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How Are Accounting Firms Using Technology to Drive Profits?

The most crowded exhibitor booths at the New York, New Jersey and California Accounting Shows this year were the technology solutions or services providers’ booths. The evidence was obvious. Technology is a big focus area for CPA firms of all sizes. And the focus is changing from technology as a “necessity” to technology as a “profitability driver”. In our June Newsletter, the most read article was “CPA Firms’ Top 10 Initiatives: What are CPA firms planning for the future?” (Click Here to read the article). One of the Top 10 initiatives was “Technology, and More Technology”.

How are CPA firms using Technology to drive their profits?

Client Service Delivery: Cloud has certainly enabled easier sharing of information and delivery of services. The critical aspect of client service delivery technologies is that the focus is shifting from “providing service” to “consuming service”. Note the “shift of effort” – where the client takes what he/she wants, when he/she wants, rather than you sending the information on demand. This shift of effort saves you tremendous amount of time which otherwise you would have taken for delivery of service (e.g. compiling and sending emails, searching for relevant records or generating specific reports based on client queries, re-sending tax returns on demand etc. etc.). Intuitively organized cloud based information storages, ability to consume information from mobile devices, irrespective of location and time, etc. have also made it possible to cater to the “instant gratification” way of thinking of the newer breed of clients. Do you still send emails to deliver your service to your clients? Click Here to get in touch with us to know (no cost, no obligation) more about how automated client service delivery can help your firm add more to its bottom line.

Productivity in Day-to-Day Work: Many a tasks and steps in day to day functioning of an accounting firm are repetitive and manual, although performed with the help of technology. Usual file search methods take up to 2-3 minutes to find a file; in a best case – a minimum of 10 seconds – if you are lucky. But, simple utilities, such as indexed search of files (Click Here to get it Free) give you the required result in a split second. You can calculate the monetary value of productivity and efficiency gains of saving up to 90% of your annual search time (multiplied by number of staff).

Freedom from Your Desk: You know that it’s increasingly more and more about client relationships. Strengthening relationships requires more of talk-time and face-time. All these years, software tied you down to your desks. Information was “vaulted” into the servers and computers in your office. Remote access and increasing internet bandwidths made it possible for you to access information from outside your office. Yet, it was pretty technical. Cloud computing is liberating CPAs from their desks. Now, sitting in a client’s office, you can have access to everything that you access in your office. Even if you are not on cloud, there are powerful yet simple technologies that make it possible to convert your current technology infrastructure into a secure, private cloud. Click Here to seek more information (free).

Is your technology driving your profits, yet?

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