When April hits – and let’s be honest, the several months prior – accountants are inundated with more work than hours in the day. To meet financially-driven deadlines, efficiency becomes critical for CPA firms, regardless of size or scope.
Sure, we’re biased, but IT services are an invaluable resource for firms looking to optimize time, money, and personnel.
Let’s explore four ways IT services can increase accounting efficiency for CPA firms.
4 Ways IT Services Increase Efficiency for CPAs
Understanding your tech stack and customizing options to serve your firm best will optimize your time and financial resources. Simply introducing Artificial Intelligence (AI) is not enough – firms need to evaluate their current IT infrastructure, understand the options AI presents, and present a customized approach that utilizes both human and AI strengths. Here are our top four ways to do just that.
Streamlining accounting processes
Streamlining accounting processes can reduce processing times and improve accuracy, making firms more competitive and efficient.
Put it into practice:
Consider deploying integrated apps that allow you to customize your tech stack and streamline your environment. These could include payroll apps, accounts payable and receivable apps, receipt management and expense reimbursement tools, to name a few.
Using cloud accounting applications
Using cloud accounting applications can improve accuracy and efficiency through automated processes and protecting information with strong data security.
Put it into practice:
Consider utilizing a hosted or cloud-based accounting platform like QuickBooks® Desktop or QuickBooks Online that serves as the core of your tech stack.
Utilize secure cloud storage solutions like Google Drive and Microsoft OneDrive that keep non-transactional financial information — like tax returns, financial statements and insurance policies — easily accessible at any time.
Automate manual processes
Bottlenecks can be the bane of existence in firms. To overcome unnecessary productivity killers and improve your accounting firm’s efficiency, you need to evaluate your current processes and workflows. Not only can this evaluation prove to reduce the risk of fraud and human error, it will also save time and money.
Put it into practice:
Deploy real-time reporting applications that integrate with your accounting solutions and easily provide key insights. Facilitate efficient account reconciliations and reporting.
Leverage AI
AI can help CPAs perform better quality work with higher efficiency, reduce human error, and allow your team to focus on more strategic and complex accounting tasks.
Put it into practice:
Implement AI tools to automate tasks: responding to emails, answering client questions through chatbots, or creating standard documents like termination or engagement letters.
Improve Your Accounting Firm’s Efficiency
In an industry that is often overwhelmed by the dreaded busy season, it can feel overwhelming to focus on increasing your firm’s efficiency. Many firms are stuck just surviving day to day challenges and accept a dated IT infrastructure because it’s easier than changing anything. We get it. But, by focusing on combining the right tech stack, hiring the right people, streamlining and integrating workflows, outsourcing tasks, and leveraging AI, all firms can get there. With greater efficiency comes more time to focus on client relationships and growing your firm for long-term longevity.
With a long history supporting CPA firms in the Greater Phoenix Area, we intimately understand what it means to be an accountant and we understand the tech tools that can best support you in your work. Schedule a free complimentary 10-minute call with a member of our team today.
