Step 1. “Best in Breed” Technology and Integrations
Step 1. “Best in Breed” Technology and Integrations
Becoming a New Age Accounting Firm requires a resolve to change. In this step, we are going to shoot right from the hip and state: You must no longer use PC based accounting software that executes from a hard drive on your premises or client sites. That means no more Sage desktop. No more ancient versions of AccPac (is that still a thing?) - no more. Period. If you are still managing these legacy platforms you must embark on a digital transformation project to get onto the latest cloud-based accounting solutions immediately. That should be task number one. Your firm must be up-to-date in order to achieve the next ten steps we are going to present. Of course, larger firms with integrations to older enterprise systems may have to take longer to make the transition - as long as you are moving that way - that is the important thing.
There is another (far more critical) reason for digital transformation. Again, we are shooting straight here:
Legacy (and not well-supported) desktop and onsite solutions are putting your firm and your clients’ firm at risk from a security and cost of ownership perspective. To continue to do so brings your professional competence into question.
So do a little soul-searching, grow up and embrace digital transformation. Once you have done this you can proceed with reading further on your path to excellence.
With our tough love proclamation behind us, we did mention cloud-based solutions in our tirade. Examples of well supported SaaS (Software as a Service) platforms would be: Quickbooks Online, Xero or FreshBooks. Again, these are just examples. As a firm, you should pick one or two as a standard depending on your client niche and don’t offer anything else. Ideally, your client should not influence your choice of platform since they will be the recipients of the service, along with the platform as part of your proposed offering. If you allow a client to dictate the platform, find another client as that will be the tip of a very bad relationship “iceberg”.
The reasons for platform focus are simple. You and your staff need to be experts when you use it. The software you pick has to be supported and it has to fit into YOUR processes in order to perform efficiently, competitively and profitably. Also, you want to have a life. A well implemented cloud-based enterprise allows for remote access. You will have a chance to look at palm trees while you are approving a quarterly report for distribution. That would be unthinkable…actually it still is unthinkable for many self-made balance sheet slaves in the industry today.
Adopting and implementing the latest accounting platforms is not enough. They have to operate in an ecosystem of other cloud services, for sales, communication, customer support and - the thing that will widen your margins and make your life worth living again - automation.
Linking together processes to save time and increase efficiency and accuracy is available at a cost that any size of firm can afford. The trick is planning the implementation and managing that project. Processes also must be created to leverage automation efficiency. This starts with data collection. For example, direct links online to clients’ bank accounts is a non-negotiable must exist in order to make reconciliations cost-effective. Scanning and AI based inputs for transactions that are not part of point of sale automation have to be integrated into the overall system to keep those month end and year-end nightmares from happening. All the possible automations, when properly coordinated, will help your firm become a profit machine for you and a profit ally for your clients.
To complete Step 1 of becoming a New Age Accounting Firm has two takeaways that you have to keep in mind. Cloud-Based and Automate. Commit to a plan to make that happen and you can be successful in the next 10 Steps.
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