Accounting firms must leverage technology to stay competitive and meet the ever-increasing demands of clients. Here are five technologies a modern accounting firm cannot overlook.
In today’s fast-evolving business landscape, accounting firms must leverage technology to stay competitive and meet the ever-increasing demands of clients and the market. In this blog, I explore five pivotal technologies that a modern accounting firm cannot afford to overlook, as well as a few recommendations for each category.
Advanced Communication Systems
Effective communication, both with clients and within the firm, is the cornerstone of exceptional service delivery. Embracing voice over internet protocol (VOIP) solutions can significantly enhance flexibility by allowing staff to manage calls from any location. This is a vital feature when it comes to leveraging global talent and ensuring uninterrupted customer service. It is also essential to provide diverse communication channels – including phone, chat, and email – that cater to clients’ preferred methods. Internally, adopting platforms like Microsoft Teams can streamline collaboration, enabling swift information exchange and structured communication channels.
Recommended Tools: A comprehensive VOIP platform with features such as text messaging, mobile/remote access, and advanced call routing. Microsoft Teams for seamless internal collaboration.
Client Portals with Mandatory Usage
The adoption of client portals is widespread, yet their potential can only be fully realized when actively used by clients. Portals are crucial for secure information exchange and streamlining workflows. Many firms have client portals that only 25% to 50% of clients use. Encourage uniform usage among all clients and staff by standardizing processes and minimizing exceptions. Doing so will significantly enhance productivity and compliance.
Recommended Tools: Citrix ShareFile for secure file sharing. A document portal that integrates seamlessly with your practice management suite.
Remote Work Capabilities
The ability to work remotely is no longer optional; it is a necessity for firms aiming for resilience and flexibility. Whether fully remote, hybrid, or office-based, developing an infrastructure that supports remote work will ensure preparedness for any unforeseen circumstances. Implementing such technologies proactively rather than reactively can save significant costs and mitigate risks.
Recommend Technologies: Cloud file storage solutions (such as Microsoft SharePoint or Citrix ShareFile). Cloud-hosted environments and remote-desktop-access services allow for seamless remote-work setup.
Productivity-Boosting Hardware
Equipping your team with the right hardware is a straightforward strategy to enhance productivity. For accounting and bookkeeping staff, using multiple monitors can facilitate multitasking and data comparison. Consistency in hardware, such as identical monitors and standardized laptop docking stations for hybrid workers, reduces inefficiencies and IT management burdens.
Recommend Tools: High-quality business laptops, laptop docking stations, and two identical monitors for a uniform work experience.
Workflow Management Software
Efficient workflow management not only prevents client attrition due to communication breakdowns but also optimizes internal processes. Software that automates client communications saves time and sets clear expectations. Such tools should ideally integrate with document libraries, client portals, and customer-relationship-management systems, enabling leadership to monitor staff productivity and workload effectively.
Recommended Tools: Various workflow management options are available, including Karbon, Jetpack, Asana, as well as suites from major accounting software providers. Each has its own unique advantages.
Marc Umstead is president of technology solutions provider Plus 1 Technology in Pottstown, Pa. He can be reached at mumstead@plus1technology.com.
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Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of the PICPA's officers or members. The information contained herein does not constitute accounting, legal, or professional advice. For actionable advice, you must engage or consult with a qualified professional.
