Younger SME owners want cloud accounting services

Younger SME owners want cloud accounting services

Next generation of SMEs want online accounting services, according to CCH survey

YOUNGER small business owners would consider changing their accountant if they fail to offer cloud-based services.

A survey of owner-managers in small businesses in Australia found that more than half (52%) would consider replacing their non- cloud based accountant – a figure that climbed to 72% for SME owners aged between 18 and 34.

Two-thirds of the SMEs would consider taking on some of the services provided by their accountant through the delivery of business applications and data storage online.

The CCH survey also found 23% of accounting advisers have moved to cloud-based systems to manage clients’ accounts.

CEO of Wolters Kluwer Asia Pacific, Russell Evans, said: “It suggests a business-as-usual approach is not really an option for accounting firms. Their SME clients are saying they want to move down the cloud path and many will do so without their existing accountants if need be.

“And the impulse toward the cloud among younger business owners is even stronger, suggesting accounting firms risk losing a whole new generation of SME clients if they fail to act.”

Accountants cited as considering moving their offerings through cloud-based technology cited the ability to access client data from multiple locations, and lower overall costs.
The research surveyed 1,000 Australian SME owners and 212 accounting practitioners.

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