Many firms already on the path to digitalisation would have seen this period of prolonged remote working and online collaboration as justification for their continued investment in technology to meet the changing times.
For others, technology is becoming the key component to accountancy firms going forward for them to thrive and compete in the post-COVID world.
Automating routine tasks like data entry and complex calculations frees up time for your team to do more of what your clients value most – providing insight and supporting their business ambitions. Client service is often viewed as the most important driver of client satisfaction in accountancy, as it is in many other industries and markets. After all, accountancy has never been about numbers, it’s about relationships.
Forward-thinking firms continue to invest in new technology to their advantage, while conservative firms don’t prioritise this. Technology can unlock time and resources within your practice to deliver an excellent client experience by applying automation to tasks that don’t need those human qualities of intuition, empathy or mental agility. Automation can create space for you to embrace the future of practice growth – business insight.
The power of business insight
Any major change in the business and economic landscape often triggers businesses to review their professional advisers. COVID-19 is no different. To mitigate the challenges they face, businesses might look to new advisers for fresh ideas and advice on how to survive the change. This is an opportunity for your practice to shine, both to existing clients and to prospects, with valuable insight.
For your clients, business intelligence can mean actionable insights and information that can inform their strategic and tactical decisions about products, pricing, competition, markets, investments and growth.
For you, having the right technology in place will be key to you making the most of this opportunity. Consider investing not only in the technology to automate your compliance work, but also in powerful insight tools that will help you turn complex figures into graphics, making it easier for you to proactively communicate that valuable insight to your clients in a language they will understand.
Who better to advise your clients on how to improve their profitability, prepare forecasts and build a strategic narrative? You have the intuition, experience and resources to guide them through the changes and help them put their business in the best financial state possible.
In becoming their partner of choice in these troubling times, you can help them recoup any losses they may have made and, in turn, recoup any short-term losses of your own. It’s a rewarding cycle of insight and gain.
Watch this webinar with our analytics expert to see how you can use Microsoft Power BI to connect to the CCH Central database to produce some practice management-led KPIs and metrics, taking data already in the database and visualising this in ways not possible before.