Certifications are not a new thing in the accounting industry. However, with new technology trends, accounting departments are faced with the challenge of taking courses in technology in order to carry out their tasks. Many businesses are ditching desktop-based accounting software and turning to cloud-based software. This requires that the users be well-versed with necessary skills to use the cloud accounting solution.
What is Cloud Accounting?
Among the cloud-based solutions that businesses have adapted is cloud accounting. Cloud accounting has all the functionalities of desktop accounting. However, in cloud accounting all processes are carried out online where the data is stored on cloud servers.
Cloud accounting offers businesses various benefits, such as the ability to access the system anytime and from anywhere as long as there is internet access. It also offers access to real-time information, online payments, latest software versions, easier compliance and scalability, among others. At the same time, cloud accounting solutions also allow remote working.
As businesses strive to gain from the benefits offered by cloud accounting solutions, a new challenge arises: lack of skilled employees. Hence the need to upskill.
Why it is Important to Have Cloud Accounting Certification
As cloud accounting becomes highly adopted, there is no doubt that there will be an increase in demand for certification for individuals as well as for organizations.
For individuals, this is important as it will indicate they have the competence to use the cloud accounting software. This is an added advantage to retaining a job or for individuals looking to take up jobs in the accounting field. Employers also could look for certification as proof that an employee already has skills on the type of cloud systems the business uses.
A certified employee will be able to set up the initial business data on a cloud accounting system. They also will know how to handle daily transactions online such as payments, receipts, and invoices, among other tasks. Other important transactions handled by cloud accounting solutions include bank reconciliations, reporting, payroll administration, and budgeting.
Since cloud accounting uses advanced technology like artificial intelligence, the employees will acquire more advanced skills, including financial analysis and cash flow forecasting.
Certified employees will have a better understanding of security levels in the cloud, considering that security is one of the most important issues to businesses.
Apart from learning new skills, certification will enhance workplace performance, as users will be required to complete courses and exams before getting certified.
Again, employees who upskill are less likely to worry about being replaced and, in any case, new knowledge gives employees a chance to negotiate higher pay.
When it comes to businesses, having certified employees means that they can handle projects or tasks successfully as they have a common understanding of cloud accounting systems. This ensures a business of efficiency and reduced operational costs as it can implement a standardized system. Furthermore, customers prefer working with qualified professionals – and this can be demonstrated through certification.
Since cloud computing is a core competency for businesses today, a certification is not only suitable for bookkeepers and accountants, but also for business owners, managers, CFOs and anyone who will be using cloud accounting solutions.
And with trends such as remote accounting and cloud-based accounting services, the certification helps to become future-ready.
The benefits offered by cloud accounting promise to transform the accounting industry through bookkeeping efficiency and streamlined financial administration, as well as provide real-time information. However, the success of these cloud-based systems depends on the users having the appropriate skills. As new technologies emerge, there is a fear of been replaced. But by upskilling, businesses can attend to clients while employees not only get to retain their jobs, but also offer more value.