Market Overview

Accountants Forecast Sunny Outlook for Economy, Business Prospects and Job Growth

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New Right Networks Survey of Accounting Professionals Finds Cloud
Technology Driving Productivity, Reshaping Workflow to Allow CPAs to
Deliver More Strategic Guidance and Advisory Services

There is reason to be optimistic about job growth and an upward trend in
the near-term economy, according to those assigned with keeping a close
watch on financial data. According to a new
survey
released today by Right
Networks
, accounting professionals feel confident about the
prospects for increased business growth and stability throughout their
industry and the economy as a whole. The Right Network Cloud Impact
survey polled 364 CPA firms, accounting professionals, and small
businesses about their confidence in the economy, their business
prospects, and the impact of cloud technology on their business
operations.

Cloud Technology Critical to Optimism for Future

  • In the customer sampling, 75% of the respondents using cloud storage
    and application technology indicated they are "very confident" about
    the future of accounting and their respective role in the industry.
    Another 21% said they were "moderately confident" about their future.
  • Of those responding, 40% identified as willing to embrace technology
    as "early adopters" and are committed to investing in start-of-the-art
    technology and applications, including the cloud, to deliver the
    highest level of service and value to clients.
  • With an increased confidence in the overall economy and their
    businesses, 59% of the respondents indicated they plan to hire new
    employees with six months.

Technology Allows for More Time with Clients

  • Over 63% of those responding were motivated to upgrade technology to
    either automate administrative tasks and increase productivity and
    efficiency or institute more flexible and responsive solutions for
    clients who increasingly expect an "always available" approach.
  • The survey also indicates a significant trend among accounting
    professionals toward increased strategic and consultative roles for
    clients, with cloud-based accounting solutions allowing for more
    financial and business guidance to customers. 52% of the respondents
    in the survey believe such a trend will continue in the foreseeable
    future.
  • Moreover, the cloud-based solutions are allowing accountants to work
    on the aspects of their industry they enjoy the most. Allowed to
    choose more than one answer, 67% of respondents indicated they like
    building relationships with clients, followed by advising on clients'
    business strategy, e.g., forecasting, risk management (35%) and
    engaging new business and winning clients (33%).

Accessing Data Critical to Efficiency

  • When asked to assess the top benefits of cloud-hosted solutions on a
    1-to-10 scale, accounting firm managers ranked access to customer data
    "anywhere, anytime" as the leading benefit, averaging a 6.87 out of
    10. That was followed closely by "anytime, anywhere" access to the
    solution-based software itself, which rated a 5.79. Forty-four
    respondents also rated highly (5.57) the ability to easily share data
    with applications and people who need it.

Cloud Users Feel More Prepared for Future Economic Conditions

  • More than half of the respondents pointed to accounting software when
    asked to name the most important innovation in the industry.
  • Asked to rate their confidence level in the economy compared to March
    2017, 61% of the respondents identified as "moderately confident"
    while another 32 respondents were "very confident" in the economic
    outlook.

"The findings in this survey help highlight the ever-present need in
this industry for evolving technology," said Rachel Krug, Director of
Product Marketing at Right Networks. "We are happy to see such a
promising outlook for the future, based on the accounting professionals
and CPA firms surveyed."

For more details, read the Right Networks survey here.

About Right Networks
Right Networks is the leading provider
of cloud-based accounting and business solutions for CPA firms,
accounting professionals and small to medium businesses who want to gain
all the benefits of cloud-based applications without needing to replace
what they use today. The Right Networks cloud combines advanced,
highly-available technology with 24x7x365, U.S. based phone, email and
chat support to deliver an always accessible and always there for you
service experience allowing customers to focus on growing their
businesses.

Visit https://www.rightnetworks.com/
to learn more about our solution, pricing, and available plans.

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