One of the biggest and most exciting developments, both for people in the accountancy profession and customers of its services, is the growth in use of cloud accounting software. The sort of functionality this provides was not even a consideration just a few years ago but some of the pioneering software in this area, such as that provided by Xero and Freeagent, has fast become absolutely key to the world of accountancy.

This is no niche movement, either. Anyone nervous about implementing cloud software should take note that the Big Four are already on board and enjoying significant benefits. KPMG, for example, has introduced KPMGenterprise to support small businesses, while PwC has launched their own My Financepartner.

So what exactly does cloud software do?

In simplest terms, it enables you to access your data from anywhere. Couple this with mobile technology and the ability for two or more people to work simultaneously, but remotely, with the same data, and the traditional office set-up quickly starts to look like a relic of the past. Working from home, on the move, and anywhere across the globe is possible and getting easier by the day thanks to specialists in this area quickly responding to the specific needs of the most ambitious accountancy firms.

It is such a seismic shift that you can be forgiven for being cautious. For an industry steeped in tradition and that relies so heavily on finely-honed processes, it is only natural that people may be reluctant to let these things go. That said, potential concerns around things like security, reliability and the need for a whole new way of working are regularly being addressed as trusted partner companies like Xero and FreeAgent are continually improving the functionality of their products and combining accountancy services with their cloud software solutions.

Taking all this into account, it is fair to say that anyone who wants to stay relevant and competitive in this rapidly evolving market needs to make sure they are making the most of cloud accountancy software because experts in this particular field are increasingly being looked at as the future of the profession.