As long as humans have been around, technology has been around as well. Of course, a few centuries ago, ‘technology’ constituted things we take for granted today – the wheel, language, electricity, paper and airplanes, among others.
Today, when we talk about technology, more often than not we are referring to computing, Artificial Intelligence, cyberspace, machine learning, etc.
Software technology and digitalisation are changing the way we do things. No matter the industry or profession, the use of software is now considered de rigueur to manage operations, boost sales and serve customers.
Accountancy, the original ‘numbers’ profession is also benefiting from software. With accounting software, accountants and their clients can ensure the financial health of their business, save time and money on operations, and identify new areas for growth. In fact, accounting software has so much potential to make life easier for accounting professionals that it is no longer ‘nice to have’ but ‘need to have’!
If you are an accounting professional or the owner of an accounting firm, here are 5 reasons to use technology for your business!
#1: Automation
Are you still using old-fashioned spreadsheets for accounting and book-keeping? It might be time to step into the future!
Today’s accounting tools automate bookkeeping, giving accountants the flexibility to focus on more important, strategic tasks.
No more wasting time on mundane – yet necessary – actions! Automation frees up your time so you can take on more clients and grow your firm.
#2: Digitalisation
Software makes it possible to digitalise your accounting practices. Digitalising paper invoices, receipts and other communications not only clears your systems of loads of rubbish, it also speeds them up.
Digitalisation makes life easier for your vendors and clients because they no longer have to keep track of or manage multiple bits of paper. After all, no one wants to be buried under a paper Armageddon!
#3: Increased customer focus
Technology now provides many more ways to reach current and prospective clients. In addition to traditional meetings, calls and emails, messaging apps; video calls and social media make it possible for accountants to be reachable anytime, anywhere.
When you provide more contact options to clients, you prove that you are focused on their needs and goals. This is a great way to establish a strong brand and set yourself apart from your competitors.
#4: Mobility
Thanks to mobile technology, you can send or receive paperwork and communications quickly, easily and in real time. You can then process them as soon as they come in, and provide clients with outstanding service by giving them the information they need to run their business successfully.
#5: Business growth
If you want to grow your business, you need to do two things – gain new clients and retain current ones.
With software, you will have the ability to discuss and address your customers’ pain points. You can provide value and make their lives easier. Ultimately, the technology you use could save them time or money. Therefore they will trust your services and be more likely to recommend you to others. Result – business growth!
Technology for Accounting
So what are some technology/software options available to today’s accounting firms?
- Robotic Process Automation (RPA)
- Data analytics software
- Enterprise Resource Planning (ERP)
- Inventory management
- Payroll processing/management
- Accounting management and billing
…and many more.
Many of these solutions are cloud-based, a technology that offers a number of advantages including:
- Accessibility
- Scalability
- Security
- Cost-effectiveness
- Collaboration
In conclusion
Technology can make the difference between a good and a great accountancy business.
Technology can bring benefits to your firm as well as to your clients. Ultimately, it will empower you to make your practice a thriving business.
