Accounting Technology Proven To Improve Efficiency
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Accounting Technology Proven To Improve Efficiency

The “pursuit of efficiency” could be a lifelong quest for many accountants.

Compliance work can pose challenges because it consumes a significant amount of time which deprives most accountants of the opportunity to spend more time with clients.

But with the help of technology, these inefficiencies can be taken care of. Automation has streamlined workflows and allowed firms to accomplish more in less time. Accountants are able to free up time and focus on more revenue-generated tasks.

Watch how one of our clients was able to improve process efficiency by utilising technology.

 

Technology As An Enabler For Offshoring

Technology is a huge enabler in offshoring. Innovations in the tech industry has made it possible for professionals, like accountants, to streamline processes through automation. It has also paved the way for distributed workforces and allowed remote work so accountants can provide services regardless of their current location.

Utilising technology for your accounting practice offers the following benefits:

What is the impact of cloud technology on outsourcing?

 

 

But there’s one problem: not all firms are leveraging technology. Most CEOs, based on one of our previous webinars, are not involved with the tools available for their firms.

Listen to our webinar on Essential Cloud Technology here.

How do you make the most of technology?

 

Technology Makes Things Easy

Thanks to technology, accountants can have more time for client-facing tasks without compromising compliance. Tools allow them to manage documents, emails and even reporting efficiently.

There’s one potential problem, however.

Technology, according to author Rob Nixon, is “dumbing down accountants” because:

  • Team members no longer think about the situation of their clients
  • There is less real communication with the clients

Its impact on the accounting practice has more to do with the accountants’ total reliance on technology instead of using it to complement their practice. A good example would be sending work via email instead of giving the client a call.

Some make the mistake of sending documents electronically instead of personally bringing them to clients for their signature. While the former sounds more convenient, imagine the opportunity lost if you just email stuff to your clients.

A call or personal visit can provide you with valuable time to discuss important matters. Face-to-face interactions will give you the chance to ask questions, clarify concerns and discover new opportunities, like finding another project.

Technology Helps You Become A Real Time Accountant

Taking advantage of available technology will help you become a real time accountant who is effective in achieving the following:

  • Focus more on business advisory
  • Constantly offer something new
  • Create and follow up on opportunities
  • Make time for regular client visits

Accounting Technology_Nick quote

Technology Must Enhance Client Experience

What accountants need to understand is that technology must be used to enhance client experience and not diminish it. Fully relying on tools will not help you fix inefficiencies. The key term here is “enhance” and not “replace.”

Check out the following tips:

  • Encourage clients to switch to cloud accounting to have access to real time data
  • Match products with your client’s needs
  • Align with more than one service provider

Conclusion

Technology has been a huge enabler for offshoring. Because of it, accountants are able to get more work done in less time. Automation has allowed for more accurate and efficient reporting, which allows accountants to provide better services.

Using the right technology for your accounting practice can bring:

However, technology may cause some issues because it “dumbs down accountants.” Accountants should stop fully relying on tools and, instead, use them to enhance client experience by becoming real time accountants.


If you want to learn other effective ways to scale your business and improve workflow, download our ebook here.

How you manage your team can greatly influence company growth. If you are experiencing capacity restraints and looking to efficiently handle your team —call our offshoring specialists today at 1300 896 522.


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