If you’re an accountant, what’s the HABU (Highest And Best Use) of your time? Our advice: Don’t get bogged down by mundane tasks—it will stand in the way of tackling your true priorities.
Taking your firm to the next level doesn’t have to be hard, according to a recent article by Clayton R. Weir.Technology can turn the trick.
When it comes to the digital revolution, the accounting profession is late to the party. While fintech has swept the financial services landscape, CPA firms are practically stuck in the floppy-disk stage. Unfortunately, accountants’ workloads have continued to expand, and the lack of automation is hindering efficiency.
The first step out of this hole is to reimagine your technology infrastructure to free up your accounting teams, so they can focus on vital, strategic projects—and not get tripped up by humdrum tactical tasks. Here are some easy first steps to take.
Next Stop: The Cloud!
It’s time to ditch your on-premise infrastructure. Sure, it may have been necessary in the past, but now? Especially with the pandemic, remote work is crucial. Today your teams need to easily access information, with streamlined usability. Cloud computing can break down traditional organizational silos and increase collaboration across your entire business. Accountants can collaborate more closely with colleagues in other business branches, yielding much more inclusive decision-making. Did you know that 70 percent of European businesses are pushing for greater cloud adoption?
It’s API Time!
An API is an application programming interface, which connects computers or computer programs. When your firm adopts one, your teams will be amazed by their new-found power to access and share the data and insights they need to make smart decisions. They’ll reach a whole new level of efficiency where their products and services can communicate with one another and be included in your firm’s daily workflow.
Accountants are forever drowning in boring, repetitive tasks (did somebody say bookkeeping?) instead of tackling true priorities—such as making the all-important leap from compliance to advisory, which is vital to the continued health and wellbeing of the accounting profession. As a matter of fact, 58% of accountants state that automation boosts efficiency and productivity, because it delivers access to the real-time data necessary to deliver greater efficiency and improved performance.
Although it seems like magic, it’s technology. If your firm wants to step up to the next level, it’s not hard. And when you do embrace technology, you’ll wonder why you didn’t do it long before. It will immediately pay off with more efficient workflows and tighter teams.