The day-to-day activities of running an accounting practice can make it easy to forget about planning for its future. Yet creating a strategic plan for growth and setting a long-term vision is essential for scaling any firm.
A long-term strategic plan will help identify potential opportunities and pitfalls on the horizon and position the firm to act as a strategic business partner rather than just a service provider. As the world becomes more digital, technology will undoubtedly play a role in the firm’s long-term strategy.
The role of tech in accounting
The days of paper-based manual processes are long gone. The pandemic has applied new pressures on accountants, forcing the profession to do more with less. As a result, modern firms have turned to accounting technology to ease workloads and achieve greater growth. In fact, 67 percent of accountants feel cloud technology makes their business better and firms that use cloud accounting secure five times as many clients as those that don’t.
Accounting tech unlocks growth
Slow systems and manual processes can create serious bottlenecks and delays when working to strict deadlines and juggling multiple client demands. However, technology and automation is allowing accountancy firms to provide better visibility on workloads, as well as streamlining contractual processing and much more.
- CRM Software makes it easier to track workloads and client folders by having everything in one place, so accountants no longer have to hunt through filing cabinets for essential information.
- Cloud accounting technology allows firms to access paperwork and financial information from different devices no matter where they are.
- Payment Dashboards deliver greater control, visibility and access to payment capabilities so firms can set-up multi-step approvals, granular access control and manage workflows.
By using technology to handle more mundane tasks, firms can focus on the more “human” tasks like nurturing clients and setting a strategic plan for business growth.
Improved customer service
Over 58 percent of accounting firms use modern technology to meet clients needs and improve the level of service they provide.
Firms that embrace technology are also better equipped to help clients weather financial storms and position their practice as a strategic partner, with more than 80 percent of high-performing firms believing that delivering added value to existing clients is the most effective way to grow their businesses.
Attract top talent with tech
Within a sector like accountancy and finance where there is a skill shortage, it’s important for firms to think about how you can attract and retain top talent.
Technology offers an exciting opportunity to compete for top talent due to it being able to automate tedious processes to improve employee job satisfaction, support flexible working with cloud-based software and appeal to a younger generation of recent graduates.
Modulr’s Accountancy Pathfinder programme brings together industry innovators and forward-thinkers to explore, discuss and learn about new innovations shaping the future of accountancy. Become an accountancy pathfinder today.
Meanwhile, its Payments Dashboard (due for release in 2021) lets accountants view and manage all of client payment workflows from one powerful dashboard – no matter which accounting software they use.
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