Building a digital firm

Right at the point when the UK Government introduced the Making Tax Digital (MTD) policy in 2015, the accountancy profession had begun to sense that change was near. And with the arrival of the MTD, the rising prevalence of AI and other digital takeovers, accountancy firms more than ever, now need a clear plan for digital transformation processes- The clarion call to the digitalisation of accounting practices.

Studies have shown that cloud-based firms have better chances at growth and client’s acquisition when compared to their traditional counterparts. So, to survive and succeed in this automated future, accounting firms need to start deploying cloud technologies. Compliance will soon be so well automated that accountants will need to focus on other services to secure valuable fees from clients.

Pioneers of the movement have made great strides of achievements since their adoption of digital methods. As a profession, accountants have great benefits to enjoy from technology and great loss if they keep away. According to Ferguson, there’s “real freedom” for those who embrace the new ways of working.

This post is therefore not a one-for-all post, it is at least not for the ones who have an alternative of trying to resist the tide. It is meant to be a step by step guide for accountants who are looking to already make their firms future-assured.

Accountancy is Moving Online; Let’s Help You Migrate Too

Transforming the accounting practice in your firm to becoming digital is workable, you just need to focus on integrating digitalisation on these areas of work:

Data Management software for information/ records received from clients.

This area of work is usually the first area of work where accountants incorporate new digital methods. Several software packages provide this feature. Digitalising data management involves the introduction of digital methods in the collection, analysis, management, and processing of client’s information.

Workflow management

To get your firm digitalised, your workflow management has to follow in this transformation move. You should research and find a workflow management software program that best fits the peculiarity of your workspace.

Productivity management/oversight

One of the benefits of running a digital firm is the fact that time gets saved and productivity is optimised. Your employees would spend less time on projects and therefore be able to cover a larger amount of work. Your digitalisation process will be incomplete without running it through your productivity management software program.

Process Manuals

You could use digital methods for documenting clients’ legacy information which involves mapping the work processes. Let your clients see you work smarter and better and become a truly ‘digital’ firm.

Admin process

Processes that involve getting across to clients for their information and the filing of this information has to be computerised to give your firm a digital outlook. Trust me, your clients interact with digitalisation every now and then and would begin to get funny vibes about the efficiency of your firm once you seem to be lagging behind on this trend.

When you find the right software package to meet your need, then decide if you’ll be undertaking the training on your own or with the aid of a trainer. You could engage the services of the accounting software provider of your choice, they usually always have training packages available. You could send delegates to get trained and then get the trained delegates to train the rest of your team, or you get everyone trained by an external trainer.

Conclusively,

by now, you would already know that it is not easy to go from being a traditional accounting firm to becoming a modern firm as this is you totally reinventing the way you work and engage with your clients and their enterprises. I should also tell you that like other new technology, the best way to learn digital accounting is with hands-on experience. If you follow the steps outlined here and utilize everything you have learned smartly, then this process should be easier for you. Now you should understand that there is no one universal step to encoding this, as there is no consistent approach for all firms. You need to come to that point where you resonate with the fact that technology is an enabler because it really is. You should also recognize the need to recruit people who have prior hands-on experience with digital media, it is usually easier to train them to be more technically proficient and to use your software efficiently. Also, you should develop an easy-to-manage communication and workflow that will give room to staff and clients to share their ideas and thoughts. This will help keep you abreast of new trends in the digital world that can be useful.

Attaining a true digital practice is more about people, culture and wider business goals rather than just technology. The real power of technology is that it can take care of tasks that require little to no human interface, creating more time for you to connect with your clients and build better, longer-lasting associations. Part of this means offering them the services they value ; business guidance & advice that helps them achieve success.

So, if you liked these suggestions and want to read more about it, you can explore other  useful articles that would help you grow your accounting practice at our blog.We at info@米6米乐体育 help accounting firms become more profitable and grow considerably using your existing resources.  Please contact us at   kevin@sapphireinfo.net   or call at 02030026314 to book a consultation call to see how we could help you integrate outsourcing into your practice.

Cloud Accounting – Need for Accountants

The entire world is increasingly adapting to cloud services from connected appliances to internet-based educational programs. Basically, cloud platforms have helped medium & smaller businesses to offer their services more effectively to their clients using shared technology platforms.

This has mostly happened by eliminating the need of dedicated IT infrastructure to handle data, accessibility & interconnectivity. The large businesses have also benefited by cutting their IT costs & availing latest technology at a fraction of their in-house costs.

So what does this entail for accounting profession & how it can benefit the accounting practices today? First of all, let us know the difference between cloud & traditional accounts.

 

Traditional
Cloud
A.   Data stored on files or local hard drives

 

B.   Data information is used by a single user.

C.   Automation of data entry not possible or not cost-effective.

Stored data on a web-based server available for access to authorised users from all over the world.

Multiple access available for updating & retrieval of data.

Automation-assisted accounting helping to reduce error & reduce time.

Advantages of Cloud Accounting
  1. Improve performance & efficiency by automating data entry process thereby reducing errors.
  2. Ability to employ remote employees provides flexibility, convenience & affecting the practice.
  3. Better safety for customer data provided by cloud service providers than viable for small & medium practices on their own.
  4. Ability to serve new geographical areas with help of cloud accounting. The practices can market their services over a vast range of geography & be able to effectively provide their services too.
  5. Ability to develop & target a niche clientele all over the country by using cloud services e.g. say providing personalised service in a very specific sector of agriculture which would not have been viable eventually because of a low number of prospects.

However, a word of caution for some of those practices who do not wish to give access of client’s data to a third party & lose control of their accounting data, that this might not be the route for those.