Let’s face it: over the past few centuries the accounting industry has not built a great reputation for cutting edge innovation.
The double-entry accounting system has been around for more than 700 years.
This year marks the 30th anniversary of the first computerized accounting package, TurboCash, launching in South Africa (later rebranded as Pastel).This was the first major platform change in centuries, i.e. from paper ledgers to desktop computers.
The good news is that this rather lackluster innovation trend is rapidly changing. As we speak the next major platform change is already upon us, which is moving accounting from desktop computers to the cloud.
According to the Cloud Industry Forum (CIF), UK businesses had an 84 per cent overall cloud adoption rate in 2015, with 78 per cent of cloud users (almost four in every five) using two or more cloud services.
South Africa is lagging 4 to 5 years behind the UK, with SME cloud adoption sitting at 39% in 2015 according to the SME Survey.
Why does this matter to your business? By looking at the crystal ball of cloud adoption in the UK, US, Australia and New Zealand, we can see how entrepreneurs are using cloud services to grow their businesses. This wave is clearly heading our way – surf’s up!
Accounting software presents a great case-study to show how disruptive cloud technology is fundamentally changing the way that businesses operate.
Here are ten ways how the new model of cloud accounting can benefit your business:
Please get in touch if you are curious to see if your business can benefit by moving over to the cloud accounting model.