Change for the sake of change isn’t usually worth the trouble. But keeping up with changes in the accounting profession definitely is. In fact, firms that stick with the status quo are struggling to meet growth targets. On the other hand, firms focused on modernizing processes—particularly through technology—performed 12-13% better in revenue and profitability.
Firms who want to get, and stay, ahead, need to keep an eye on automating their processes. But remember, there’s minimal value to try to use automation if there are wasteful steps in your system. Here are three ways your firm can benefit from modernizing your processes.
Bottom line: Firms that embrace technology perform better. Their growth and profitability soars because the increased efficiency enabled by technology helps them do both more work and more valuable work. To be more profitable, you have to do more with less. That means, you need a digital workflow that uses automation. Keep in mind that some processes are easier to automate than others. For example, a low level of automation with CCH Axcess™ Workstream might include getting notifications through the software, while a more advanced level could include automatically updated project statuses based on actions in other modules.
To keep up with change, you don’t just have to do more with less. You have to do it better and faster. One tool that can help eliminate human error and increase efficiency is CCH® ProSystem fx® Scan, which turns unsorted client documents into one organized file—although that file still needs to be reviewed. The next level of automation uses CCH Axcess™ Document to automatically manage retention of that document.
Provide Better Service
Firms that invest in an integrated end-to-end technology solution to grow their business see a significant bump in client satisfaction: 81%, compared to just 66% for clients of firms that don’t use such a solution. So what does an integrated solution look like? Wolters Kluwer defines it as use of “a single, centralized database containing functionality essential to providing services to clients.” This includes tax workflows, tax compliance, tax research, tax return automation, client portals, and document management, among other functionality. With CCH Axcess™ Portal, for example, clients can not only communicate with the firm, but they can also easily pay invoices electronically and participate in real-time collaboration of binders during an audit engagement.
Make Your Firm More Modern
Learn how modernizing your processes can impact your profitability, staffing, and customer satisfaction by downloading our ebook Modernizing Processes & Efficiency.