From performing basic accounting functions, to automating repetitive tasks, technology is vital to improving efficiency and productivity within the accountancy sector.
There is no denying that technology can bring a host of challenges. However, the benefits far outweigh the drawbacks. With the right expertise, your firm can learn to make technology work for you.
What are the most common IT challenges in the accountancy sector, and how can you overcome them to benefit your business?
Mobile devices can be extremely useful for accountancy firms, for those using accounting apps, but come with potential security risks. You need to ensure you have a strong cyber-policy to stay ahead of issues.
- Increased efficiency and productivity – apps like Xero, QuickBooks and Sage mean that your team can work any time, any place. Instead of sifting through stacks of paper, accountancy can be done at the touch of a button.
- A faster, more connected workforce – mobile technology helps your team to reach each other, even on the go.
- Improved customer satisfaction – faster client servicing means happy customers.
Cyber-security and business continuity
The increase in remote (and mobile) working following Covid-19 has encouraged an increase in cyber-attacks. You need to ensure all data - both internally and externally - is protected.
- Protect your data by implementing a strong security strategy and keep your business secure.
- Reduce risks and costs – monitoring and updating your defences constantly will help.
- Reduce the risk of downtime and ask the experts for help.
Challenge: Qualified resources
As technology is always improving, it’s no longer possible for one team to maintain the relevant expertise to manage all your IT needs. To access qualified resources who can configure, manage, and monitor services like the cloud, you need outside advice. T-Tech can help.
- Increased ease of access, scalability, data-sharing and collaboration.
- Fewer physical and logical space constraints.
- Reduce up-front costs – who doesn’t want to save money?
Learn more about the business benefits of cloud accounting in our e-book.
Digital service delivery
Challenge: Client Expectations
As digital service capabilities have improved over the years, customers are expecting more from their accountants. Your firm needs to keep up with the ever-evolving digital landscape in order to meet and exceed client expectations.
- Maintain and impress clients – deliver insightful data via digital dashboards and reports.
- Adapt to modern client expectations and become future-proof – meet the increased tech expectations of Gen Z.
- Enhance processes, while remaining user-friendly.
Challenge: making data work for you
Accountancy firms have extremely large data sets, which are hard to manage, yet very powerful. Your firm might struggle with data that doesn’t talk between systems, or even out-of-date filing systems. Privacy and legal issues may also be a concern.
- Increase business effectiveness and lower process costs.
- Gain access to live dashboards of analytics across practices and departments.
- Deliver real-time data to clients.
To see your accountancy business thrive, you need to use technology to your advantage. Luckily, T-Tech can help to iron out IT issues. To find out more about how to overcome common IT problems in the accountancy sector, download our e-Book now.