A New Dawn in Accounting Practice Management: The Kloud Connect Vision

In the accounting industry, innovation can often feel like a slow-moving ship. I’ve witnessed the landscape evolve over two decades. I’ve navigated through roles from the ground up, ranging from an auditor to a founder, and every step has revealed a consistent truth: the needle on technology in accounting practice management has barely moved.

Joining Kloud Connect wasn’t just a career decision; it was a step towards actualizing a dream. A dream of challenging the status quo and pushing the boundaries of what we accept as the norm in practice management. It’s time for a revolution, and Kloud Connect is at the forefront, armed with a punk-like attitude to make significant strides where others have tread lightly.

Our industry faces unprecedented changes – from the shift towards remote work to the decreasing number of new entrants into the accounting and financial services professions.

• Accountants are moving from public practice to commercial accounting.

• We are seeing a reduction in profitability because of this changing workforce; margins are decreasing and revenue per FTE is going the same way.

• New services have emerged, but firms struggle to grow the skillsets to support them.

• There has been an explosion of technology and it has created a two-speed economy – the adopters and the work harders. The adopters are utilising data services to make better and more timely decisions and AI has captured everyone’s imagination.

Change is hard! And only marginally better when it is getting inflicted on someone else.  Changing Practice Management systems is akin to moving house, no one likes it, but there is a sigh of relief when it is done.  Well, there is, if you made the right decision!

Let me map out the future of practice management for you. The way I see it.

We envision a world where practice management becomes an invisible force – seamlessly integrated into your daily operations, providing information and insights exactly when and how you need them.

Imagine automatic timesheets, a focus on client relationships rather than administrative tasks, and a system where your team is engaged and informed. Imagine data-enabled tools designed to streamline workflows, connect systems, and enhance productivity and efficiency.

This is not a fantasy; it’s the future we are building at Kloud Connect.

While we dream big, we also deliver now. Kloud Connect is cloud-based, offering comprehensive client and CRM capabilities, time and billing management, jobs and workflow optimization, capacity planning, document management, and, most crucially, data analytics and reporting.

We are able to match and beat capabilities in the market like multi-entity billing, holistic reporting with full access to your data, capacity planning, client management and integrations with other tools. Our platform is designed to scale, from small firms to large organizations, providing the flexibility and depth of data access that modern practices demand.

But these features, as impressive as they are, represent just the beginning. All of these features should be part of every system on the market, the sad reality is that it is not.  The sad reality is that there is a considerable percentage of systems that are not helping move the needle, and therefore not helping you build a better practice.