With advances in cloud computing, SaaS has become the de-facto standard to software distribution, and this goes for accounting practice management software too. A SaaS-based accounting practice management software offers various benefits over traditionally hosted software systems. The cost of monthly subscriptions is a lot lower than that of software acquisitions. You don’t have to pay any upfront fees which lowers the barrier to entry. As a result, SaaS-based solutions are garnering a lot of popularity among accounting practices. These are some of the advantages they offer over everyday software solutions at your practice firms.
Whether you move your entire accounting practice to the cloud or a part of it, SaaS-based accounting practice management software gives you virtually unlimited space to store those huge volumes of customer data, essential documents, important files regardless of the device you’re on. Customer data only grow in volume with time. Cloud-based software will ease your data storage concern to a large extent. Cloud-based solutions tend to be scalable.
Your customers’ data is probably the biggest asset to your accounting firm. In addition, critical data must be protected at any cost from all sorts of cyber threats be it man-in-the-middle attacks, DDOS attacks, or outright breaches. Moreover, modern software is vulnerable to zero-day exploits if they are not patched on time.
While cyber threats are hard to get by, you must assure you have the best security practices in place. SaaS-based solutions tend to be more vigilant of incoming cyber threats. Since they live on the cloud, the vendors can patch a zero-day vulnerability in no time without having to issue separate patches to individual software installs.
Furthermore, vendors run all sorts of security audits and runaways to ensure best security practices are in place and breaches and threats are on the bay.
The cloud makes way for seamless collaboration. With endless computing power, the cloud allows virtually unlimited connections to a single instance of software service. Remember the time you were running audits for that big client and had to broadcast emails to keep your team members on the same page. With SaaS-based account software, all the stakeholders on that job can now collaborate in real-time. No more boring emails to compose and unparalleled efficiency.
Even the most sophisticated business doesn’t want to miss an opportunity of cost-cutting be it at the expense of customer experience or otherwise. Fortunately, the cloud brings inherited cost-saving measures to your accounting firm. With SaaS, you can cut your software expenses to a fraction of what you were paying a year ago on licensing, hardware, and maintenance fees. There are no software procurement costs to begin with and no commitments to stick with. The pay-as-you-go model of modern SaaS solutions allows you to cut the cord at any time without any cancellation fees whatsoever.
Of the many accounting practice firms we work with, they tend to extend those cost benefits to their workforce and clientele, leading to healthier customer and client retention rates.
The main reason most accounting practices turn to practice management software is to take slow, repetitive tasks off their own plate. A firm that has implemented practice management software will be spending far less time on administrative tasks and more time on tasks of higher value. Along with gaining more time, removing many of the manual processes in your firm gives you various benefits:
Standard Implementation process
Tracking real-time spent on projects
More time for fostering client relations
Expedite compliance cycles
Managing an accounting practice requires keeping everyone on the same page. You need practice management software that can empower you with different support packages, enlighten your team with timely counseling and training, and provide an ideal client experience with easy implementation and support.
Different Support packages, easy support channels, Easy implementation & Counseling, Training
Humans are prone to making mistakes. The more documents and data you process, the more likely are the chances of errors getting slipped without noticing. Accounting Practice Management Software on the other hand is designed to repeat tasks endlessly in exactly the same way. As a result, it has been proven to make accounting faster, more accurate, and far more productive.
A practice management software that could be branded or customized as needed is always an added advantage for you as well as your clients. Solutions like White Label services not only allow you to rebrand the application with your logo but also provides additional benefits like installing and hosting the application on your private server.
If the entire process of shifting to automating technology is intimidating for you or if you are unsure where to begin, we can help you upgrade from day one. Our special support packages with a dedicated manager will train and guide your team members as per your requirements.
Ready to implement an accounting practice management system but need a helping hand? We at CAOA are happy to assist you!