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How Cloud Technologies are changing the Accounting Industry

How Cloud Technologies are changing the Accounting Industry

The bookkeeping and accounting industry has undergone a number of changes throughout the past decade, and has become a growing focus for many technology firms.

With the addition of accounting applications such as Kashoo and Xero, we are beginning to see many firms slowly move towards cloud-based technologies. The acceptance of online technologies has generated a space for tech firms to create unique applications that help to streamline the bookkeeping and accounting process in different ways, leading to the creation of new competitive advantages for bookkeeping and accounting firms.

Document management applications such as LedgerDocs, give bookkeepers and accountants a tool that helps to cut down on time consuming tasks, and streamlines the overall bookkeeping and accounting process.  It also creates a value add to the firms customers, allowing for them to simply create an electronic version of important documents, and send them directly to their financial advisor at any time, from any location. Below are three workflow tools within LedgerDocs that help to enhance communication among clients, while allowing for you to complete work quicker and add value to the process:

    1. Receive Documents Quickly:
      Clients are able to upload important documents directly to their bookkeeping and accountant with their smartphone, scanner, or email. The process is easy, simply take a picture of the file with your smartphone and email it directly to the company’s unique LedgerDocs email address. You can also scan documents directly into the application, email from a desktop computer, or use the free LedgerDocs iPhone application. For more information on upload documents into LedgerDocs, see our “Acquire Documents from your Clients Faster with LedgerDocs” article.
    2. Collaborate with Clients:
      One of the most time consuming tasks involved with the bookkeeping and accounting process is the constant back and forth between client and advisor.  Whether it is phone calls or emails, a simple question has the potential to lead to hours of prolonged work and frustration. Many document management systems offer tools to help avoid these frustrations, and create an opportunity to again, streamline the process. Collaboration features such as notes, tags, and secure file sharing give clients the ability to write detailed messages relating to their documents, while adding tags allow for the bookkeeper to have a firm understanding of what the file is, and what tasks need to be completed. For more information on collaboration tools within LedgerDocs, see our “A Collaboration Tool for Bookkeepers, Accountants and Businesses” blog post.
    3. Manage Important Documents
      A major aspect of the bookkeeping and accounting process is being able to find the proper document in a time efficient manner. Online document management systems, such as LedgerDocs, allow for users to easily store, manage, and file documents in an organized manner, while allowing for custom folders, tags, and notes to be used. All of these features add to the advanced search function, which allows for documents to be found in the most time efficient manner possible.

With so many tools available that allow for bookkeepers and accountants to receive and work on documents from any location, it is evident that the industry is in fact changing. With that said, these document management applications can be used as a backbone to a virtual firm, or as a value add that helps to create value to clients, while generating an easier and more efficient bookkeeping and accounting process.

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