Accounting Technology: The trends in accounting software have affected the accounting industry in huge ways, just as modern software has affected every industry. But as we all know, in business, change is the only constant. The accounting profession has moved far beyond payroll and bookkeeping and is taking an increasingly strategic role in forward-thinking businesses. But to step into this role, an accounting advisory firm needs to embrace digital transformation. To stay ahead of the competition, you need to set goals for your digital transformation and define a plan. With accounting advisory services, speed equals value.
Benefits of a Tech-Savvy Firm
Moving your accounting advisory firm into the digital age brings many benefits to your clients and your staff. Here are some of those benefits:
- Advanced and value-added service: Digital transformation of your organization allows you to create new services that were untenable before the change.
- Increased productivity: By automating accounting processes, providing real-time access to accurate information, and reducing administration, the entire accounting operation becomes more efficient, helping boost the efficiency of the entire organization.
- Efficient and flexible work environment: With cloud-based solutions, you can hire employees anywhere in the world who can work any time of day.
- 24/7 availability: By using cloud solutions for your accounting dashboards and software, you no longer limit the workday to the hours when the office is open.
- Better work culture: By automating repetitive, manual tasks, you can free up your staff to focus on more rewarding activities that add value to your business.
- Improved client relationships: Cloud-based, automated accounting solutions give your clients the same 24/7 availability, and the value you add with your accounting advisory services will be noticed.
Cloud-based accounting software was once feared. It was thought it might steal jobs from bookkeepers and accountants. But so far, the only firms that have experienced a bad outcome from cloud-based accounting are those that haven’t adopted it. Accounting firms that have embraced this now not-so-new technology are dominating the market. Accounting technology is not replacing accountants. It is only replacing those firms that have not adopted it.
A good first step to digital transformation is exploring the cloud-based accounting platforms on the market, like QuickBooks, Xero, Sage, and Intacct. Once you find a solution that fits your needs, train your staff to use it so they can reap all of its benefits. Here are some benefits of a cloud-based accounting system:
- Fewer administration tasks
- Software is always up to date
- Tax prep
- Paperless and eco-friendly
- Improved accuracy
- A single source of truth
- Real-time reporting
- Integration with new and existing systems
- Secure accounting
According to an Accounting Today survey, 90% of business failures occur because of financial management. Chances are that many of these failures could have been prevented with the right insights at the right time. These are the type of insights that accounting business intelligence software like PathQuest BI will bring to your advisory firm and your clients.
Once you have decided on a cloud-based accounting solution, the next step is to integrate accounting business intelligence software that will take your business from a traditional accounting firm to an accounting advisory services business that provides irreplaceable value to your clients.
PathQuest BI will give your business:
- Customized performance dashboards and accounting dashboards to organize all of your data on one screen
- Consolidated financials to measure business competence and adaptability
- Custom fields and dimensions to drill down financial data based on location, department, and class
- Detailed financial performance analytics of business revenue, gross profit, net profit, compliances, and trends
- Mobile access with apps for both iOS and Android devices
- Entity reporting with an unlimited number of individuals, locations, groups, companies, and franchises
- Smart KPIs based on data rather than guesswork
Build an Ecosystem for Automation
Once you’ve found the best mix of technology that fits the model of your advisory firm, you can automate many of the tedious tasks of the past, freeing up your team for more important tasks and delivering value to your clients quicker than ever before. Once your technology lives in the cloud, you can scale your business as needed by hiring additional team members or an accounting outsourcing team because now anyone who needs access can get it anywhere in the world and at any time of day.
Embracing digital transformation will create a better work culture, free up time for advanced and value-added services, and allow your business to focus on client needs and relationships. Don’t you think it’s time to grow your firm with the perfect mix of technology and people? Let us show you how.