Cloud computing is a top driver of change among small and midsized accounting shops, according to AccountingToday.com, as cloud accounting software redefines accounting firms in the U.S. “…an accounting firm isn’t an office — it’s a collection of people with a common purpose. And now it doesn’t have to be much more than that, with the cloud enabling ‘virtual firms’ with no offices, no server room, no receptionist and no water cooler. Midsized and large firms with significant legacy investments in leases and equipment will find it hard to move to a virtual environment, but small firms should have an easier time — and start-ups will find it easier and cheaper than ever to get up and running,” said AccountingToday. Saving money is a great thing, but unless the cloud accounting software does what you need it to, it is difficult to save money. A recent report by Hoovers identifies the top six revenue generators for American accounting firms.
- Payroll services generate 25 percent of total industry revenue
- Tax preparation generates 20 percent
- Auditing generates 15 percent
- Bookkeeping generates 10 percent
- Tax consulting generates 5 percent
- General Accounting Generates 5 percent
With the right cloud accounting software like Microsoft Dynamics GP™ accounting firms can support all six of these critical processes and with a cloud based deployment that is mobility enabled, myGPcloud can deliver the full power of enterprise resource planning to growing firms without the huge cost of traditional ERP. Predefined charts of accounts, client care tools and consolidated financials make it easy for accounting firms to deliver outstanding services and grow in this highly competitive market. What’s more, leading trends that are changing the game for accounting firms like mobility, international business and Sarbanes-Oxley (SOX) legislation are supported by myGPcloud’s cloud accounting software.