Record keeping and tax reporting are now required to be digital, thanks to MTD. How are you getting on with it?
Instead of grumbling and resisting the changes that are being forced upon you (and your clients), is there a way to make it the catalyst to a more efficient and profitable accounting firm?
In a word, YES!
Here are 4 Key Steps that lead to a more profitable digital accounting firm when you’re willing to embrace online technology.
1. Transition all paper records to digital documentation
Once existing documentation has been converted, you’ll want to take advantage of all paperless documents that are available to you going forward, such as electronic receipts and statements. Once this is in place you’ll never want to go back!
2. Reinvent your communication and client experience strategies
While meeting clients face-to-face is important, when working digitally, it’s not necessary for routine compliance-level communication. By strategically leveraging digital tools (email, text, app messaging, etc.) you can transform your clients’ experience so that they look forward to meeting with you, since they’ll learn that these occasions are reserved for high-value interactions only.
3. Standardise your workflow and systems
This is a game-changing shift when it comes to increased profits and ensuring your digital success! Documented workflow that produces consistent, effective results makes your staff more efficient and saves you from wasting time and resources implementing apps that don’t fit your specific needs. Laying out workflows a dynamic process, so start with the core functions your firm provides to the majority of your clients.
4. Upgrade your security policies and practices
The data and information accountants handle are valuable to cyber criminals. That means there are some serious risks that need to be addressed. Therefore, being aware of the inherent vulnerabilities involved with digital communication and information handling is crucial. Cybersecurity goes beyond GDPR. So setting best practices and policies, as well as training staff, should be included right from the start.
It does take time and effort to migrate to a fully digital accounting firm, but the benefits of making this transition are worth the effort. The payoff for implementing these four steps means your practice will be better equipped to take on more clients without hiring more staff. You’ll also increase the capacity available to provide higher value, advisory level services at premium prices.
In a nutshell: faster, time-saving technology means you can work less and make more!
No matter where you are on your digital practice journey, please don’t attempt to skim over that last step – your security policies and practices. Without it, your whole practice can come crashing down in the wink of an eye.
That’s why I’m leading a webinar on this very topic entitled, Digital Accounting: How to Transition More Safely and More Profitably. Click Here to learn more.
Author: Gabrielle Fontaine