Working remotely is not just being used as a “catchphrase” by businesses anymore. It has unfortunately become a way of life and is seen to be adopted by many business owners worldwide today. The COVID-19 pandemic has forced us to change the way we do business. This approach however has uncovered many benefits for most businesses. One of these benefits is the ability to hire highly skilled experienced personnel that would ordinarily not be available in your local area where you conduct business.
It gives business owners the option to hire the best candidates that are available for the job. This has all been made possible due to the latest cloud software technologies of which many are being used at Petersen Business Solutions today to drive innovation.
We have all heard how big companies like AMAZON and FACEBOOK are embracing the work-from-home policy. This policy has helped save money on operational cost and is boosting morale for many employees working from home. If your employee can work from home then by all means, embrace this change. This move can end up saving you thousands of Rands and get more productivity out of your employee. How much time is wasted being stuck in traffic? If your employee works from home they can free up more hours to be productive in your business, so it’s a win-win situation.
So how is this relevant for providing you with accounting advisory or bookkeeping services?
This has revolutionized the accounting industry worldwide for the better and has given it a much need makeover. Let’s look at the advantages of what remote working policies has had on the accounting profession where the modern accountant was born:
Efficiency of cloud accounting for remote working
Cloud accounting introduces technology which makes it possible to work remotely. The software is hosted on the cloud and can be access remotely from anywhere in the world. This technology will only need an internet connection a laptop, smart phone or iPad to function. This has radically changed the way we do accounting today. From a traditional accounting software solution that tied business owners to a single office or desk to a cloud-based solution that can be accessed from anywhere in the world.
The software not only saves time by using “AI” technology to capture high amounts of data but is also responsible for a huge reduction in errors. Another positive to highlight is that cloud accounting technology requires no paper to function. This means lower operational cost and no need to invest in CAPEX expenditure.
Being on the cloud also means less reliance on IT infrastructure as the application is web based. Saving more costs at the end of the day means more money in your pocket. Your business will automatically have reduced consumption on IT waste and have less consumption on hardware.
Advancing the accounting profession and creating the modern accountant
The introduction of remote working has also given birth to the modern accountant with many firms now able to reach clients on a global scale. Traditionally business owners used to pay regular visits to their accountant’s offices with boxes full of receipts and papers but are now able to meet their virtual accountant at the comfort of their homes from anywhere in the world at a touch of a button.
Cloud-hosted packages like XERO and QuickBooks have bridged this gap to provide business owners and accountants with the option and opportunity to work in collaboration, 24/7 from any geographic location day or night. For the first time, you are able to see live financial information on your business and work directly with your virtual CFO to track your expenses and income in real-time enabling you to make objective and clear decisions.
Online appointments at any time of the day
Remote working has now made it possible to contact your modern accountant or virtual CFO on the cloud whenever you need assistance or advice. This cuts out travelling time and makes this option extremely cost effective. Your dedicated accountant or virtual CFO can logon with you remotely, share your screen and walk you through any cash flow or financial issue that you may experience in your business. With our online appointments at Petersen Business Solutions you are able to book an appointment with one of our accountants or virtual CFO’s using our online appointment platform which your traditional accountants do not offer.
And to conclude
The innovation of working on the cloud has completely transformed the accounting industry as we have discussed in the above article. We are now officially in the digital revolution and need to take advantage of this opportunity while we can still get ahead of our competition. With the introduction of cloud technology and remote working services, many small to medium size businesses are taking advantage without spending a fortune. Contact us today for more information on how to employ these technologies and future proof your business. Visit our website: https://petersenbusinesssolutions.co.za/ for more information.
