Any firm, no matter how big or small it is, is always competitively determined by its efficiency, its ability to differentiate between competitors and the capacity to recruit and retain suitable personnel. With new technology and technological developments being churned out every day, even small to mid-size firms can increase productivity without losing money. Accountant outsourcing is another way to derive productivity. Accountants in a small to mid-size firm can make their way up the compensation scale without making any changes to the size of the firm. Accounting firms can leverage technology to their advantage, increasing productivity and profits in the process.
Tax returns are very exhaustive and ensuring an error-free tax return is compiled can be a daunting task. With firms cutting down on manpower with automation and multi-tasking, handling this herculean task becomes further difficult. Accountants are under immense pressure due to high client expectations and managing this monotonous yet critical task is difficult. Efficiency is what is at stake here, as a result of which accountants have to deliver results.
How Technology has helped accountants become more productive
Technology has helped smoothen operations and made work easier for accountants. A lot of firms are moving towards the digital space and utilizing digital workflows. Cloud particularly has been useful in the areas of tax preparation, compliance and workflow processes as multiple members can access the work from anywhere or work on it at the same time.
Using cloud, firms can reduce their initial costs as opposed to the high costs incurred using the traditional software. Accountants have open access to a client’s data at all times. This makes it easier for them to work, without any interruptions and backlogs. A noteworthy feature of this technology is that it is maintained by the host vendor with a disaster recovery system built-in so that it gives more incentive to accountants to focus on their expertise. Data entry and information are brought together in one place. This provides for easier access. A special portal allows clients and accountants to upload files and communicate with each other. This reliability and productivity, in turn, ensures added value for the client.
The role of digitalization
Firms can stand apart from the rest by using social media effectively. The main ingredient in the formula to reap more profits is differentiation using social media and immersive online content. Firms can be successful if they have a strong online presence. This can be achieved by creating and maintaining attractive websites and social media pages. It is a requisite for firms to have an interface to update relevant information and actively connect with clients. It becomes easier for firms to establish themselves this way. If a firm does not have a social media presence, then the client might have to research about it multiple times before settling for its services. This has in many instances, lowered the reputation of firms. It is not necessary that only large firms enjoy social media exposure. Even small and mid-range firms can distinguish themselves by frequently posting on social media. It all boils down to how each firm is able to build an authentic relationship with their clients.
The most important rule firms have to follow is to earn the trust of their clients. It is not enough that they have colorful websites and snazzy social media posts. Clients need to be satisfied with the services rendered to them. The biggest mistake firms can commit is losing the faith clients have in them. This will be detrimental to their long-term success. Firms have to be dynamic in order to taste success and that comes with careful planning and resourcefulness.