Five Essential Technologies for Contemporary Accounting Firms
In today’s fast-evolving business landscape, accounting firms must leverage technology to stay competitive and meet the ever-changing demands of clients and the market. Below, we explore five pivotal technologies that modern accounting firms cannot afford to overlook, along with our top recommendations for each category.
- Advanced Communication Systems
Effective communication, both with clients and within the firm, is the cornerstone of exceptional service delivery. Embracing VOIP (Voice Over Internet Protocol) solutions can significantly enhance flexibility, allowing staff to manage calls from any location—a vital feature for leveraging global talent and ensuring uninterrupted customer service. It’s essential to provide diverse communication channels, including phone, chat, and email, catering to clients’ preferred methods. Internally, adopting platforms like Microsoft Teams can streamline collaboration, enabling swift information exchange and structured communication channels.
Recommended Tools:
- A comprehensive VOIP platform with features such as SMS, mobile/remote access, and advanced call routing.
- Microsoft Teams for seamless internal collaboration.
- Client Portals with Mandatory Usage
The adoption of client portals is widespread, yet their potential is fully realized only when actively used by clients. These portals are crucial for secure information exchange and streamlining workflows. Many firms we meet with often have a client portal but only 25-50% of their clients use it. Encouraging uniform usage across all clients and staff, by standardizing processes and minimizing exceptions, significantly enhances productivity and compliance.
Recommended Tools:
- Citrix ShareFile for secure file sharing.
- A Document Portal that integrates seamlessly with your Practice Management Suite.
- Remote Work Capabilities
The ability to work remotely is no longer optional but a necessity for firms aiming for resilience and flexibility. Whether fully remote, hybrid, or office-based, having the infrastructure to support remote work ensures preparedness for any unforeseen circumstances. Implementing such technologies proactively rather than reactively can save significant costs and mitigate risks.
Recommend Technologies:
- Cloud file storage solutions like Microsoft SharePoint or Citrix ShareFile.
- Cloud-hosted environments and remote desktop access services for seamless remote work setup.
- Productivity-Boosting Hardware
Equipping your team with the right hardware is a straightforward strategy to enhance productivity. For accounting and bookkeeping staff, utilizing multiple monitors can facilitate multitasking and data comparison. Consistency in hardware, such as identical monitors and standardized laptop docking stations for hybrid workers, reduces inefficiencies and IT management burdens.
Recommend Tools:
- High-quality business laptops (e.g., Lenovo ThinkBook or Workstation models).
- Laptop docking stations and two identical monitors for a uniform work experience.
- Workflow Management Software
Efficient workflow management not only prevents client attrition due to communication breakdowns but also optimizes internal processes. Utilizing software that automates client communications saves time and sets clear expectations. Such tools should ideally integrate with document libraries, client portals, and CRM systems, enabling leadership to monitor staff productivity and workload effectively.
Recommended Tools:
- Various workflow management options are available, including Karbon, Jetpack, Asana, and suites from major accounting software providers, each with unique advantages.
