If you are not constantly enhancing your workflows using cloud based tools and technology, you really need to take a review time-out!

Here is why:

A survey we sent out to a pool of 150 practices last year had 69% of the audience responded that they are merely aware of the tools and not sure how it really helps or adds value to their practice.

This is what the future looks like for cloud technology (add-ons and tools):

A Goldman Sachs study has established that spending on cloud computing infrastructure and platforms will grow at a 30% CAGR from 2013 through 2018 compared with 5% growth for the overall enterprise IT. Click Here for any further information information about the study.

Cisco released the findings of a global study conducted in 2015 that indicates cloud is moving into a second wave of adoption, with companies no longer focusing just on efficiency and reduced costs, but rather looking to cloud as a platform to fuel innovation, growth and disruption. The study further revealed economic benefits that the more mature(Mature refers to companies that are in the repeatable, managed, and optimized’ stage of cloud adoption) cloud organizations are realizing.

Organizations studied are gaining an average of $1.6 million in additional revenue per application deployed on private or public cloud. They are also achieving $1.2 million in cost reduction per cloud-based application. The study also finds that 53 percent of companies expect the cloud to drive increased revenue over the next two years.
Unfortunately, this will be challenging for many companies as only 1 percent of organizations have optimized cloud strategies in place while 32 percent have no cloud strategy at all.

What’s more Australia has just 19%  mature cloud adoption (Mature refers to companies that are in the repeatable, managed, and optimized’ stage of cloud adoption). The future is upon us, but based on the above findings, it is clear that we are not prepared for it.

How to better prepare for the future :

Xero Global Vice President of Education and USA Head of Accounting, Amy Vetter, recently sat down on  an episode of Grow My Accounting Practice Podcast. She said “[It’s about] steadily working toward a plan and having milestones that you’re trying to achieve along the way.” She also said “It’s not taking what you have today and duplicating it, it’s taking what you have today and enhancing it for the future.” For the firms that have not adapted the cloud or the ones who do not have a cloud strategy Vetter recommends putting a framework in place to keep the ship steady during the move.

What does that mean?

It means that you need to take the time off right now and sit down with  Tools and Add-Ons Advisors and chart out a strategy and a framework that is built with the sole purpose of not just surviving but thriving in the future. You can easily educate yourself on emerging tools and the add on ecosystem if you invest the time. But what would you prefer – teaming up with advisors who can achieve it faster for you while you focus on  becoming better business advisors to your clients OR DIY?