All companies are trying to do more with less, and competition among accounting firms remains strong. Clients expect more value for their dollar. At the same time, the accounting industry faces increasingly complex regulations and rapidly changing technology. Many small firms are merging to boost performance and attract a broader range of clients.
A new whitepaper, “Digital Workflow Tracking: A Better Way to Work” looks at how firms can use technology to adapt to changing client demands. The whitepaper cautions firms to beware of workflow myths, including:
- Myth: Clients don’t care about your firm’s internal procedures.
Fact: Clients may not care about the minute details of your day-to-day firm management, but they do care about results. And your internal procedures and workflows directly affect the results your clients see.
- Myth: Digital workflows are electronic versions of traditional processes.
Fact: Consider the unique advantages that new technology provides. If your digital processes duplicate the way you’ve been doing things all along, you are not taking full advantage of the possibilities.
- Myth: Workflow automation is primarily about getting more tax returns completed more quickly.
Fact: Workflow can refer to any process a person, team or system follows to complete work. Tax prep work is often more price sensitive, driving the need to gain efficiency, but a digital workflow system should be flexible enough to handle different types of projects, including audit and consulting engagements.
What really differentiates firms today is how they respond to these pressures. Firms must look for innovative ways to enhance their services. Improving processes and leveraging electronic workflow applications can be an important step towards improving your firm’s competitiveness.
Learn more about digital workflow tracking. Download “Digital Workflow Tracking: A Better Way to Work.”