Today’s accounting firms face many challenges, including the fast pace of technological change, ever-increasing client expectations, and constant revenue and profitability pressures.
Advanced technologies can help meet these challenges.
For instance, predictive intelligence uses artificial intelligence to help firms identify clients affected by changes in legislation; pinpoint areas of focus for tax planning and review; and proactively communicate with clients.
Change is already here
Technological change is no longer linear; it’s moving exponentially. New technologies stack up quickly so, to manage the pace, firms need to embrace change and leverage technology early.
Key technology advances, such as the cloud, integrated platforms, and automation have already impacted the way firms work, and are helping firms save time and provide better client service. For instance, automating as many steps as possible increases efficiency and improves productivity. Integrated software allows data to flow seamlessly across applications. The cloud enables employees to work anytime from anywhere with full access to data. It also makes it easier to answer clients’ questions more quickly.
Combine Your Existing Data with Technology to Improve Client Service and Build Revenue
Forward-thinking firms are leveraging technological solutions to further improve client service and profitability. For instance, interactive dashboards allow firms to tap into their existing data to provide clients with proactive tax planning services. By using technology to perform functions it would take a person weeks to do, firms can accomplish tasks, including proactive tax planning tasks, in a fraction of the time.
Integration, automation, and the cloud are all necessary technology components for providing the kind of service today’s clients expect. In addition to technology, to grow, firms must use data to add value to their work, which requires shifting from simply collection data to leveraging data for growth. With predictive intelligence created through a combination of external data such as legislative changes and internal client and tax data, your firm can proactively offer value-added client services, improve compliance, and create additional revenue opportunities.
Predictive intelligence can help you find new critical revenue opportunities while data analytics can help you focus on leveraging internal data to improve operations and profitability. Both will be necessary as firms move to reduce compliance services and grow advisory services.