New technology is transforming the way accountants around the world work, yet despite its capability to transform businesses the concept of digital workflow management still manages to mystify many in the accounting profession.
– Automation is best applied on repetitive and assignable tasks, relieving accountants of monotonous duties.
– Practice management, client management, and compliance can be handled through cloud service – eliminating the need for physical attendance.
– Initiating automation or any form of digital transformation is not an IT project – it is a fundamental shift in business.
Using technology one can analyse millions of transactions, tasks, and statuses in mere seconds. It is important to acknowledge that digitalization is not an exclusive solution for large firms. In fact, shifting to cloud-based services equips small and medium firms with the kind of enterprise-grade computing they require to compete with larger companies. Choosing the right software works as an accelerant, increasing the capacity and efficiency of the business, thus reducing costs. Workflow management tools increase performance and allow businesses to do more with less, which enables users to improve productivity and perform tasks with higher accuracy and speed.
Automation frees accountants to focus on higher-value aspects of business such as business advisory services. They can focus more on building stronger connections with their clients and other parts of the business centered on human interaction and input. Having a tool that gives access to all clients at a glance, accurately and safely replicates information across all processes and eliminates double handling opens up extensive opportunities for growth. When accountants are not equipped with the advantages of cloud-based technology, they run the risk of being overrun by competitors who have already leveraged those opportunities.
How best to apply technology in CA practice?
Technology has never played a bigger role in history than in the current Covid-19 scenario, where millions of people are forced to work from home. Practice management, client management and compliance can be handled through cloud service – eliminating the need for physical attendance. Being connected online enables them to work together, apart.
Practice management using cloud technology enables CAs and teams to work together, stay updated and access all client information needed. Tools to track task statuses, updates, list of pending tasks come in handy and eliminate the need to be on call constantly. All information pertaining to clients is available online – financial transactions, KYC, tax receipts acknowledgements and contact information. Updating clients on task status or requesting information from them can be handled remotely.
CA clients, like consumers worldwide, have customer experience as core to their view of the companies they are in business with. You clients expect things to be faster, simpler and easier, and digital management is critical to this outcome. Unpaper provides you the platform to achieve optimum performance and manage a practice effectively.
What are the potential roadblocks?
Change, ofcourse, comes with challenges. To change a process and how you manage your practice should be planned carefully, while ensuring that your team is fully informed. Initiating automation or any form of digital transformation is not an IT project – it is a fundamental shift in business. Most accountants worry they lack the capacity and capabilities to shift online. We often come across CAs who were mulling over a change to systems for some time, yet take no steps towards it due to fear of disrupting a business that seems to be running well. The best way to transition is for one partner, often with a personal interest or background in the area, to take the lead. Unpaper understands the customer adoption journey and has dedicated client relationship managers who help you through the process.
There will be barriers but these can be easily overcome. In the long run, technology is the only winner.Selecting the right software is crucial as a bad experience can hinder the growth of your firm for years. Unpaper provides you the platform to achieve optimum performance and manage a practice effectively, leaving you more time for your business and yourself.
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