Curious to quickly know whether you would be a good match for a cloud accounting firm or whether you're better off with your current offering?
After speaking to hundreds of business owners over the past 3 years, we're able to pretty easily spot who would be a good fit for a cloud accounting firm and who would be better served elsewhere.
Previously, we wrote about why you would choose a cloud accounting firm over the more traditional guys. The article that you're reading today is more about whether you as a business owner might be well suited for a more modern accounting offering. I always tell business owners that I'm first speaking with that not everyone is a good fit for us, as an example, due to the non-conventional way that we work.
If you identify with the items below, then that's a sure shot sign that you would mesh well with a cloud accounting firm.
1) You crave good, fast communication
Accounting firms that operate virtually are very technology oriented. Since they work in the cloud, they need to be proficient with a variety of different apps and technologies otherwise their business would cease to exist. People working in these firms are therefore more technology oriented and generally "always connected". They're the type of people that answer emails as soon as they get them, rather than waiting days or weeks. Because of this constant connectedness, you can expect pretty speedy response time with an online accounting firm.
On top of that, when you work with customers remotely 100% of the time and when you can't rely on face-to-face meetings, we need to ensure communication is exceptionally clear. We (and I'm sure most others) test for this during our interview processes. If emails cannot be clearly formulated & structured, for example, and if we can sense that the candidate is not able to communicate crystal clearly, then we unfortunately need to pass on that candidate. Yes, the same is true for just about any other business out there, but when working remotely, clear communication is doubly important.
So if you're the type of person that needs emails answer quickly and crystal clear lines of communication, you'll often find that with a cloud accounting firm.
2) You value data and transparency
If you're the type of person that needs to have the full picture before making a decision, then cloud accounting lends itself well to this. Cloud accounting firms obviously need to be using cloud accounting software. Cloud accounting software allows you to connect to your data whenever you want to. On top of that, some of them allow you to see a full audit log of who did what and when. So not only will you be able to your data whenever you want, but you'll also be able to see who's doing what in the books and when very easily.
Firms that operate in the cloud have a different way of working with their customers. It's a relationship that typically has a lot more touch points since you're both connected to the same financial data more readily. As a result of this and the changing landscape in accounting technology, you see cloud firms that are looking to inch closer and closer to getting you real-time data.
It might seem obvious to you that having data at your disposal is important for any business owner. But for some, this actually isn't that important to them. Some, with businesses that have respectable sales, don't even look at their numbers. They don't look at the data. Don't ask me how they operate a business, but some just don't care about this side of things.
But if you're the type that needs to have their financial data at their fingertips and one that needs to work with a firm that understands that getting you timely data is important, then a cloud accounting firm might be something that you'd mesh well with.
3) You experiment, you're open to new things and you embrace change
Meeting with your accounting professionals has typically been something that people do in-person. Some people feel that receiving good advice and having productive discussions can only be provided when a group of people are in the very same room together.
Not true I say.
We're living proof that there is absolutely no need to physically be in the same room to deliver quality accounting services. Some people can't get over this though. But others are willing to take the leap and try it out. It may not be the way they are used to working, but they're willing to try new things and experiment.
In fact, working remotely is just 1 component to what an online accounting firm needs to do to provide you with a superior experience. A complete remodeling of your accounting process is generally required in order to achieve a way to handle your accounting in a more streamlined and automated fashion. But none of this is possible if the business is not onboard with being open to change.
If you like to experiment and like to try new things (with the goal of improvement), then you'll be open to what more modern firms are looking to achieve for your accounting processes.
Think you're a good match?
There's no right or wrong answer. Some are well suited to work in that manner and others would prefer to drive down to their accountant's office to review things in-person. These 3 business owner quirks listed above might seem obvious for you as a business owner, but not everybody thinks that way. I "meet" (online that is!) a lot of business owners that aren't alligned with any of the items listed above. If the 3 traits above resonate with you, then there's a good chance that you're ready for a more modern accounting offering that's in line with your personality.
About Xen Accounting
Xen Accounting is a 100% virtual, fully paperless, online accounting service designed for small businesses in the digital age. We combine cool apps with virtual accountants in order to provide a pain-free accounting service for those that we work with
Since 2013, Xen Accounting has been recognized as a thought leader when it comes to providing modern accounting services to small businesses across Canada. Featured continuously in the press for our forward-thinking approach, selected as 1 of 9 members on Intuit’s 2015 Accountant Council and becoming the first accounting firm in Canada to accept bitcoins as payment, Xen Accounting is constantly looking to break the mold of what an accounting firm should look like in the digital age.
For more information, please check out www.xenaccounting.com or our Twitter handle @XenAccounting.
To apply, please send resumes to [email protected]