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How to future-proof your practice

24th May 2018
Brought to you by
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Caseware financial reporting and audit solutions.

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Have you found this content useful? Use the button above to save it to your profile.

Technology and digital accounting provides opportunities to make you different to your competition, allowing you to provide a unique, consistent service to your clients. However, you will need to choose the right technology for your practice, so that you don’t waste your time and money implementing a platform and training staff to then find out that it’s been succeeded by a better piece of software.

So, how can you ensure your practice is prepared for a digital future in the long-term?

Automating audits & seeing the bigger picture

Finding the right automation software is also essential to keep up with new requirements. It is important that the software that you use is regularly updated to adapt to any regulation changes and ensure you achieve complete compliance.

Audit software plugs into your accounting software and potentially bank accounts and emails can also help tie together the full transactional picture. It increases efficiency and reduces the level of labour usually associated with audit creation. Furthermore, it eliminates human error and provides complete transaction analysis, resulting in an improvement of the overall quality of the audit file.

The audit file provided allows auditors to get a full picture of the data, identify any anomalous activity and provide more in depth feedback to the clients. This enhanced auditing service will put your firm in a better position. Here you can learn more about how audit software can help provide more value to clients.

Communication and personalisation

Digital accounting solutions can create regular and instant engagement and online portals enable clients to upload files and comments directly, creating a robust audit trail.

Dashboard interfaces that can be personalised can be used to simplify the view of an audit’s status and to segment and measure a team’s work accordingly into stages of planning and completion. The correct dashboard visualisation can also assist with identification of bottlenecks and improve productivity.

It’s important for accountants and finance professionals to stay on top of digital accounting trends, particularly as nearly half of accounting and financial services firms name technology as their fourth biggest business challenge. By choosing technology with the characteristics mentioned above, you can keep up with client demands in the long-term and stay compliant.

Find out more about the digital future of accounting, and what this means for your firm.