The new research survey, “Can the accounting profession keep up with clients and the cloud”, which was aimed at both accountants and SMEs on cloud accounting packages, found just 5.6 per cent of SMEs consider price a key driver of cloud investment.
In addition, the research found over 96 per cent of Australian SMEs also intend to increase expenditure in the near future as they embrace digital disruption.
Daniel Wyner, head of strategy for the accounting professionals unit at Wolters Kluwer in Australia, said this level of investment offers opportunities for accountants to help their clients transition to the cloud.
“With cloud accounting expenditure forecast to increase a staggering 96 per cent for SMEs it is important that they and their accountants align to identify the business issues and benefits that can be achieved,” he said.
“This survey underscores the need for professional accountants to be fully informed on how to advise on cloud outcomes, as well as the importance of not delaying this decision.”
Wolters Kluwer Asia Pacific chief executive, Russell Evans said the findings revealed the impact of the cloud and its benefits for both SMEs and the accounting profession.
“The aim is to provide more clarity about the value of SMEs and professional accounting practices working together more closely to harness digital disruption trends and deliver distinct competitive advantages via cloud in the marketplace.”
Other findings from the research included:
• 7 out of 10 accounting firms use a cloud-based cloud application with their clients
• 60 per cent of accounting firms in regional areas are using cloud-based accounting applications with their clients
• 72 per cent of accounting firms in urban areas are using cloud-based accounting applications with their clients
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