AccountingWEB.co.uk recently released their latest Practice Excellence white paper – Technology Strategies
– the technology ‘must haves’ for an efficient practice. The main lesson to take away from the research is that the most successful accountancy firms are embracing technology where it can make a difference to client service:
‘Technology exists to make routine tasks easier so that you can concentrate on the activities that make a real impact… there can be no question that the services and personal touch that we advocate are greatly facilitated by the web, email, mobile phones, text, client portals, cloud accounting, CRM and practice management software.’
Another underlying theme that we often hear at DocuSign is the need to increase efficiencies, freeing up time and allowing fee earners to maximise billable hours.
NEW FOR 2015
In addition to those cited in the white paper, there are a number of trends and technologies that have emerged to allow accountants to realise their business goals in 2015. After all, we know as well as anyone accountants need all the help they can get during tax season. They are:
Consolidation of disparate systems –
Many companies have more than one core financial system (personal tax, corporations tax, accounts production, practice management etc), which can inhibit data visibility. By uniting these, the accuracy, the reliability, and the availability of information are improved so management can make better strategic decisions more quickly.
Online bookkeeping – Switching to an online bookkeeping system will mean that the business users will be able to access financial information and reports anytime and anywhere. Online accounting software is designed to be easy to use, and it means your practice will have paperless online storage.
Electronic signature – Lets you sign documents electronically and easily send documents over the Internet for electronic signature in just minutes. No more paper, faxing, shipping and rekeying errors. With eSignature, you can see results in hours instead of weeks, save money and delight your customers along the way. And you can rest assured that everything stays secure, legal, and visible, with a complete audit trail.
Become a business consultant
– Firms are moving from providing tax and accounts to consulting. This is a higher valued service to your clients and you can therefore bill more for these services. Keys to success lie in having the right personal qualities and skills, as well as an understanding of numerous management practices.
iXBRL – Part of HMRC’s digital transformation, Inline Extensible Business Reporting Language (iXBRL) is the name for the format in which all future HMRC CT filings will have to be made. Its purpose is to maintain independent presentation of statutory accounts so that your electronic filing is not different to a paper copy.
To learn more about the latest advancements in accounting technology, join our upcoming webinar, How Accountants Can Save Time & Money with Electronic Signatures. Registration is open, here.
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