Deloitte Fiduciaire anticipates changing business models with the launch of unique "Cloud Accounting" service

Deloitte Fiduciaire becomes the first in Belgium to transfer the cloud computing concept to the world of financial services. Cloud Accounting Service allows SME's to manage their financings in the most efficient way.
4 October 2011

Brussels, 4 October 2011 – Deloitte Fiduciaire today announces the launch of its new service: Cloud Accounting. Through an online portal, Cloud Accounting creates business opportunities for Deloitte Fiduciaire clients, such as flexibility in staffing, administrative simplification, being less dependent on software, infrastructure and people and being able to act quickly based on accurate financial information. In short, Cloud Accounting takes accounting services to the next level, and offers accounting services in the cloud . Anticipating the changing needs of financial services and the evolution of digitization, this unique service allows Belgian SME's to adapt their business in line with the current digital business requirements. The data of the entrepreneur can also be accessed through an application on the iPhone and iPad.

SME accounting departments are undergoing several important changes, due to the fact that volatile global markets require more frequent updates on the company's financial status. Moreover, employees with in-depth financial skills are becoming scarce and technological evolutions towards electronic communication, data exchange and cloud computing are booming. Furthermore, changes in the regulatory environment with regards to e-invoicing and e-government emphasise the evolution of the accounting market to move from a conservative sector to a digital market. These trends will require a new way of doing business for SME's.

The new service Cloud Accounting is based on the concept of cloud computing. The main advantages of cloud computing are the ability to use technology in a quick, simple, generic way which is accessible from everywhere. Also the payment service (pay according to usage) is typical for cloud computing. Deloitte Fiduciaire has transferred this cloud computing idea to the world of financial services, which results in the new unique service "Cloud Accounting". It is unique, because Deloitte Fiduciaire is the first on the Belgian market to offer this accountancy service in the cloud.

Deloitte Cloud Accounting: towards more collaboration

This Cloud Accounting service consists of a portal, which gives clients access to their own website with financial data, and that is supporting the collaboration between Deloitte Fiduciaire and its clients. This portal, which is 100% secure, is based on the philosophy of collaboration: sharing of information, storage of documents and communication are the key functions. Nikolaas Tahon, Managing Director Deloitte Fiduciaire and Partner at Deloitte Belgium explains: "Our solution enables the possibility of delivering accountancy services scaled to the needs of a specific client in a simple, quick and cost-efficient way. The services offered are price transparent; the price to pay will depend on the number of transactions, and the services needed."

On their own portal, clients can prepare, share or store documents, workflows such as reports, client databases, and much more. Nikolaas Tahon adds: "The added value of cloud accounting is that it both simplifies administrative/compliance tasks such as automatic recording of invoices, and provides extra services such as reporting (e.g. overview per product/revenue). Clients have 24 hour access to their own financial data, from anywhere around the globe. In no time, clients can have an update on their financial status: their staff cost, cash flow ratio, return per product, an overview of all invoices, etc. This allows companies to organize their financial processes in the most efficient manner".

Tahon continues: "this new service is again an example of the fact that we keep our finger on the pulse of innovation: offering our SME clients the possibility to move along with the current digital trends and innovations through this new digital initiative, which will improve the organization of their financial processes."

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