Accountants help companies run their businesses more efficiently.
Automation tools, on the other hand, help accountants become more effective and efficient with their jobs, which, in turn, further help clients achieve success.
In this modern era, automation tools can mean the difference between being able to deliver value to clients and getting stuck with conventional practices that hinder growth. Automating manual, transactional tasks is essential to accountants because it frees up their time, allowing them to focus their attention to tasks that have more impact on the business, like providing financial advice.
Non-core administrative tasks, like data collection, while important to the workflow, can be automated. These are time-consuming processes. Any task that takes too much of your time can negatively impact your productivity. Consequently, you will not be able to provide the much-needed value your client deserves.
According to a presentation by Hubdoc, a document collection and management software, advisors spend 24% of their time collecting document from clients. That is a significant amount of time wasted. Imagine how much you can achieve by talking to a client over the phone or in person with that amount of time. Spending that much time chasing documents from clients, you are pulled away from providing additional value to your client.
What are the benefits of automating data collection?
- Frees up your time
- Improves client relationship
- Data is secured in one location
- Easier data management
- Integration to other online platforms
Automation is transformational. It makes your work so much easier because there’s less time to worry about your client’s financial activities. Simplifying the process also simplifies your life. It reduces the stress of having to sort out tons of disorganised receipts and transaction records from your client. It eliminates the need to chase documents and manually enter data.
When choosing a document management software, it is important to consider the following:
- Security of data. Cloud accounting provides a secure way to manage files but it is recommended to ensure the software you’re going to use has enough security measures to ensure client’s data remains confidential. Hubdoc has a multiple-layer security which includes login security, third party verification, encryption, data center security and “read-only” data separation.
- Easy access for everyone. Both you and the client must be able to easily access real-time data.
- Easy onboarding. Setup should be a simple, one-time process.
- Easy integration to other platforms. You’re likely using other software in your practice, so the tool you’d be using must integrate easily with the current ones you’re using.
- Data backup. It must also allow easy, automatic backup of data and must easily sync to your accounting software.
Automating document collection is critical to providing services in an efficient and effective manner. Consider the full range of potential benefits and its relevance to your business and your readiness to take the plunge. Hubdoc can simplify things for you.
It can turn paperwork into data that’s easily usable. It’s like having your own personal assistant: no more filing and data entry. That way, you’ll free up time and focus more on revenue-generating tasks.
Matt Bunston, Hubdoc’s Country Manager, recently joined The Outsourced Accountant’s CEO Nick Sinclair in a webinar about utilising cloud technology. Listen to the webinar here.
If you want to learn how you can scale your business and improve workflow, download our ebook here.
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