Cloud services have revolutionized the way businesses are able to work and provide services online. By allowing businesses to access their files and applications from any internet-connected device, cloud consultants have made it possible for companies to operate more efficiently and cost-effectively.

Accounting firms are among the various businesses adopting the cloud, and over 60% of accounting firms are projected to use cloud services in one form or another over the next couple years. However, many accounting firms are still underutilizing the cloud, primarily due to a lack of understanding of how to best utilize its features.

In order to take full advantage of the resources could services offers, it’s helpful to review the capabilities with cloud consultants, who are available to advise your company on tools that can increase efficiency. We’ll discuss some of the most common ways the cloud is being under-valued.

What Are Cloud Services?

Cloud services are online tools and applications that allow businesses to access their files and applications from almost anywhere. By using cloud services, accounting firms can operate more efficiently and cost-effectively, leading to increased productivity.

These services can be set up by contacting cloud consultants who are trained to advise companies on the specific cloud services that will meet their specific needs. Now is a great time to migrate to the cloud, as over 90% of accounting professionals believe digitization will be a key distinguishing factor between firms over the next few years.

How Are Cloud Services Being Underutilized by Accounting Firms?

How can you tell if your accounting firm is among those underutilizing all that the cloud has to offer? Here are five common ways it’s happening, and what you can do about it:

1. Not Utilizing Collaboration Tools – One of the biggest advantages of the cloud is that it allows for real-time collaboration between employees, no matter where they are located. However, many accounting firms are not taking advantage of this feature, instead opting to have employees work independently on projects.

To take full advantage of the cloud’s collaborative features, consider using a project management tool. These tools allow you to assign tasks to employees, track progress, and leave comments or suggestions in real time.

2. Not Backing Up Data – Backing up data regularly is crucial to avoid losing important information in the event of a system crash or power outage. Some firms are not applying the cloud’s backup capabilities, instead relying on physical storage devices that are susceptible to damage or loss.

Using a cloud-based backup service will allow you to store your data in the cloud and access it from anywhere, making it easy to recover in the event of an emergency.

3. Not Partnering with Proactive Cloud Consultants –  Many accounting firms are not taking advantage of the expertise of cloud consultants. Cloud professionals can advise your firm on which cloud services will best meet your needs and how to use them to increase efficiency.

Proactive cloud consultants can also help you troubleshoot problems and offer suggestions for improvement. By partnering with a cloud consultant, you can ensure that your firm is taking full advantage of the cloud’s capabilities and customize your options as needs change.

4. Not Taking Advantage Of Security Features – The cloud offers a number of security features that can help protect your data from cyberattacks. These features offer better protection that traditional security methods, which aren’t as effective.

When you store data in the cloud, be sure to take advantage of security features such as multi-factor authentication and encryption. These features can further protect your data from unauthorized access, prioritizing safety in the event of a breach. 

5. Not Maintaining Compliance – Accounting firms may not be aware of compliance requirements for data storage. Different industries have specific regulations that need to be followed in order to store data safely and securely.

Understanding the compliance requirements for the accounting industry can ensure that you are taking the necessary steps to protect your data. Cloud consultants are able to determine the regulations that apply specifically to your firm, and will keep you compliant when those regulations change or are updated.

Unlock the Features Available Through Managed Cloud Services

The cloud offers a number of advantages for accounting firms, from increased efficiency to better security. By taking full advantage of the cloud’s capabilities, you can ensure that your firm is operating at its best. Cloud consultants like ThrottleNet are available to get your company operating at peak performance.

Contact us today to migrate to the cloud, or to fully unlock the capabilities available through cloud computing for accounting firms.

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