Over the last 20 years, technological advancements have had a huge impact on the way accountancy is practiced; the days of paper ledgers, calculators, and shoeboxes of receipts are long gone (hopefully!). Technology and automation may be extremely beneficial to businesses in terms of streamlining procedures, attracting consumers, and enabling expansion. However, because there are so many choices available, it can be tough to know where to begin.
When contemplating investing in new technology, be clear about its purpose: will it improve employee or customer experience, save time, lower expenses, or generate revenue, or will it help you be more agile and responsive to changing markets and needs? If it does any of these things, it will help your business grow and likely be a useful investment.
Technology
Technology plays a critical role in assisting businesses in growing in a way that guarantees clients receive the quality and experience they've come to expect.
One area in which technology can particularly help is with decision making, by investing in tools that enable you to see an accurate picture of where your firm is in real-time, how the financials are looking, or whether client numbers are growing or declining. Is now the time to expand an office, embark on a new marketing campaign or hire new additions to the team? The right technology can provide you with all the information you need to make an informed decision.
Another benefit of technology and automation is the ability to become more agile. Responding to change and remaining current, whether in terms of the services you provide or how you provide them, will allow you to better fulfill the needs of your clients. This, in turn, should lead to more satisfied customers and, as a result, more profit. By automating corporate procedures like communications and customer support, technology can also assist the bottom line. This frees you up to focus on the tasks that will propel your business forward rather than becoming bogged down in paperwork.
The importance of technology in the security landscape should not be disregarded. The safety and security of customer data are critical to any firm's reputation, and few businesses would survive a major data breach, so make sure your digital systems are adequately safeguarded.
Five tools to help run your business
When it comes to investing in technology and automation, there are five major areas where it can make a significant difference.
Communication and Collaboration
Being able to communicate successfully with clients and colleagues when we're not in the same room is critical, as we've seen over the last year or two. People in your company can chat, call, and share files much more easily with an easy-to-use, adaptable platform like Microsoft Teams, Slack, or Zoom. This not only makes it easier to communicate with clients but also improves communication among employees, ensuring that everyone is aware of critical goals and areas of attention. Furthermore, depending on the package you have, these platforms could be a significant marketing tool for business, allowing you to hold webinars to attract new clients or virtual meetings with existing ones.
Project Management
Accountancy firms can profit greatly from project management software since it gives them a clear, accurate picture of individual projects or client accounts. Even when working on many projects with various individuals, project management software allows colleagues to define goals, track progress, manage timetables, and spot delays, even when working across multiple projects with multiple people.
Asana, ClickUp, Monday.com, and Trello are all popular solutions for small businesses, with free versions available depending on your needs. Whichever you choose, look for intuitive, easy-to-use platforms that allow you to assign tasks, set deadlines, search, share information, and chat for ultimate user uptake.
FP&A
Companies of all sizes need FP&A solutions to manage revenue, expenses, and cash flows, measure actuals against forecasts, create financial statements, and provide the C-Suite or Board of Directors the data analysis necessary to set company direction, establish goals, monitor results, and grow profitably. The accuracy and transparency of data are important success factors, which is why more companies rely on FP&A software to gather data, perform calculations, and create reports.
If you aren’t currently utilizing FP&A at your business, you may be missing out on significant financial insights that would allow you to better plan your financial activity from HR to operations. FP&A has become a crucial part of operating efficient financial practices and isn’t going away anytime soon. Board, DataRails, and Oracle are some cutting-edge solutions in the industry that are aiding teams in streamlining, automating, and improving the accuracy and efficacy of tactical and strategic initiatives.
Customer Relationship Management (CRM)
Customer relationship management (CRM) software is used to manage contacts with clients and future clients, ensuring that they have a positive experience at all times. Customer service will be more accurate and effective as a result of digitization, which will help to increase client loyalty. In this field, Hubspot and Salesforce are two well-known tools. For accountants, Hubspot, for example, can be handy because it allows you to create as many user-defined fields as you need. This could include VAT registration information, company year-end information, and other customized elements that will assist you better satisfying the demands of that particular client. It also allows anybody in the firm to see all of the client's information, resulting in a more personalized and streamlined experience across all touchpoints.
Cloud Storage
Rather than storing your data and apps on office servers, opting to keep them on remote servers and access them over the internet can help you save time and money by allowing you to access your data from any location with an internet connection, regardless of device. There are some free choices to get you started, but depending on how much storage you require, you can expect to spend at least a few dollars every month. OneDrive, DropBox, and iCloud are all viable options.
Conclusion
These are just a few examples of how accounting firms might automate and streamline their services. To figure out which is best for your company, look at your present procedures and determine where there are concerns, delays, or growth bottlenecks. All of these issues can be solved with the correct technology, which will almost certainly improve the customer experience as well.
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