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Cloud and portals are key to future growth

written by Editor, 13 October 2015

Our Survey said – Part 2

Cloud and Portals

As more results came in from our recent survey, we discovered more and more accountants are looking to invest in new technologies, including cloud and portals to enable the successful growth of their practice.

Indeed, 74 per cent of respondents stated that technology was important to their growth plans, whilst 72 per cent said their existing technology had already been an enabler for growth. The research further revealed 54 per cent of accountants are looking to introduce cloud software to their practice over the next 12 months whilst 41 per cent consider client portals to be an important next step in their investment strategy.

cloud and portals

It’s good to see practices are taking investment in technology seriously and that they realise just how vital it is to enable and sustain growth. However, considering the responses regarding the importance of technology, surprisingly, 18% of respondents still do not have a company website.

Sensible investment in suitable technology can really give a business the edge by making it more flexible, efficient and helping it to stand out from competitors. An increasing number of our customers are now using cloud-based technologies and this is set to increase. The announcement by the Chancellor to replace annual tax returns with real-time online Digital Tax Accounts will increase demand for the cloud which has the power to transform the way accountants work internally and with their clients – enabling greater collaboration and automating more of the compliance process.

At Thomson Reuters, we are building new Digita cloud-based solutions that don’t just replicate the way practices work today, but truly take advantage of the technology to work in new and better ways, including client portals that allow the sharing of files in real time and enable the electronic signing of tax returns, which is much more cost-effective.

The survey also revealed that, while cloud adoption is picking up, some firms still aren’t ready for the transition. Most practices don’t see a need to jump on the bandwagon until they can see a real advantage over what they do successfully with desktop solutions today. Our strategy is to help clients evolve to the cloud at a pace that works for them. Digita clients will have flexibility to adopt cloud technology alongside their desktop solutions so they can feel comfortable making a gradual transition rather than making a giant leap into the unknown.
For a copy of the survey report, click here.

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