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How Accountants Can Use Technology to Stand Out

With so many SME accounting firm options, there’s a crucial question you need to be asking: what makes your accounting firm different from all the others? What would drive clients to choose you?

 

The answer? It’s their experience with your overall service.

 

That said, if you want to set your accounting practice apart from the competition, retain the loyalty of your existing clients and win more prospects, then it’s time for you to incorporate modern technology.

 

Note that a cash flow solution tool like Moolahmore that utilises advanced technology will help you automate time-consuming tasks, systemise communications and add value to what you offer since not only you’ll be able to manage your books better, but you’ll also be able to give comprehensive and easy-to-understand financial reporting to your clients. In addition, you can also ensure that you will be part of the 11% who are really providing top-notch advisory services. 

 

In this blog post, discover more about how you can use technology, especially reliable forecasting and cash flow management tool, Moolahmore, to stand out from the crowd and build trusting client relationships. Let’s begin.

 

 

Ways To Use Technology To Stay Ahead

 

Automate Manual Accounting Processes

 

We are already in the new generation of clients who find dealing with paper submissions hassle and time-consuming. That’s why rather than outdated spreadsheets; it’s vital to leverage an automated and collaborative cash flow tool Moolahmore to make your accounting processes, such as data entry, invoicing, billing and file sharing—trouble-free and client-friendly. 

 

Create, Prepare & Analyse Financial Reports

 

A survey from the 2019 Accounting Trends by Software Advice states that financial reporting is the most requested software feature among clients. It is because your clients, which are, of course, business owners and SMEs, need three types of financial reports from accounting to monitor their financial performance: cash flow statement, income statement, and balance sheet.

 

That’s where technologically advanced financial tools like Moolahmore saves the day, especially during tax season. With Moolahmore, creating monthly or yearly financial statements based on real-time data is easier than ever. You can also offer more value to your clients by providing them with an in-depth financial report analysis so they can have a clear-cut 360 view of their earnings and spending, and they’ll understand their business numbers better. Likewise, you’ll also be able to make informed recommendations to guide your clients towards the right path.

 

Generate Forecasts

 

Aside from providing standard accounting services—if you offer strategic advisory services to your clients, you’ll be able to increase your monthly firm revenue by up to 50% and, at the same time, win the loyalty of your clients to come back for your service. 

 

Moolahmore helps you do that because this cash flow tool can empower your clients to future-proof their business, manage risks and opportunities and plan better for the what-ifs through its scenario builders and accurate forecasting capability.

 

Optimise Client Onboarding

 

Did you know that onboarding is the founding stone of a new relationship? Therefore, establishing a system that simplifies repetitive tasks is a must so you and your team can focus on understanding the unique needs of your clients. 

 

Here are some technology tips for easier client onboarding:

 

  • Begin with a welcome email, and then send an automated engagement document that details “what comes next” to inform your new clients. 
  • Make template emails, how-to-videos and PDFs to introduce your accounting firm service to your clients.

 

Enhance the Speed and Convenience of Your Communications

 

Research shows that 96% of customers will consider leaving after just one poor experience. So see to it that you are reachable and responsive to their inquiries, concerns and pain points.

 

Here are some technology tips for smooth communication and better customer service with your clients:

 

  • Consider adding a Frequently Asked Questions (FAQs) section on your website to provide answers to all basic questions. Doing this will help your clients find the most answers on their own before reaching out to you for help.
  • Take advantage of cloud communication platforms and conversational AI (chatbots). This will allow you to provide 24/7 customer service or enable your clients to record their questions anytime, anywhere. Thus, you can respond to all your customer inquiries immediately or at least within 24 hours.

 

Conclusion

 

As SME companies grow, their owners are increasingly turning to their accountants for advice and recommendations

 

Indeed, SME company owners are increasingly looking to their accountants for advice and recommendations. So it’s your chance to become a trusted counsel for your clients by leveraging technology. Ensure you read this blog thoroughly to learn how to use technology, like an advanced financial management tool Moolahmore to your advantage, and you’ll see that your accounting practice and clients will thank you for it!

 

Moolahmore is your secret weapon to optimise your accounting workflow, provides excellent client management service and gives you an upper hand over the competition.  Schedule a demo today! Want to earn extra income with no hassle?  You can also join Moolahmore’s generous affiliate program!