accounting technology pushing firms to success

Accounting Technology: Pushing Firms To Success

3-minute read

 

Accounting technology can push accounting firms’ productivity and, in the long run, enhance efficiency and boost client loyalty.

Automation tools that take care of tasks like double entry accounting, payroll, inventory tracking, document management, and reporting, among others, can free up time so you can focus on clients.

Accounting Technology To Increase Productivity

Forward-thinking accountants know the importance of these apps in improving productivity. Most professionals are buried in low-impact tasks that leave them with little to no time for client-facing tasks. According to data we’ve obtained from a previous webinar, handling emails and calls are the main productivity blockers for accountants.

 

Double profits - accountants buried in workflow

 

These professionals believe low-impact tasks, which include calendar management and reporting, keep them from doing the things they should be doing. Many accountants focus their time and effort on the wrong things, making them unproductive.

While these are also important aspects of the accounting profession, these can be either delegated to another person or automated. That way, you can concentrate on checking up on clients and providing financial advice.

Improving Client Experience Through Technology

Ideally, accountants should focus more on dealing with clients because this is what benefits revenue. Client expectations are evolving and they want you to become more proactive, meaning they want regular communication (i.e. phone calls, meetings, etc.) so they can raise any issue, get updates, or simply establish a relationship.

More than anything, clients want to know that you prioritise their needs. By switching to the cloud and using accounting apps, you can have access to data 24/7. Anytime the client asks for something, you should be able to retrieve the needed information regardless of time and your location. Addressing this kind of concern promptly is one way of showing your clients you value their business.

This can boost client experience.

Grooming You To Become The Trusted Advisor

Aside from expediting certain processes, accounting technology can assist in establishing trust between you and the client. Automation tools provide lots of opportunities for accountants to engage directly with clients.

Embracing technology can improve communication rhythms. These days, distributed workforces can collaborate with ease through communication/collaboration apps like GoToMeeting, Skype, Slack and Trello.

Clear communication lines are vital in creating a strong relationship where accountants are viewed as the trusted advisor.

 


Are There Too Many Apps?

There is no question about the benefits of using accounting technology. We’ve seen how they improved processes and workflows and, more importantly, freed up accountants’ time. But is it possible to have too many apps?

In an article published on Accountants Daily, Fleur Telford, enterprise director at KPMG, said that the huge number of apps available in the market can be counterproductive. Telford noted that people are starting to get overwhelmed by choosing the right tools for their businesses.

There is also the skepticism about longevity. According to Telford, a number of products being developed don’t pass the start-up phase, meaning they don’t last long.

However, there’s data that supports the idea that people find automation beneficial. In a survey conducted by a cloud accounting provider showed that 96% of accountants think positively about automation. They think that automation can help with their day-to-day operation.

The results show that automation can take accountants from being “number-crunchers” to real-time, proactive accountants.

Conclusion

Accounting technology has done a tremendous amount of help for accountants. As a huge enabler for offshoring, technology has made it possible for us to slash the time spent on low-impact tasks that keep us from focusing on client-facing, revenue-generating tasks.

Obtaining accurate data quickly and conveniently. Generating reports has also become easier and protecting client data became more reliable. Ultimately, using automation tools increased productivity, enhanced efficiency, and boosted client satisfaction.

 

Get the latest accounting industry updates in your inbox. Subscribe to The Ledger blog now.  Or listen to our podcast series, The Offshore Accountant for first-hand stories on offshoring journey.

 


Looking to scale your business by getting the right people to do specific roles? Call our global offshoring specialists at 1300 896 522 or click here to download our blueprint on how to build a global accounting team.


Related Posts:

avatar

The Outsourced Accountant

The Outsourced Accountant official writer