When it comes to business growth, productivity plays a crucial role. A more productive firm has higher levels of work efficiency, offering quality work service and better customer service.
This is the reason why CPA firms around the world are constantly looking for ways to improve their productivity levels to speed up their growth. However, there are various factors like employee supervision, customer-related services, organizational task management, the performance of core competencies, etc., that can affect organizational productivity and hinder its growth.
And that’s where digitalization comes in.
Digitalizing your work processes helps in significantly improving organizational productivity by allowing the management to effectively handle the core factors and get better returns.
Here are five ways by which you can digitalize your CPA firm for better productivity:
Ditch Paper, Go Digital
How many times has it happened that you spend hours looking for an important file or had your work interrupted due to a lost document? Manually storing data via paper documentation has multiple constraints. They are comparatively harder to manage and challenging to organize. And since the accounting industry requires intense documentation, these traditional methods for storing data can significantly impede your organizational productivity and lower your work efficiency.
However, there is a solution – digitalization. You can scan your records to store them electronically or completely implement a paperless environment within your organization. This way, you can significantly enhance your organizational productivity as you don’t need to spend hours looking for important files or organizing them orderly. Also, there are other benefits like ease of data replication and rapid information exchange.
Use An Accounting Software
Accounting is an age-old profession that has a significant role in the management of finances. In many parts of the world, it is still traditionally carried out, employing manual techniques for calculations and record keeping. However, in today’s world, this traditional approach is no longer sufficient to keep up with the industry demands. It requires something fast, accurate, and offers better computational ability.
And that’s where the accounting software comes in. You can significantly ramp up your firm’s performance by using accounting software. There are many accounting software like Xero, QuickBooks, Drake, etc., which you can use for carrying out your accounting operations. Their usage allows you to get supreme accounting computability, faster results, better cost-efficiency, lower data errors. They make your organizational workflow more productive by allowing you to do more with less.
Opt For Cloud Hosting
While there is no doubt that accounting software usage greatly enhances your firm’s productivity, how you use them plays an essential role in determining your growth rate. Most CPA firms use locally installed software and get bound by the restrictions that come with it. They don’t have round-the-clock access to it. Also, it isn’t easy to scale up when your business grows.
In order to counter this situation, moving to a cloud-based accounting solution is one of the best ideas. It frees you from these limitations and offers improved services. In a cloud-based setup, software such as QuickBooks, Sage, etc., are installed on remote servers that can then be accessed via the Internet. This empowers you to use any device and access your accounting software from anywhere, anytime. With the cloud, you can also automate menial tasks, hire workers remotely, lower your administrative workload, offer better services during non-business hours, and significantly boosts your firm’s productivity.
Accurate Progress Tracking
The productivity of a CPA firm is the measure of its employee performance and work quality. Better the performance, better the productivity. Hence, it is essential to accurately track your employee performance. However, most of the firms deploy traditional methods for tracking their employees’ progress, which is inadequate and doesn’t give a clear idea of their proficiency.
You can use a software-based approach for accurately tracking their work progress. With software like Asana, Trello – you can accurately assess work performance, optimize your workflow, and manage other employee-related tasks. Also, as an accounting firm earns its revenue according to the number of billable hours, you can integrate a solution like QuickBooks Time with your accounting software to track the total billable hours. It also allows you to monitor the time spent on each task and implement suitable measures to improve the performance for better productivity.
Automate Key Organizational Operations
Running a CPA firm is no easy task. Apart from handling the core accounting operations, one must efficiently manage other tasks as well. You must monitor your employees, manage the customers, and accomplish other workplace-related tasks. While specific tasks require the old-fashioned administration, most of the vital organizational operations can be digitized and automated for better productivity output.
You can ramp up your customer management by using a software solution like Hubspot CRM, Freshdesk, etc. Such applications help you automate various customer-related tasks and schedule meetings, handle queries, schedule and offer personalized client services. You can also automate payroll and use software solutions like Harvest, Calendly for monitoring their work efficiency for your employees. Also, you can digitize your invoice management, create your payment terminal for improved revenue collection, and enjoy better organizational productivity.
The competition in the accounting industry is at an all-time high. Firms that employ traditional practices have already run out of business or are facing a hard time surviving. Digitizing your firm is one of the best ways to meet the current industry standards and increase your work productivity.
Wish to know how we can help you digitize your CPA firm? Get in touch with our Solutions Consultant at +1-855-223-4887 or click the button below.