Technology has been a genuine game-changer for the accounting industry in recent years, with the emergence of cloud-based software helping to drive back-office efficiencies, but also changing the nature of client relationships.
The applications coming out of the cloud enable a proactive, forward-looking relationship with clients.
Accountants have access to real-time data and dashboards, which not only act as a prompt to have more frequent conversations with clients, but also help to facilitate conversations with clients about where they want to go in their business and how to drive their profitability, rather than simply looking at historic data.
In addition, technology helps to bring down the costs of doing business, which raises a number of questions and opportunities. For example; with technology automating administrative work, do accountants charge the same fee, or take the opportunity to spend the extra time on more value- adding services?
However, we know that investing in technology does not necessarily yield an instant return.
Firms that are realising true value from new systems are taking the benefits of the technology beyond efficiencies. They are leveraging technology to increase client engagement, by providing clients with regular updates and insights based on real-time data. They are leveraging these capabilities across all devices, including smart phones and tablets, in line with evolving client needs.
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