Powered by MOMENTUM MEDIA
Subscribe to our newsletter SIGN UP
7 in 10 use cloud-based accounting: report

7 in 10 use cloud-based accounting: report

A new report on the role of the professional accountant has revealed 69 per cent of firms in Australia use cloud-based accounting systems.

News James Mitchell 06 November 2014
— 1 minute read

Wolters Kluwer used CapioIT, a specialist in cloud digital disruption, to independently conduct the research on its behalf. 

Advertisement
Advertisement

Three hundred interviews were undertaken with small to mid-sized accounting and tax firms in Australia.

“It is increasingly clear that leaders of enterprises large and small have begun to see the benefits of cloud within their organisation as a revolution, not an evolution,” the report found.

“Cloud ensures the agility to allow organisations to take giant steps. Put simply, cloud computing models, including accounting applications, provide the opportunity for revolution when servicing customers and stakeholders alike and to also secure a competitive advantage in the marketplace.”

The report found that 26 per cent of accountants using the cloud were located in regional centres, while the remaining 74 per cent were based in state and territory capitals.

Research into the age of cloud users found a definite age divide for cloud adoption, with 50 being the cutoff.

The report found 75 per cent of accountants under the age of 50 are currently using cloud accounting packages, but only 45 per cent of accountants over 50 are doing the same.

The average age of an accountant using the cloud is 36, while the average age of an accountant not using the cloud is 40, the report found.

“Clearly the age of the accountant is a significant factor in the uptake of cloud,” the report stated.

“The implications of this are significant and need to be managed by accounting firms and their employees.”

To help understand the “stickiness” of investment in cloud computing, CapioIT asked about the intent to increase or decrease investment in cloud computing solutions for the accounting profession.

“This is critical to understand the level of growth in the market, but it also helps to validate the overall satisfaction with cloud,” they said.

“Simply, if a firm is unhappy with their experience it is unlikely that they will continue to invest.”

The results showed 76.3 per cent of current users are “very likely” to increase their expenditure on cloud computing, while a further 19.8 per cent are “quite likely” to increase their expenditure on cloud computing.

“These two result in the startling figure that 96.1 per cent of respondents are going to increase their investment in cloud computing,” the report said.

“This is a massive validation of cloud, and highlights that the benefits of cloud computing for the accounting profession are significant.”

7 in 10 use cloud-based accounting: report
accountantsdaily logo
News

SUBMISSIONS CLOSING SOON

  • 23
    Days
  • :
  • 07
    Hours
  • :
  • 54
    Minutes
  • :
  • 01
    Seconds

Have you
started yours?

FROM THE WEB

Latest Opinions