Embracing technology is a powerful way to simplify processes for accountants.
Businesses and their financial advisors can expect new complexities to the year-end tax process. As part of the usual workflow, accountants will need to juggle an influx of additional documents and claims this year, such as JobKeeper declarations.
Preparation and embracing technology are clear ways to ensure your accounting firm has an edge. Both will help improve the employee and customer experience during this busy time. Employees will be able to better manage large workloads and customers benefit from an improved experience and faster processing times.
Cashflow is paramount for business success and faster turnaround means that tax refunds and payments are received quicker.
As we approach the new financial year, here are my key recommendations for FY22:
Review your processes
Start by evaluating the previous year’s busy season and where time was spent and potentially wasted.
Adelaide-based family owned freight company Hi-Trans Express found that through the digitisation of many of their processes, they reduced the turnaround time on getting agreements back from three weeks, to three-to-four days.
By reviewing the approach each year, there is the opportunity to update business processes and strategies as you gain new insight into what’s changed during the past 12 months.
Use digital tools
The digitisation of key functions like contract management can free up time to focus on things like improved customer experience and finding new ways to expand operations.
eSignatures eliminate arduous tasks such as printing, scanning or going to the post office. You will also save on printer ink, paper and postage.
Our ROI Calculator shows that if you’re dealing with 1,000 tax returns of 10 pages each, you could save almost $30 per document – or $30,000 – by switching to electronic signatures. The added convenience of being able to sign documents wherever and whenever it suits them will also help to strengthen your client relationships.
Accounting firms still relying on pen and paper risk getting left behind as clients seek speed, convenience and cost-efficiency.
Working remotely during COVID-19 has increased the risk of cybersecurity threats and created other technology challenges for accounting firms. Accountants that have a strong technology strategy in place will benefit because artificial intelligence, machine learning, and process automation are all advancing rapidly.
They will continue to have a growing impact on accounting methods and profitability. Using new technology and automating simple tasks will help to keep your accounts secure, while making team members more productive and efficient.