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Leveraging Technology to Compete With Large Accounting Firms

By Analytix Editorial Team

September 29, 2020 0 Comments

Today, every business is a technology business.  Your CPA practice is no exception.

According to Sage’s ‘Practice of Now‘ report, more than 58% of accountants agree that Artificial Intelligence (AI) will improve future success.

In the future, auditors will likely spend less time looking at source transactions.  Instead, they will access auditing technologies used by clients. It is therefore imperative to discover, learn, and implement the latest accounting technology tools.

Big firms are already investing in Machine Learning, AI, and RPA to automate and streamline the way they do business. By leveraging these state-of-the-art accounting technologies, you, too, can grow a successful CPA firm and evolve into a high-performing firm of the future.

Robotic Process Automation (RPA)

RPA is a powerful tool, and if used correctly, can help elevate your operations, increase efficiencies, and bolster client services. The COVID-19 pandemic has been a wake-up call for CPA firms that have been slow to adopt this transformative technology. RPA helps streamline labor and time-intensive tasks. Given its ability to operate 24/7, it helps make CPA firms more agile, thus driving a reduction in staffing, boosting cost savings, and improving operational efficiency. These benefits can be recognized by clients in price reduction, improved accuracy, and expedited turnaround time.

Cloud-Based Accounting Tools

To evolve and embrace digital transformation, small CPA firms must leverage cloud computing. The cloud gives you full access to your firm’s data and information from any device, anywhere, and can be monitored in real-time through a user-friendly dashboard. There is no need to invest in physical hardware, which otherwise could mean a huge investment. Upgrades to fast-evolving technology are seamless, at no extra cost. The need for technicians and on-site consultants, often required with on-premise software, becomes obsolete. Cloud-based accounting tools make disaster recovery straight forward, with little downtime, while delivering the level of automation, transparency, and convenience expected. Embracing cloud computing offers benefits such as scalability, flexibility, and powerful data security features. The significant efficiency gains your firm will recognize assist in successfully adapting to the new Financial Accounting Standards Board’s (FASB) cloud computing accounting standards.

Optical Character Recognition (OCR)

OCR technology allows accounting firms to automate and accelerate manual entries. Organizations and CPA firms of all sizes can migrate accounts payable (AP) to the cloud for instant access, greater convenience, and improved transparency. CPA firms can leverage OCR technology by using scanners and cameras on mobile devices to capture printed financial information and convert it to digital files. This allows for transfer of data from documents to the ERP more quickly and accurately, thereby reducing the rate of errors, and improving efficiency in invoice processing.

Customized Integrated Accounting Solutions

Today’s successful CPA practices use customized integrated accounting solutions to link together ERP, CRM, and CMS, as well as legacy application. This allows the automation of seamless information sharing between platforms. Customized integrated accounting solutions also ensure more transparency, clarity, and consistency in financial reporting and analysis while significantly reducing errors.

Artificial Intelligence (AI)

Gartner predicts the global AI market will be $60 billion by 2025 and is poised to disrupt and transform the accounting industry. This gives CPAs new opportunities to specialize and deliver insights, value, and trust to clients. One of AI’s biggest advantages is its ability to help with repetitive tasks like invoicing, bank reconciliation, and cash forecasting. This saves time while also increasing efficiency and accuracy. AI assists in leveraging predictive and prescriptive analytics for better strategies as well as insights and directions for the future. AI technology also enables your practice to use continuous monitoring, both at the organizational and the industry level. Since AI can analyze large quantities of data at high speeds, it delivers actionable insights to help accountants make better decisions and identify potential issues to mitigate risks.

Improve Your CPA Firm’s Growth

Now more than ever, CPA firms that leverage technology have the opportunity to add value to clients and propel the firm’s growth. Analytix offers end-to-end solutions for CPAs. Our offerings promote sustainable growth and help firms remain competitive. With expertise in both accounting and technology, we can help to streamline all aspects of your CPA firm’s processes. The solutions we provide, including our customized web portal, will all but guarantee your firm’s future success.

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