There should be no doubt among
Accounting professionals can no longer view Internet-based applications and services as nonessential
HOW and WHERE Matters
Advancements in technology and the behaviors they encourage are challenging every business. Consumer-driven business is the norm, and meeting the client’s expectations is the most important thing in the world. It used to be that the expectation was one of quality service; now the expectation includes HOW and WHERE service is provided. It’s this reality – the requirement to meet demands not only in standards of service, but in providing sufficient mechanisms which support the “how and where” – that suggests professionals embrace technology rather than just endure its presence in the world.
In the world of public accounting, there exists a vast opportunity to improve service to small business clients and to introduce new and more valuable offerings and insight. When the accounting professionals and the businesses they serve work from different locations, introducing timely and high-value capabilities becomes difficult. Closings take longer, compliance is approached purely after the fact rather than proactively, and the overall value of information is reduced simply because it’s old news.
Through an understanding of how cloud technologies and web-based applications and services might improve workflow and support for the processes, accounting professionals and their clients can reduce or eliminate the frustrations of post facto reporting and create an environment where information, business intelligence, and improved insight are delivered when it matters most.
Start Small or Start Big . . . But Start Now
Whether the adoption exists around application or data integration, worker collaboration, centralization of information resources, or simply the introduction of better tools supporting the exchange of information, the business can experience benefits at many levels. Adoption doesn’t have to occur all at once, and it isn’t necessarily wise to expect that everything will change at a rapid pace. What is necessary is that first step – the consideration of how the firm might serve clients better and with greater value – if only there were less distance between the two.
Public accountants offer services that may be viewed as extensions of the client’s business, so it’s logical that these professionals would recognize the value of working more closely with client systems and processes, looking for ways to meld the client processes with those of the service provider to increase the pace of work performance and introduce structure and controls over related workflows.
Business moves far too fast these days to wait for batch or period reporting. Business owners need direction and guidance now, not later. If their service providers can’t deliver on this expectation of “here and now,” the client will find alternative providers or solutions. It’s not like there aren’t choices for the client out there.
Embrace Change and Meet the Challenge
There are far too many offerings in the market that have the potential to devalue the work of the accounting professional. The way for accounting professionals to meet the challenge of these changing engagement models is to embrace the cloud and the potential of the global network. If working closer with clients is the foundation for providing better service, then applying web services and cloud solutions to the problem makes sense. Technology in today’s professional accounting firm isn’t simply a tool supporting the status quo (like a better pencil), and having email and a website for the practice is just playing along. Technology in the professional practice must be embraced as the foundation for strategic differentiation, improved service offerings, and the vehicle that will help attract and retain quality clients.
Make Sense?
J
Category: Cloud Accounting, For Consultants/Accountants, Social Media, Success Tips, Technology/Trends