From the latest announcement of the Chancellor, a UK wide-focus on the future is on the horizon. Throughout 2023, the country is encouraged to bloom by utilising innovation. The recent budget is dedicated to drive ‘long-tem, healthy’ economic growth across core industries lead by smart investment which is something accountants are no strangers to.
Whether it’s supporting businesses throughout their growth journey or looking to maximise the growth of your accountancy firm, time is always of the essence, and is also often a limiting factor.
To have the highest chances of reaching ambitious business goals and to excel in growth, the right finance technology for accountants is crucial. It’ll allow for a sustainable growth of the practice in any specific ways, including from a growth in team, services and of course revenue perspective.
Why is the delay of Making Tax Digital (MTD) important in all this?
Those within the industry will be aware that the MTD deadline has been pushed to April 2026 / April 2027 depending on the sole trader’s earnings. Within the current economic climate, it’s time to take advantage and re-assess how you can maximise growth with the right solutions as opposed to making an irrational and rushed decision for the sake of a deadline.
The winning formula for the accounting industry?
Automation = efficiency
The benefits of using automation to support growth
The benefits of using finance automation includes saving time which allows less manual tasks for the team to complete. This leads to less human-error, which is increasing the quality of the service output. With this in mind productivity in the department will also see significant growth, and ultimately allow your team to focus on more valuable services as well as further development and innovation for the business. Fast access to data and its level of reliability is also a core benefit, allowing accountants to find specific documents in just a few clicks. With all this ease, clients will also see a reduced cost which will allow organisations to put their efforts into better decision making and improving the service.
How to implement automation effectively
There are a range of measures you can take to ensure that automation is implemented effectively at your practice. This can include actions such as assessing your current workflows and identifying manual processes which can benefit from automation moving forward such as the purchase to pay capabilities of your firm. This will ensure that the technology solution will support you exactly how you require providing the utmost value.
Keep in mind that software is continually evolving, and your existing solution may have untapped features that you’re not aware of or not fully utilising. Whenever possible, leverage technology to free yourself from repetitive tasks, allowing you to allocate your time more effectively for your clients.
Automation is not only beneficial for clients; it also plays a crucial role in staff retention. By investing in automation, you can relieve your team of tasks that may be below their qualifications, allowing workflow technology to handle them instead.
The real-time benefits of using software for accounting
With that, making a switch from being a compliance-led firm to a practice offering advisory support based on insight, becomes much more tangible.
Automation is just one piece of the larger puzzle when it comes to technology and practice growth. Equally, if not more important, is the access to real-time data that cloud accounting provides. Today, data is more accessible than ever, empowering you and your clients to gain in-depth insights into their businesses with just a few clicks.
By transitioning from retrospective accounting to analysing live data, you can offer real-time and relevant advice to help clients navigate challenges and seize opportunities as they emerge. This shift allows you to transform from a compliance-focused firm to a practice that offers advisory support based on valuable insights, making you stand out from the crowd.
Improve client relationships with automation
Establishing and nurturing client loyalty stands as a paramount growth strategy. Recognise that as your clients progress from start-ups to SMEs and eventually to mid-market firms, it is crucial to adapt and provide unwavering support as their needs evolve and intensify.
As we discussed in a recent publication, the presence of appropriate technology plays an integral role in achieving this objective and retaining clients amidst their growth. It is imperative to future-proof your technology stack to future-proof your client relationships effectively.
This principle also holds true when it comes to attracting new clients. Incorporating cloud accounting into your service offering right from the outset is a judicious decision, eliminating the need to convince prospects of its benefits at a later stage. One approach to foster a truly technology-forward mindset is to include software costs within your annual fees or seamlessly integrate them into your service package.
By adopting these authoritative measures, you position yourself as an expert who understands the significance of client loyalty, the importance of embracing advanced technology, and the foresight to build long-lasting relationships with both existing and prospective clients.
Forging strategic partnerships with technology for growth
While it is undeniable that the expertise and specialised knowledge of accountants cannot be replicated by technology, it is crucial to recognise that failure to leverage software to enhance client experience may leave you vulnerable to being replaced by technologically-driven accountants.
Firms that wholeheartedly embrace automation on a larger scale may outperform you in terms of pricing, enticing clients with a faster and more streamlined service that incorporates self-service elements, such as independent bookkeeping. By championing technology, you can empower clients to take control of certain aspects of their financial management, further enhancing their overall experience.
By cultivating an open mindset towards innovation and fostering a genuine curiosity about how software can support your practice, you position yourself on the right trajectory towards sustainable growth. This authoritative approach demonstrates your commitment to continuously exploring new possibilities, embracing technological advancements, and delivering exceptional value to your clients.
If you’d like to embrace technology, our specialist accounting and financial management software could be the solution you need. Contact Phil Chalmers on firstname.lastname@example.org or book a demo to learn more.