Are You Overlooking Practice Management?
With so much hype surrounding the buzzwords of the tech world, many accountants are overlooking the practice management solutions that can benefit them right now.
You don’t need me to tell you that technology continues to evolve. Every few months a new breakthrough is hyped up and the current buzzword sparks discussion everywhere.
We are then informed how blockchain/AI/quantum computing will revolutionize the world and our industry. Whilst supporters of tech and some accountants are fascinated by the possibilities of what might be, many are overlooking the practice management solutions currently available.
The truth is, small firms and solo-practitioners won’t implement the big tech breakthroughs for years, if at all. This doesn’t mean that you must fall behind though. There are a lot of ways you can improve general practice and all can be implemented instantly.
So, what can you use right now?
Cloud accountancy software
If you take just one thing from this article, please get on the cloud. Ahead of the impending switch to Making Tax Digital, using cloud technology is inevitable, so why wait?
Here are just two of the benefits of using cloud technology:
Access data anywhere
Converse with clients whatever the location. The modern clients are constantly on the go, meaning that you must be more flexible in providing your services. The cloud allows you to access data from anywhere with an internet connection. You and your client can see their accounts from a beach in Bali, a restaurant in Rome, or an office in Oxford.
Access real-time data
Cloud technology allows data to be updated consistently throughout the year. Providing you with accurate real-time data and reducing the need for the client to contact you. It frees up more time for yourself and when you are needed, you can provide a more informed service.
Automate your processes
Gone are the days of letting receipts and invoices pile up. The mundane administrative duties we all hate are becoming more and more unnecessary. Bookkeeping can be done by an app, so that you don’t have to waste valuable time on boring tasks.
Embrace the millennial
You would have gotten away with keeping your old systems if it wasn’t for those meddling millennials! Like it or not, millennials are important. KPMG reported that millennials make up 35% of the workforce. The same report found that 82% of millennials would prefer their accountant to go paperless. Ditch the paper and send digital quotations, confirmation statements, invoices etc.
This one goes beyond the younger generation and represents a shift in society. All small business owners and contractors expect a prompt response.
Use the popular instant messaging app WhatsApp to maintain more concise and consistent dialogues with your clients.
So, there you go. We have given you a few ways in which you can improve your practice management today and forget about the big technological breakthroughs of the future.
If you want to learn how Nomisma can help implement all these processes, click here for your free trial.