88% of accountants save 10 hrs per week using cloud accounting software: survey

About 88 per cent of accountants have said that cloud accounting solutions help them save up to 10 hours per week compared to traditional methods of accounting, resulting in enhanced efficiency.

Zoho Corp, the Chennai-based global technology company, has shared the findings of a survey it conducted to learn why accountants and financial advisors should use cloud accounting software rather than legacy-based applications.

"It is vital for businesses and accountants to have a comprehensive solution that will automate many of their key accounting functions, streamline finance processes, and improve efficiency," said Sivaramakrishnan Iswaran, Global Head - Zoho Finance and Operations Suite.

The company surveyed 150 Chartered Accountants (CA) in November 2022 who had registered for the WCOA (World Congress of Accountants).

About 89 per cent of the respondents said cloud accounting solutions solve the challenges in complying with regional tax and regulatory laws for businesses and their own firms, according to the survey.

More than 85 per cent of the respondents stated that cloud accounting solutions help them in performing essential accounting tasks.

Nearly, 85 per cent of the CAs surveyed believe that cloud accounting solutions improved collaboration and help them work with clients and finance teams in real time.