Embrace the Power of Automation

Accounting practice driving the fight against irrelevance
By Marquece Cunningham | 09/29/2022 | 2 min read

Accounting professionals have always served as valued partners, providing critical services for businesses. As the accounting industry strives to remain competitive amid evolving industry demands and client expectations, accounting firms must find new ways to deliver exceptional services and advice that exceed client expectations and keep them ahead of their competitors. This has now become more challenging. Data shows that today’s clients are more demanding than ever, with generational shifts and evolving client demands ranking among the top drivers influencing the cultural shift in accounting.

Clients need their accountants to go beyond traditional compliance functions to help them foster business growth. They expect their accounting professional to not only process payroll and manage their taxes, but also act as an advisor, mentor, and trusted partner that can efficiently analyze and decipher business data. They also want professionals who understand how to employ technologies to increase productivity, identify new revenue streams, and alleviate ongoing talent shortages. 

Client expectations evolve

Clients respect and value the perspective accountants bring to their businesses as their financial acumen can help differentiate a business and drive growth. Advice must be customized for each client while also taking into account the evolving risk, economic and regulatory landscapes. At the same time, clients are relying more on their accountants to analyze business data, provide critical analysis and deliver strategic business guidance. These changing client requirements have introduced new challenges and resource constraints on accountants, who have been forced to find more efficient ways to conduct business.

Enter automation technologies. Nearly two-thirds (63%) of large accounting firms reported they plan to increase technology spending in 2022. Automation presents a viable option for these firms to invest in technology and drive growth. Today’s technology solutions help accountants automate data entry, streamline workflows and collaborate with clients.  Accounting firms now realize the immense benefits they can introduce for themselves and their clients by introducing automation technologies.  

Harnessing automation can result in significant time saved. What usually takes days with manual data entry can be done with one click. Less time spent on data entry frees up time to build relationships with clients, gather feedback, and expand your firm’s service offerings to better meet client needs. Freeing time for these meaningful conversations and expanding service offerings can lead to sustained growth and a future-proof firm.

The path forward

It’s time for accounting firms to join their peers across other industries and embrace the power of automation. Whether they use new software or integrate new features into existing legacy systems, automation can help accountants evolve beyond their historical systems to deliver the expected value-added services and beyond to their clients. Automation is one of the fastest and easiest ways toward client satisfaction and business growth.

Contact us if you'd like to discuss how our automation and workflow tools can help your business.