Futurist David Henderson recently warned that CPAs are falling behind other financial advisers when it comes to embracing new technology, specifically in using cloud integration: “Up until 2014, only 18% of CPAs were involved in caching their clients financial information in the cloud. This was mostly because of the unclear concept of how the cloud works, and concern over security issues. CPAs were assuming that cloud-based storage might not become standardized. But the hard trend is that today over 85% of all financial information in the United States is stored in the cloud.”
He goes on to note that over 80% of banks and credit unions are now using cloud storage.
Recent surveys suggest that the percentage of CPAs now committed to cloud storage hovers around 60 percent.