5 Reasons Why Digital Platforms are Vital to Accounting Firms
July 15, 2021
Like any thriving business, accounting firms need to keep up with the technological advances in the industry if they want to stay competitive and profitable. From using more intuitive accounting management software to the use of artificial intelligence in accounting and finance, new innovations in technology are being introduced quicker than ever before. The following are just some of the reasons why your accountancy practice should strive to keep up with these changes and utilize technology to your advantage.
1. Virtual Storage of Documents
Keeping records is an expensive and time-consuming process, not to mention the physical limitations of maintaining an archive of documents, receipts, and paperwork. Your office will eventually be overrun by huge stacks of documents and filing cabinets full of all your bookkeeping records. In recent years, however, digitizing documents has gradually been replacing physical storage. Speed of access is one such benefit, but there are many more, particularly through the use of cloud computing.
2. Reducing the Layers of Bureaucracy through Platforms
With the advent of cloud-based practice management systems comes a myriad of advancements and efficiencies in transferring information and data. Cloud-based practice management accounting systems are simple and intuitive platforms that provide direct channels to clients. They also act as conduits for information, documents, and any other materials that can be digitized. With that level of flexibility, you can eliminate the layers of bureaucracy, saving you a lot of time and effort.
3. Task Management and Virtual Calendars
Using a calendar management system can be a considerable advantage, especially if you’re dealing with multiple clients with their own different deadlines. Most accounting practice software equipped with an online calendar tool provides alerts to help you and your team meet your deadlines and avoid any fines. It can also help when reminding clients when they need to send data or when their payment is due. The most significant advantage perhaps is that the calendar is shared with everyone on the team and can be updated instantly.
4. Use of Specific Online Tools for Accounting and Tax
Tax processes, deadlines, and requirements tend to change over time, depending on what state you’re in. This is why you must stay up-to-date with these changes as well as the tools you’re using. You’ll want to have a digital platform that is fully compliant and updated regularly to reflect the latest changes in legislation.
5. Impress Current Clients and Gain New Ones
Adding value to existing clients is the most effective means of growth for your firm. For this reason, adopting new technologies is a great way to impress new clients or to get your current clients on board. By showing them how the new tools at your disposal will be able to help them further grow their business and overcome their current challenges, they’ll become much happier and more appreciative of the work you’ve done for them.
Digital platforms and technologies aren’t just a necessary evil. They exist to make your job just a little bit easier and more efficient. These tools basically offer a lot of features that can help run your business more smoothly.
Firm360 is the perfect tool any accounting firm or business organization needs. Our all-in-one platform serves as a project management tool, time and billing processor, and accounting document management software all combined in one application. Contact us today to experience what Firm360 has to offer.