02/18/2022
As various issues of traditional on-site software crop up, many businesses prefer the benefits of the cloud platform for accounting. Cloud accounting is an innovative and cost-effective way of financial management that can enable the transformation of growth-oriented organizations.
The survey “The Practice of Now” by Sage shows some crucial statistics relating to cloud accounting:
39% of accountants are early adopter of technology because of improved time, efficiency, and service quality
67% of accountants prefer cloud accounting
58% of large corporations have resorted to cloud accounting
83% clients are asking their accountants for business advice and not mere number crunching
64% of small businesses in the US spend $1,000+ on tax preparations
Further, we see small and medium businesses spend a substantial amount of time on tax preparation each year. For example, 64% of small businesses in the US spend at least $1,000 on tax preparations. Moreover, in the UK 66% of businesses are at risk for mismanaging paperwork. With numbers like that, cloud accounting could be the answer to these various accounting challenges.
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