Whenever the word “technology” comes to someone's mind, the first thing everyone associates with it is comfort. From a simple steam-running locomotive to rapid bullet trains, history has witnessed the countless technological innovations brought on by humanity.
Numerous industries like automobiles, healthcare, education, manufacturing, etc., have greatly benefitted from integrating the latest advancements in their machinery, which gave them unprecedented productivity and efficiency.
Another such industry that can also benefit significantly in a similar manner is the accounting sector. Embracing modern technology solutions allows CPAs and accounting firms to bring in a next-level accounting experience and grow their business well.
Here is how to grow your CPA practice with modern technology:
1. Improve Your Accessibility
Remember when you wanted to reduce your workload during your free weekends but overlooked to collect the data, or when an important client called up while you were away on vacation?
If only you had access to data, things would have turned out completely different. Although recent technology has dramatically transformed the accounting sector, adopting the latest advancements allows you to keep up with changing times and grow your CPA practice.
One such advancement is cloud computing. The cloud is now a significant part of business infrastructure in various industries around the world. It brings instant accessibility at your fingertips and allows you to access data remotely.
Different accounting software like QuickBooks, Sage, Xero, etc., can be easily hosted on cloud servers, making them easily accessible from anywhere, anytime via a browser and a good internet connection. This way, cloud hosting improves your CPA practice and further boosts its accessibility.
2. Bring In A Cost-Effective Solution
While setting up your practice could be a thrilling experience initially, definite financial planning is required to sustain and grow it over time.
However, there are various expenditures like setting up an IT infrastructure, renting, and maintaining the workplace, procuring office stationery, and other miscellaneous costs that make things difficult for you. And, if you want to expand yourself, it just doubles your expenses once again.
Integrating modern technology helps you to bring in a cost-effective solution for your CPA practice. When you avail of cloud services, the hosting provider automatically takes care of all your IT needs.
They set up the IT infrastructure and are responsible for its maintenance. And since the cloud is remotely accessible, you can easily provide remote working options for your employees. You simply have to pay monthly subscription fees, eliminating the need to spend considerably for the IT setup or even maintain office space.
3. Managing Your Tasks
In the accounting sector, time spent during an accounting operation is segregated into billable and non-billable hours. While billable hours generate revenue for your business, non-billable ones help you maintain efficiency and monitor workflow.
However, one has to handle multiple tasks like supervising employee performance, handling IT infrastructure, processing payrolls, scheduling meetings, shortlist recruitments, etc. If not managed properly, it can impede the productivity within an organization and decrease its billable hours.
Leveraging modern technology allows you to manage your time and bring productivity to your practice adequately. Since the hosting provider is responsible for the IT infrastructure, you don't have to spend your precious time maintaining it.
For employee-related tasks, you have software solutions like Asana, Trello, Calendly, Harvest, etc., for optimizing workflow, scheduling meetings, assessing performance, and other administrative tasks.
You can also go for a cloud-based solution for processing payrolls and further cut down on administrative tasks.
4. Bulking Up Security
Apart from the quality of services offered by an organization, its credibility also plays an essential role in its growth. The prospects to acquire more customers and distinguish themselves from their competitors stems from the reputation one has in public.
And since CPA firms deal with critical financial data, which, if exposed, can cause considerable damage to clients and their credibility as well, data leaks are a serious threat to the growth of a CPA practice.
With over 4.1 billion records exposed in just the first six months of 2019, dependable security measures are necessary for the safety of your invaluable data. Migrating to the cloud enhances the security of your data resources. Guarded by around-the-clock security with biometric verification for entering the premises, the hosting provider ensures a high level of physical security.
Moreover, they are well trained and employ the latest software for protecting against hacking and breaching attempts. For additional security, you can encrypt your hard drives or files using AxCrypt, Veracrypt, or Windows Bitlocker.
5. Grow Your Customer Base
For every business to grow successfully, it must have a happy customer base. However, accounting operations require tedious effort and handling complex data, leaving little time for interaction with clients.
Additionally, nowadays, customers want proactive solutions for their business, for which you may lack the necessary technological tools. These shortcomings limit your customer base and dramatically affect the progress of your practice. Usage of modern technology allows you to walk alongside your customers and cater to their needs.
Since the cloud is accessible anywhere, anytime- hosting accounting solutions on it widens your customer reach. Instead of waiting at the workplace, your customers can easily upload the data remotely and communicate with you using video conferencing software like Zoom, Microsoft Teams, or Google Meet.
You can also integrate CRM software like Freshdesk, Hubstaff, etc., for scheduling meetings, handling queries, and delivering quality customer service. You can use Google forms to take their timely feedback to understand their needs and offer service accordingly.
Conclusion
Flexible accessibility, better security option, a satisfied customer base, and an overall cost-saving investment: that is what modern technology brings to your CPA practice when you embrace the latest advancements.
Technology improves the quality standards within your organization and enhances its productivity and efficiency. It helps you in delivering your best with minimum efforts and ensures the speedy growth of your business. So, next time you want to ramp up your CPA practice, technology is there to do your bidding.
