tech Outlook | Friday, October 01, 2021

Covid-19's mandates make it such that accountants, for example, have to spend some time at home working on their documents.

FREMONT, CA: While the initial shock of the Covid-19 outbreak has gone, the digital revolution continues to apace in many businesses. One of them is accounting.

With its reliance on old processes, accounting was never the first industry to adopt the technology. However, the ship has shifted course with a new commercial environment, and the future trajectory can no longer be questioned.

This is merely the beginning. The corporate world has entered a new era, and accountants must now restring their bows and augment their armoury with the most effective technology to adapt and keep up with these developments.

Let's look at why cloud computing is still critical for accounting teams, the new technology adoptions that many are eyeing, and why cyber security and skill training are necessary to support these changes.

Why cloud usage is critical in the future

Work from home became the norm across the globe earlier this year, in a dramatic shift. Numerous industries have weathered that testing period with more tremendous success than even they anticipated. The advantages of social connection and actual office contact continue to exist.

Working from home is not a panacea that can completely replace office life. Rather than that, a negotiated solution is emerging, with many businesses adopting a hybrid return to work policy—a mix of typical office labour and work from home.

According to a Colliers International survey, 53 percent of businesses plan to have staff in the office 1-2 days per week, while 33 percent plan to have employees in the office 3-4 days per week. With employees beginning to work from two or more locations, seamless document storage and file access from any site is critical to ensuring smooth workflow collaboration across distributed teams using the hybrid approach, which means that adopting the cloud remains a top priority for accountants.

Weekly Brief