Technology for accountants: a competitive advantage It wasn’t so long ago that the majority of an accounting firm’s revenue was generated through end-of-year services and tax compliance. Today’s economic conditions and the ever-growing trend of outsourcing has meant that compliance work has become a race to the bottom with jobs awarded to the lowest bidder.

go here This kind of undercutting has slashed the profit margins on compliance work and is forcing firms to look to other revenue streams. Some accounting firms are starting to re-evaluate their business offerings and move away from the traditional reactive model to a proactive approach.

click here now Higher value services are now needed to better engage clients, and these services need to also provide a deeper level of engagement with the client’s overall business. Greater revenue streams can be found in services such as virtual CFO consulting and financial planning.

see here For accounting firms to make these services profitable, they must be able to work smarter and more productively.

consigli investire in opzioni Accounting firms need to see technology as a competitive advantage, in other words not to look at IT as an overhead, but an enabler.

binära optioner på svenska Cloud computing allows you to access your business from anywhere. This means accountants can be sent out on-site to offer services like virtual CFO consulting. This kind of flexibility allows you to have all information and applications on hand, build better relationships with clients, add more value, and ultimately generate a higher profit margin. Using collaborative tools, such as Skype for business, in the cloud environment gives you the ability to communicate easily with your team outside of traditional methods. A project doesn’t have to come to a grinding halt just because certain employees are out of the office. This is especially handy for accounting firms that have multiple offices, contractors or just want their different departments to interact more. Collaboration software can also help decrease the number of phone calls and meetings needed as everyone is up to date on projects and tasks. Every time there’s a new version of a document, everyone can see and comment in real time. Obviously regular meetings are important, but frequent needless meetings can drain staff and the labour hours lost add up. These tools can also help you to manage projects and keep an eye on the workload of your employees. The goals are clearer and the timeline can be followed precisely. Not to mention the nature of these tools can encourage greater relationships between departments and foster innovative and creative ideas. The cloud can also provide a safe space to save all your data; just make sure the provider in question has multiple data replication centres and keeps the data stored in Australia. As with any service you must make sure that a provider isn’t cutting corners just to save a few extra bucks.

browse this site With all this talk of offering more in-depth and higher-end services to clients, you need to make sure you have the right staff. If you are looking to expand, you’ll need to attract the right people. This is where the cloud can also help in terms of offering an attractive workplace. Work/life balance is an important part of attracting quality candidates, and a perk that can make your accounting firm stand out from the rest. The cloud can allow you to offer employees flexibility, whether that is working from home, working outside standard business hours or staggering starting times. Overall, the right cloud platform can allow your accounting firm to step up its service offerings, create a more productive and collaborative office and attract the right employees. Once you start looking at technology as an enabler and not an overhead, you will begin to grow your bottom line and gain a competitive advantage. Chris Boswell is the founder and CEO of Strategic Group.

One thought on “Technology for accountants: a competitive advantage

Leave a Reply

Your email address will not be published. Required fields are marked *