Cloud Accounting Software Saves up to 10 Hours a Week for 88% of Accountants

Almost 88 percent of accountants are able to save up to 10 hours a week using cloud accounting software instead of legacy-based applications, according to a survey conducted by Chennai-headquartered Zoho Corporation. The survey revealed that more than 85 percent of chartered accountants were able to provide more advisory services because of the time saved on performing crucial accounting tasks.

In addition to accounting experts, the company conducted a secondary survey of Zoho Books users to better understand the advantages that come with adopting online accounting software for businesses. Unsurprisingly, 75 percent of the companies used Zoho Books to increase cash flow, automatically follow up with clients, and collect payments on time. In 2021, Zoho Books, one of the top five products driving the company’s growth in India, saw an 81 percent annual growth rate.

The results revealed the following benefits for 150 CAs surveyed:

Increased productivity: According to 88 percent of respondents, cloud accounting solutions enable them to save up to 10 hours per week in comparison to conventional accounting practices.

Compliance readiness: According to 89 percent of respondents, cloud accounting solutions help enterprises and their own companies comply with local tax and regulatory standards.

Increase in value-added services: More than 85 percent of respondents said that cloud accounting solutions assist them in carrying out necessary accounting duties, giving them more time to provide advisory services to their clients.

Improved collaboration: According to 85 percent of the CAs polled, cloud accounting systems have made it easier for them to collaborate in real-time with customers and finance departments.

Benefits to 350 business owners surveyed:

Improvement in cash flow: With the help of Zoho Books, 75 percent of the firms were able to receive payments on time, follow up with clients automatically, and increase cash flow.

Real-time visibility: Due to the real-time visibility and business insights provided by Zoho Books, 85 percent of the organizations were able to improve their performance.

Improved business performance: After utilizing Zoho Books, 70 percent of the companies saw an increase in revenue of up to 40 percent year over year.

Automation and time savings: 85 percent of the organizations discovered they could save up to 10 hours per week, while the remaining 15 percent could save more than 10 hours when using Zoho Books instead of a more conventional choice like a legacy-based system.