Change is an undeniable fact of life. With every passing year, new and innovative improvements are made in software, which helps in enhancing the user experience. Accounting trends and developments are reactions to changing landscapes, technology disruption, and other market forces that shape the accounting profession as we know it today. The change is rapid and driven largely by lightning-fast advances in technology. In many ways, the pandemic has quickened that adoption. Like, as the wider adoption of cloud-based accounting software, as well as a move towards automation and artificial intelligence. In this article, we will highlight the latest emerging strategies to improve and prepare your firm for the future.

Practice Management Software

With accounting firms & tax professionals having hundreds and even thousands of tasks across the business, you need workflow software that can keep everything organized and everyone on the same page to create an excellent client experience. Adopting best practice management software can help an accounting firm to manage the workflow to ensure that client work is properly delegated to the team and milestones are achieved. There are many benefits of adopting practice management software and some of them are.

  • Collaboration with your team will be easy.
  • It helps the work be completed on time and no deadlines are missed.
  • Improves consistency of client work, therefore improving client satisfaction.
  • Automates various aspects of your day-to-day work.
  • Eliminate management of work on spreadsheets and paper.

Standardize Processes

Before you look to automate, you need to first have standardized, documented processes for the tasks to be automated. There are many apps and cloud-based software that can help to automatically produce documented processes for you. Just record your screen as you work through a task and the app will produce the documented process for you, Once you’re clear on the processes,  you can identify areas that require manual entry and then shop for technology to automate that aspect of the process.

App Integrations

When you connect different pieces of software, data can flow seamlessly from one app to the next, which allows you to achieve more automated workflows. Xero’s App Marketplace, for example, allows you to shop for different apps to connect to their accounting system and transfer data back and forth seamlessly so that accounting functions are streamlined.