Cloud technology for accountants has been around for over a decade, but with working from home becoming the norm amid the pandemic it has become an essential component for individuals in wildly different locations to be able to work together in real time.
Unsurprisingly, the global market size for cloud accounting software is expected to hit $4.25bn by the end of 2023, according to Flexi. Given all this, accountants and their clients are examining what they need from cloud-based solutions to help them address the challenges they face and to address future trends across the industry.
“Firms are looking for cloud technology to streamline and simplify their IT,” says David Lyford-Smith, Technical Manager of the Institute of Chartered Accountants in England and Wales (ICAEW), which has produced a series of guides to cloud technology for its members. “They want to be able to grow easily and expand their technology as needed, particularly at the moment when firms want to support re