Why embracing digital technology is vital to your accountancy practice

In order to satisfy the needs of your clients, you need to make sure that your services are as accurate and effective as possible. As an accountant, bridging the gap between your clients and the services you provide is crucial, but this is often difficult to achieve. However, digital technology has come in and revolutionised the way in which accountants operate. Yet, in spite of the benefits, many accountancy firms are still slow in adopting this new technology into their day-to-day operations. Therefore, if you aren’t already, here’s why you should incorporate the latest technology into your practice.

Workflow and data sharing

By incorporating digital technology into your practice you could enhance the way in which you and your team operate, allowing for more effective data management. By uploading client data and any other documentation on to a cloud service, you will reduce your dependency on printing, making your operations more accessible to your clients and team, not to mention more cost-effective. Digital technology can help you to avoid late payments (whether from your firm or a client), visualise and more easily manage uneven cash flow and review outstanding invoices, as well as share and process data with your entire team from anywhere in the world. Besides, with less paperwork lying around in your office, you can reduce the risk of misplaced data and any unnecessary delays, making your practice and clients more secure as a result.

Needing help embracing digital technology in your accountancy practice? Worried about the costs that may be involved? Apply for Business Finance or learn more about how accountancy practice can benefit

Open Banking

Adopting digital technology will also have a positive impact on how your accountancy practice engages and complies with Open Banking, an initiative designed by the Competition and Markets Authority that gives bank customers more control over whether or not to allow 3rd parties (e.g. accountants, bookkeepers, apps) access to their sensitive financial data. So from your perspective, as an accountant, it could mean quicker access to key documentation and information, resulting in quicker decisions for your clients. 

Enhanced communication with your clients

Finally, by embracing the benefits of digital technology, it will also make it easier for you to actively engage with new customers. One way many successful accountancy practices are achieving this is by creating compelling blog content that frequently updates new and existing clients about the services they’re offering and any news that might be of interest. But as well as creating compelling content, digital technology is also making it easier for accountants to sort the information that they have on their clients in order to make their services more relevant and identify whether any of their other services may be of benefit. Therefore, digital technology could help you to add further value to your clients by enabling you and your staff to stay in close contact with each one, identifying further opportunities to expand your services to them or spotting gaps in their systems and processes earlier.

Thinking about enhancing your accountancy with digital technology?

In many UK sectors, adapting to digital technology is proving a vital necessity for enhancing day-to-day operations and providing high-quality goods and/or services. This is also true of the accountancy sector. However, many accountancy practices still haven’t embraced the full benefits of digital technology, or aren’t actively upgrading to their existing IT systems. Although this may be on account of the costs that are involved, there are many business finance solutions available that could help. All you need to do is source the most appropriate finance agreement for your business. But how?

At Rangewell, we’re an Access to Finance specialist and we have mapped over 400 lenders to offer accountancy practices like yours an overview of more than 23,000 business finance products. Our services are free to use and we’ll also guide you through the application process. So if you’re looking to reap the benefits of digital technology in your accountancy practice and improve your productivity, apply for Business Finance today or find out more with Rangewell.