Do you recognize the “Cloud Frenzy” unfolding at the expense of The Accounting Profession?
The Cloud Frenzy
Why does a “feeding frenzy” appear in a bust economy and a “buying frenzy” unfold in any booming economy? Because the majority of us do not have a crystal clear strategy for all situations. Cloud, Fear Factor Campaigns, Hype or Buzz Words are dominating everyone’s vocabulary, because “none of us have a crystal clear strategy”.
Cloud Options –Made Simple:
Here’s how you can separate the hype and distractions so you can research your Cloud options through a simple and effective method.
Front Office–the customer experience
Middle Office–your engine room
Back Office– your own admin
1. The Front –The Customer Experience
= Easiest to Implement
By far the easiest option of the 3 to consider. Why? Because customers are “ready” to hear from you through new age technologies, apps, and other cloud-based means if “customer experience” is enhanced.
This means you can reduce the cost of administration in your firm, and yet at the same time “wow” your customers by engaging with them better than you have ever done before.
Providing you choose the right Cloud-based applications, you will amaze your customers, generate referrals, and experience steady growth in fee income without making ANY changes to your own operating systems or services offered.
2. The Middle –Your Engine Room
= Most difficult to implement
Unlike option 1 above, moving your practice management systems to the cloud is a major decision and should be researched extensively. I am not against this move and in have witnessed the migration of some of our Best Practice Accounting Firms recently.
Once completed there are long term cost benefits as well as reduced “issues” that can go wrong (i.e. less technology required in your office).
All of these firms said the migration took longer than anticipated. That it was disruptive to cash flow and short-term client experiences etc.
Make sure you have a high quality &highly motivated team before making this decision. Because you will need their help, patience, and support to pull it off and minimize the pain for you & your customers.
A good principle to remember is to admire”bleeding edge”, just don’t do it to yourself!
Outsourcing –Is this still a “Dirty” Word?
Love it or hate it, outsourcing has become much more manageable thanks to the cloud.
Now that we can “share our screens” and have free video-conferences with anyone in the world; project management and accountability are easier to enforce.
Given accounting icons like Delloites have been using offshore resources since the 1990s, perhaps this is one of the easier Cloud options to consider?
Profit &Work Life Balance shouldn’t be ignored
I have seen many firms increase their scalability & improve their profits simultaneously, and even know a few radical Sole Practitioners that earn a $ packet with no staff in Australia at all!