How firms can profit from collaborative accounting technology
As we continue to see accounting technology evolve, more firms are implementing technologies to enhance their accounting processes, enabling them to deliver a valuable and more profitable service to their clients.
Cloud technology allows accountants and clients to gain access to their data in real-time, wherever, whenever. However, now accountants have the ability to offer so much more than just assessing data, they can dig deeper and provide forecasting to better prepare clients’ for the future.
Collaborative working is the next link in the chain of accountancy’s evolution, an initiative made possible by the widespread adoption of cloud technology.
The software was developed to bring together a multitude of stakeholders, and enable everyone to work together simultaneously on particular data sets, with up-to the minute real-time reporting, view and analysis for efficiency and accuracy.
In our blog, we outline the benefits associated with collaborative accounting.
What are the benefits?
Collaborative accounting benefits from cloud-based technology, meaning everything is virtual. Companies do not need to store or invest in infrastructure, helping to keep the costs to a minimum. An option particularly appealing to small businesses who can enhance their current processes and offer a more competitive service.
Is my data safe?
Modern day cloud technology offers a robust approach to data security. Data stored within the cloud is protected by several layers of security and is significantly safer than any that may be stored on in-house hardware, as there is less chance of it getting damaged or stolen.
Financial reporting efficiency
The need for sequential operations is removed with collaborative technology, as there is the ability for all users to operate, communicate and manage everything all at once, empowering efficiency. As there is no longer a need to wait for information, this streamlines the entire process and removes much of the costs involved.
Moreover, accountants can put their time towards other accounting elements to assist in the growth to their business.
How do I know what solution is right for my practice?
With everything, it’s extremely important to ensure the collaboration software you choose is right for your practice. The solution should be used to increase productivity so ensuring it is available through the internet is crucial, along with ensuring it provides the essential functionalities required to offer value to clients. Whether this be your current offering or extending your remit to further benefit.
Real-time financial reporting and data synchronisation is an important element that should not be overlooked, along with the ability to work online or offline and the have the functionality to update as soon as it’s online again, from any location.
Any cloud-based add-on tools are also beneficial for improving accounting processes, especially any pre-built modules to enhance productivity and help make reporting much easier and quicker.
If you’d like your practice to benefit from collaborative accounting, our powerful bolt-on tool, SmartSync is just what you need. Our SmartSync solution empowers audit teams to increase their efficiency by having the ability to work from any locations, removing the constraints once set by rigid, old processes and outdated software.