Why being better connected is better for business

31st Oct 2019
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Technology holds the key to delivering the advisory services your clients really want.

Joining the dots

We make connections all the time. Whether it’s connecting with people on LinkedIn to grow our professional network or bonding with a social group, the notion of joining things together to make life better, happier and more successful is universal. It defines being human even. Being connected is good for your business, and technology only makes it easier.

A recent report by research and consulting firm Frost & Sullivan shows that companies investing in collaboration technologies significantly increase productivity. Cloud technology allows for easy collaboration and connectivity between employees, and many accounting firms are moving to the cloud because they’re now able to understand the real advantages it gives, such as better mobility and more efficient interaction with clients.

Cloud accounting can streamline workflows, improve communication, lead to better record keeping, and eliminate repetitive, time-consuming tasks. This frees up employees to provide the advisory services that are set to define the future of accounting and helps clients meet the needs of rapidly changing markets.

It also helps firms recruit and retain the best talent, which will prove critical as demand for accountants with enhanced digital and advisory skills intensifies. In a world of automation, tomorrow’s accountants will have little tolerance for manual processing and clunky workflows.

We’re seeing a shortage of talent in the finance industry. New tools are allowing organisations to upskill existing employees and also attract the best new talent. It’s helping to make the right people more effective.

So, with the varied opportunities cloud technology offers accountants, the question is: is the message getting through?

A focus on the future

We’ll soon report the full findings of our state-of-the-industry survey, which analyses how technology and client expectations are transforming accounting.

Worryingly, 52% of respondents in our survey said that the biggest threat to their future success was access to the right technology. This was followed by skills of the team (45%) and access to new talent (44%).

In terms of using cloud technology to become the client’s business partner and trusted adviser, only 14% of respondents said that advisory services are their biggest source of revenue currently, behind bookkeeping (42%) and compliance (32%).

However, a massive 76% said that they expect advisory services to be their biggest revenue earner in five years’ time, with bookkeeping (11%) and compliance (5%) a distant second and third.

Accountants and partners know that accounting is changing and that they should put their focus on providing advisory services. But turning awareness into reality is a different story. Transforming the core nature of the business can seem a daunting prospect. How do partners go about instigating this fundamental change? How can they undertake this process in an efficient, cost-effective way and what role will technology play?

Silverfin can help. Our integrated, cloud accounting platform powers what we call connected accounting. It’s a fundamental shift in purpose for accounting. You’ll be a connected accountant when your firm has successfully passed through four key stages of digital maturity. We call them the Four Sights of Connected Aggest sourcr> tcall them the Four Siort_by=ients.

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