Carly Moore
Carly Moore

Cloud computing is the process of delivering hosted services using the internet. In a short time, cloud computing has emerged as an efficient and advanced way to boost the success of just about every type of business. Tax firms are not alone in harnessing this practice and many are seeing tremendous savings in time and money. 

If your tax firm isn’t already taking advantage of cloud computing technology, there’s no better time to start.

What exactly is cloud computing?

If you are not familiar with exactly how it works, cloud computing can seem mysterious. Many business owners are surprised to discover that the concept of the cloud is straightforward, and more business owners are embracing the clear advantages and incorporating cloud services into their companies. In no time, you can gain an understanding of how cloud computing works and can help your tax firm.

Studies show that more businesses than ever are using cloud computing technology:

  • In 2019, nearly 90% of all companies are using cloud computing.
  • It’s estimated that by the end of 2019, 60% of workloads will be running on a hosted cloud service, up 15% from 2018.
  • US companies are expected to spend almost $125 billion on cloud computing spending in 2019.
  • When asked, most businesses choose to use cloud services because it allows them to access data anytime and anywhere. 
  • On average, US companies spend about 1/3 of their IT budget on cloud computing services. 

The clear advantage of cloud computing is that it allows you to access to an enormous storage capacity of hundreds of hard drives, making them accessible from anywhere. This data is stored in remote data centers via the internet, instead of using up the storage of a computer. You can access that information from anywhere you have internet service. Whether you are next door or across the country, data and documents are at your fingertips. Cloud computing is the latest in information technology, and it is easy for businesses large and small to get on board. 

Benefits of using the cloud

Tax professionals who use the cloud are not only syncing their firms with the latest in technology, they are overcoming a lot of challenges that would have held them back from progressing. From saving time and money to boosting productivity and maximizing client interactions, there’s no doubt that cloud computing is a necessity for your modern tax firm.

Here are just a few of the benefits that tax professionals like you can discover when using the cloud:

Saves time: One way using the cloud could save you time is that it allows for and promotes collaboration. Any number of tax professionals can use the cloud at the same time and be working on the same documents. With cloud computing, you don’t have to wait for one person to be finished with a task to start your own — you can simultaneously complete tasks and help clients. 

Saves money: Using a cloud application for services such as tax resolution and client management allows you to access exponentially more storage for a lower price than buying multiple hard drives or downloading different types of software. As another cost-benefit, cloud services are often “pay as you go,” meaning you only pay for what you use. If your practice’s needs change throughout the year, you can always increase or decrease your usage of cloud services.

Great value for the cost: Rather than buying different software for different functions, many cloud applications offer all, or most, accounting functions in the same place. Cloud applications also update periodically, so you don’t have to worry about that. Modern technology companies are committed to innovation, and you can expect new features in your cloud-based system multiple times a year, without any additional cost.

Preserves important data: Because data is stored on multiple remote servers, the information is more safe and accessible than more traditional data storage. Cloud computing is capable of so much storage and comes with features such as automatic backups and more. Your tax firm will avoid computer crashes during tax season due to a full hard drive.

Increased flexibility: Cloud computing is a time-efficient option for working with clients because client information stored in the cloud is accessible from any computer anywhere with internet. That means you don’t have to be in your office to be able to help a client with a case. For example, IRS forms can be uploaded and sent between you and your client from wherever you are. 

User-friendly: Many new cloud applications are made to be more user-friendly and more efficient than older, outdated accounting software. Many tax professionals have avoided using cloud computing because they do not have a tech-savvy background, or they worry about the security of information in the cloud. You have no reason to worry because cloud computing is trusted and used by thousands of reputable businesses across the globe.

Experience the cloud today

There are some real benefits to making the switch to cloud computing. It will make your life easier by saving you time and money. Plus, you will be able to meet clients’ needs more efficiently since the cloud is accessible from any computer anywhere with internet and no downloads are necessary. Fast, cost-efficient, safe and stable—when it comes to listing the benefits of cloud computing, there’s no limit.

If you would like to get a taste of the time and money saving benefits the cloud can offer, sign up for a demo of cloud-based, professional tax software. You’ll see for yourself why so many tax professionals are making the switch.

Take it for
a test drive.

See what’s possible with Canopy.