Hubdoc to Demonstrate Automated Document Collection & Data Extraction Solutions at Accountex Summit North
Hubdoc, the cloud accounting application that automatically collects financial documents from banks and online suppliers, will unveil fifty new connections designed for customers in the UK at this year’s Accountex Summit North conference.
Since its launch on the Xero App Marketplace and QuickBooks App Store in 2014, Hubdoc has helped thousands of accounting partners and tens of thousands of small businesses in North America and Australia automate administrative tasks like document collection and data entry. This unrelenting commitment to helping customers increase efficiency and save time has led to the company winning the North American Xero Partner of the Year award in 2016, and the Xero Partnership Impact award in 2017.
As a first time Accountex Summit North exhibitor, the Hubdoc UK team will demonstrate the product’s ability to:
— Automatically fetch bank statements, bills, and receipts from popular financial institutions and online suppliers in the UK
— Upload paper documents using a computer, the Hubdoc mobile app, email, or a ScanSnap scanner
— Automatically extract key data from documents, including supplier name, date, and total amount
— Post accurately coded transactions to Xero and QuickBooks Online with source documents attached for one-click reconciliation and audit-proofing
“We believe in a world where accountants and bookkeepers never have to chase clients for financial documentation,” said Max Marcus, UK Country Manager at Hubdoc. “Our application helps make this happen, allowing advisors and their small business clients to focus on what’s important to them: their business. We’re excited to showcase our solution at this year’s Accountex, and we can’t wait to connect with some of the most forward thinking practices in the UK.”
About Hubdoc:
Hubdoc is on a mission to change the way accounting and bookkeeping gets done. Our application leverages cloud computing and machine learning to automatically collect and analyze business documents for financial reporting, reconciliation and audit-proofing. Hubdoc helps accountants and bookkeepers save time, scale their practice, and build deeper relationships with the businesses they serve. We are committed to our customers and are proud to boast a five-star rating on the Xero and QuickBooks app stores.
Public Relations
Hubdoc
Geoffrey Gualano, 514-961-6790
[email protected]
We can all support regional business growth
Written by Juliette Peyraud, senior account manager, Spotcap UK: With a less tight-knit network of bank branches and lenders outside London and the south-east, businesses in the north of England sometimes struggle to source the right financing. Accountants can play a crucial role in helping these businesses navigate their way through the funding landscape.
Big Projects Need to be Taken on Together
Addressing the regional disparities in access and advice to business finance is a huge undertaking. Last year, the Northern Powerhouse Investment Fund launched with £400 million of funds, a culmination of the efforts of ten Local Enterprise Partnerships (LEPs), growth hubs, local intermediaries, including accountants, and many more.
The British Business Bank recently published its Small Business Finance Report, highlighting the importance to tackle regional imbalances in business finance supply. Keith Morgan, British Business Bank CEO, said: “It can’t be overstated how important it is to build a more complete funding ladder for economically important high-growth businesses no matter where they are located.” The north of England has a potential additional £100 billion worth of economic benefit and 850,000 jobs on offer. The benefits to the UK economy as a whole are therefore clear.
Change Starts Locally
But issues such as business financing need to be taken on together. They require change in numerous places, and cannot be addressed with one initiative or by a single entity. Instead, collaboration is the right response.
For example, we here at Spotcap work together with The Growth Hub, pro-manchester, the Greater Manchester Chamber of Commerce and several local accountants as well as financial advisers, such as Duff & Phelps, to meet the needs of Manchester businesses. We do this by offering a range of services including financial advice, growth mentoring and access to finance.
In an age of global connectedness, sometimes it is best to think locally first. Strong local business networks and professional connections can provide quick first-hand support and help businesses expand their ambitions, develop and grow.
It’s up to all industry participants to create environments where knowledge, research and best practices can be shared. This will open up doors to expand on current approaches to growth.
Juliette Peyraud is senior account manager at Spotcap UK. Juliette has extensive experience in account management after several years working for multinational corporations. She is currently responsible for managing Spotcap’s growing network of accountants. Juliette regularly travels across the UK to meet accountants and financial advisers who have shown an interest in alternative finance to be able to better advise their clients.
Spotcap UK is at Accountex Summit North, Pod 60
Accountants: you don’t have the right skills
If you attend accounting conferences or peruse accounting websites, certain topics will come up again and again. Is AI going to make me redundant? Regulators are at it again; what’s the latest change?
How can we make better decisions under extreme uncertainty? What about really big problems like climate change? How can accountants be part of the solution?
These are the types of issues future industry leaders must be prepared to deal with.
But how do we currently train accountants?
Rigorous exams
The path to a career in professional accounting typically requires passing a series of rigorous exams,and acquiring relevant work experience. This is a good thing! It ensures that a professional accountant has a baseline mastery of financial reporting, managerial accounting, audit, tax, etc.
But there is a gap between this type of training and the skills required to lead a team, an organisation, and a profession through the uncertainty, ambiguity, and complexity that seems to be increasing.
Where are accountants going to get these skills? Continuing professional development requirements? In-house corporate training? Online courses?
Gap persists
These can be good resources, but the gap persists.
Universities are in a unique position to meet this need. How? Ideally, a university should:
- Immerse students in relevant knowledge, relationships with peers and faculty, and the culture of the university
- Aggregate experience by bringing the best experts in the university and the world into the classroom, in person or virtually
- Bring together an international group of students for a truly global experience
- Explore all sides of a complicated issue from a neutral perspective
Global accounting leadership
The Cambridge Master of Accounting integrates these strengths in a global accounting leadership programme for professionals who want to bridge the gap.
Our curriculum encompasses three broad topics:
- Change leadership: What are the shortcomings in current systems and processes related to financial reporting, audit, and governance? How can they be improved? How can the choice of “what gets measured and how” change an organisation, or even society? How will technologies like blockchain and AI change the industry?
- Decision making under uncertainty: How can you apply cutting-edge data analytics tools to answer crucial questions? How can you effectively interpret and persuasively communicate your results?
- Interpersonal dynamics: How can you develop and refine relationships and interpersonal skills necessary to lead change? How do you navigate power dynamics in an organisation?
Our programme features eight quarterly residential weeks in Cambridge over two years, with robust online engagement between visits.
Successful candidates will demonstrate a track record of impact in an organisation, an interest in preparing for leadership roles in the field of financial information, and ability to perform academically at a high level.
The Cambridge Master of Accounting (MAcc)
Accountant of tomorrow ... well 2028 to be precise!
Big technological change is having a profound effect on the accounting profession. One of the most frequently asked questions is "what does the future hold?"
To help provide a picture of what the profession will look like in 10 years, Thomson Reuters has produced a report called The Accountant of Tomorrow. Don't worry, the future is looking bright.
The report is the result of a survey of 345 UK accountants carried out in June this year. The majority of respondents were senior members of practices with fewer than 10 staff.
Six industry experts
Added to that are six industry experts, including Red Shoes Accounting founder Victoria Cooper, Freddie Faure, CooperFaure partner, and Principle Point's MD Richard Sergeant, who provided commentary on the survey results.
“Technology, changes in legislation and an increase in competition will drive us to become an integral part of our clients’ businesses – guiding them throughout their complete life cycle, rather than just a traditional end-of-year reporting role.”
Victoria Cooper
The report focuses on how accountants can develop their skills to survive and thrive amid tech and regulatory upheaval. And how they can help their clients meet digital demands, tackle tax in real time and respond to the threat of robots!
Nitty-gritty of the report
I'll be returning to some of the nitty-gritty of the report next week but, first, here's a few words from the authors:
"Change has been a constant in the lives of accountants in practice and, although new regulations and a wave of technology continue to provide disruption, there are plenty of reasons to feel optimistic about the next decade.
"The significant regulatory burden for both firms and their clients is expected to be eased by software partnerships that, when in the cloud, will continually develop to meet demand and help to generate new opportunities.
"Accountants will continue to embrace tools that change working lives for the better, and rebalance core services to meet changing market requirements, which shows that there is plenty of life and opportunity in being the accountant of tomorrow."
Good stuff.
Accounting Insight News goes live!
An essential source of news, views and analysis for UK accountants and finance professionals launches today.
Accounting Insight News is the exciting new content platform that will be partnering Accountex Summit North and the UK’s premier exhibition for accountants — Accountex.
It will focus on the latest industry news and state of the art technology, plus it will provide refreshing analysis that takes you behind the headlines.
The website is edited by Ian Moss, an experienced journalist who was worked on several UK titles, including the Daily Mirror and the Financial Times.
He says:
Accounting Insight News will aim to deliver a clear, concise and credible overview of the industry. I’m hoping we’ll become a favourite stopping point for accountants who want to stay in the know.”
For more information, please visit www.accountinginsightnews.co.uk.
Accounting Insight News and the Accountex events are a part of Diversified Communications UK.
Accountex hits the North
About 800 accountancy and finance professionals will flock to Manchester Central on Tuesday for Accountex Summit North - a new one-day event dedicated to the industry.
There will be 80 exhibitors (including event sponsors Inuit QuickBooks, Xero and Sage) and expert speakers providing major pointers on how to prepare for the tech and compliance challenges and insights on future opportunities.
Speaker highlights include business commentator Declan Curry, David Kaye (Intuit – QuickBooks), Damon Anderson (Xero), Mark Wickersham (Cloud Pricing), Amanda C. Watts (TwentyTwo Agency), Glenn Collins (ACCA), Gordon Gilchrist (2020 Innovation Training), Chris Astle (Think Forwards), James Ashford (GoProposal), and Cameron John (Sage).
Hot topics
The Summit’s Hot Topics Round Table, featuring two group discussions covering Woman in Accountancy and surviving as a sole practitioner, will be facilitated by award winning digital accountancy practice owner Elaine Clark.
The following is just a taste of some of the innovations on show at Accountex Summit North:
TaxCalc is showcasing its latest Accounts Production enhancements and new software Bundle – The TaxCalc Practice Collection. With 8,000 customers, TaxCalc’s suite of Accounts Production, Tax, Practice Management and more, is multi-award winning, integrated and yet extremely affordable. Learn how twelve years of innovations like SimpleStep®, Check & Finish, and CloudConnect, make life easier (pod 30).
Xero is introducing its new time and cost management tool – Xero Projects. As well as showcasing new functionality within Xero Expenses (pod 52).
Global custom app
MyFirmsApp, developers of the largest global custom App platform in the world for accountants, has launched OneApp, a next generation, future proofed App platform. The OneApp platform goes above and beyond to deliver Apps in line with the growing expectations users have. Daniel Richards will present ‘Bringing the best of the Add-ons together to strengthen your client relationship’ at 11.45am in the Tech Theatre (pod 8).
Hubdoc is unveiling 50 new connections to vendors across the UK. Hubdoc automatically fetches financial documents from hundreds of banks, utilities, telecom providers, and more; extracts key data; and seamlessly syncs transactions to GLs with source documents attached. With Hubdoc, reconciliation, payment processing, and audit-proofing are just a few clicks away (pod 39).
IRIS Accountancy Solutions is launching its new solutions designed to support accountants with their GDPR compliance challenges, develop new value-added services and underpin their digital transformation. Hear from Steve Cox, Chief Evangelist, sharing his insight into the state of the accountancy sector at his session: The Accountancy Climatic Flip – Time for Digital (pod 43).
FUTRLI will be on-hand to answer delegates’ forecasting and reporting questions and demonstrate how its latest features can help advisors and business owners make better business decisions. Its industry-leading advisory certification course can transform the way accountants work and accelerate rollout of advisory services (pod 70).
Free scanning process
Fujitsu Scanners’ ScanSnap Cloud speeds up the device free scanning process and routes data directly to cloud-based accounting software and software for organising receipts: QuickBooks Online and Expensify for receipt and expense management and integration with leading accounting and workflow tools; Concur Expense and Shoeboxed for receipt organisation and automating expense reports (pod 14).
Practice Ignition is helping companies respond to the massive challenge of GDPR. They can provide guidance and assistance on how to tackle GDPR, by updating existing engagement letters with accountants’ entire client base to ensure they comply with the new regulations. They are also showcasing a new integration with Zapier, which helps boost efficiency and integrate workflows (pod 37).
R&D Online is unveiling its intuitive digital platform that enables accountants to make R&D Tax Relief claims on behalf of their clients. The service is offered on a white-label basis, but supported by R&D tax specialists who will ensure accountants can deliver successful claims to their clients every time (pod 58).
Feebooster Accountancy Marketing Specialists is launching Multimedia Marketing packages, where telemarketing, email marketing and digital marketing are used in combination, to reach the greatest number of targeted prospects in the local area. Delegates can access a free Marketing Your Practice guide and benefit from an exclusive sign up discount on the day (pod 53).
New cloud add on
One of JustAccounts' unique features is the ability to perform the whole process from lead to onboarding and bank account creation without ever having to leave the platform. It can create leads, consultations, illustrations and track referrals directly in to a live client. Accountants can even incorporate companies, set up business bank accounts and create contracts for their clients to agree through their dashboards (pod 5).
BrightPay Payroll has recently launched a new cloud add on. BrightPay Connect offers powerful features, including automatically backing up payroll information to the cloud, online annual leave management, client dashboard and an employee self-service portal. The online payroll flexibility enables online access anywhere, anytime for accountants, their clients and their employees (pod 33).
Docusoft provide innovative and comprehensive solutions for document, email and data management. For GDPR, its Portal secures document delivery and its OneView concept provides a comprehensive information view. See the E-Signature App in action and all new DMS App that transforms document access and control all from standard Outlook (pod 42).
The 2020 Innovation Training team will be on hand to share expert insights into GDPR, Making Tax Digital and the use of new technologies. 2020 support approximately 25% of all UK accountancy firms and their members enjoy unlimited training and support, covering such areas as CPD, FCA and Tax Updates (pod 34).
Over 800 delegates confirmed to attend Accountex Summit North
Tuesday 6 March marks the start of Accountex Summit North – the industry’s new one day accounting conference and exhibition for senior accountants and finance professionals based across the Midlands and North of England.
With all places now booked, over 800 delegates (working in business and practice) will be heading to Manchester Central to discover the best choice of new products, tools, software and solutions from 80 leading exhibitors (including event sponsors Inuit QuickBooks, Xero and Sage). While the Summit’s raft of expert speakers with provide major pointers on how to prepare for the key changes, challenges and opportunities ahead.
Among the attendees will be representatives from organisations as diverse as HMRC, ITV, Telefonica UK, Ginsters, Aon, Bettys & Taylors Group, Elior UK, Lookers, Co-operative Bank, DHL, FirstGroup, AstraZeneca, Morrisons, Virgin Media, the NHS, University of Liverpool, Network Rail, The Guinness Partnership, Defra, and DCLG - Ministry of Housing, Communities and Local Government. Plus senior names from leading practices: Moore Stephens, Haines Watts, Crowe Clark Whitehill, BDO, Cowgill Holloway, Dains, French Duncan, Beever and Struthers, Jackson Stephen, Bulley Davey, Lamont Pridmore, Garbutt & Elliott, Duff & Phelps, and Jolliffe Cork.
Exhibitor highlights
The following is just a taste of some of the innovations on show at Accountex Summit North:
TaxCalc is showcasing its latest Accounts Production enhancements and new software Bundle – The TaxCalc Practice Collection. With 8,000 customers, TaxCalc’s suite of Accounts Production, Tax, Practice Management and more, is multi-award winning, integrated and yet extremely affordable. Learn how twelve years of innovations like SimpleStep®, Check & Finish, and CloudConnect, make life easier (pod 30).
Xero is introducing its new time and cost management tool – Xero Projects. As well as showcasing new functionality within Xero Expenses (pod 52).
MyFirmsApp, developers of the largest global custom App platform in the world for accountants, has launched OneApp, a next generation, future proofed App platform. The OneApp platform goes above and beyond to deliver Apps in line with the growing expectations users have. Daniel Richards will present ‘Bringing the best of the Add-ons together to strengthen your client relationship’ at 11.45am in the Tech Theatre (pod 8).
Hubdoc is unveiling 50 new connections to vendors across the UK. Hubdoc automatically fetches financial documents from hundreds of banks, utilities, telecom providers, and more; extracts key data; and seamlessly syncs transactions to GLs with source documents attached. With Hubdoc, reconciliation, payment processing, and audit-proofing are just a few clicks away (pod 39).
IRIS Accountancy Solutions is launching its new solutions designed to support accountants with their GDPR compliance challenges, develop new value-added services and underpin their digital transformation. Hear from Steve Cox, Chief Evangelist, sharing his insight into the state of the accountancy sector at his session: The Accountancy Climatic Flip - Time for Digital (pod 43).
FUTRLI will be on-hand to answer delegates’ forecasting and reporting questions and demonstrate how its latest features can help advisors and business owners make better business decisions. Its industry-leading advisory certification course can transform the way accountants work and accelerate rollout of advisory services (pod 70).
Fujitsu Scanners’ ScanSnap Cloud speeds up the device free scanning process and routes data directly to cloud-based accounting software and software for organising receipts: QuickBooks Online and Expensify for receipt and expense management and integration with leading accounting and workflow tools; Concur Expense and Shoeboxed for receipt organisation and automating expense reports (pod 14).
Practice Ignition is helping companies respond to the massive challenge of GDPR. They can provide guidance and assistance on how to tackle GDPR, by updating existing engagement letters with accountants’ entire client base to ensure they comply with the new regulations. They are also showcasing a new integration with Zapier, which helps boost efficiency and integrate workflows (pod 37).
R&D Online is unveiling its intuitive digital platform that enables accountants to make R&D Tax Relief claims on behalf of their clients. The service is offered on a white-label basis, but supported by R&D tax specialists who will ensure accountants can deliver successful claims to their clients every time (pod 58).
Feebooster Accountancy Marketing Specialists is launching Multimedia Marketing packages, where telemarketing, email marketing and digital marketing are used in combination, to reach the greatest number of targeted prospects in the local area. Delegates can access a free Marketing Your Practice guide and benefit from an exclusive sign up discount on the day (pod 53).
One of JustAccounts' unique features is the ability to perform the whole process from lead to onboarding and bank account creation without ever having to leave the platform. It can create leads, consultations, illustrations and track referrals directly in to a live client. Accountants can even incorporate companies, set up business bank accounts and create contracts for their clients to agree through their dashboards (pod 5).
BrightPay Payroll has recently launched a new cloud add on. BrightPay Connect offers powerful features, including automatically backing up payroll information to the cloud, online annual leave management, client dashboard and an employee self-service portal. The online payroll flexibility enables online access anywhere, anytime for accountants, their clients and their employees (pod 33).
Docusoft provide innovative and comprehensive solutions for document, email and data management. For GDPR, its Portal secures document delivery and its OneView concept provides a comprehensive information view. See the E-Signature App in action and all new DMS App that transforms document access and control all from standard Outlook (pod 42).
The 2020 Innovation Training team will be on hand to share expert insights into GDPR, Making Tax Digital and the use of new technologies. 2020 support approximately 25% of all UK accountancy firms and their members enjoy unlimited training and support, covering such areas as CPD, FCA and Tax Updates (pod 34).
Accounting Insight News (launching on 5 March at www.accountinginsightnews.co.uk) is an exciting new content platform from the organisers of Accountex Summit North and Accountex. It will focus on the latest industry news and state of the art technology, and provide refreshing analysis that takes you behind the headlines. The website will be edited by Ian Moss, an experienced journalist who was worked on several UK titles, including the Financial Times.
Other exhibitors include Sage, Intuit – QuickBooks, ACCA, AccountancyManager, AccountingWEB, AIA, AutoEntry, CaseWare UK, CIMA, CIPP, CIS, Coface, Compleat Software, Debt Collection Services UK, Economia, Enterprise Tax Consultants, First Corporate Law Services, FreeAgent, GAAPweb, Global Infosys, ICB, IFA, Octopus Blue, Opt Pensions, Qubic Tax, Receipt Bank, RollPay, Sage, Spotcap, The Learn Centre, and Wolters Kluwer.
The full exhibitor list is available at www.accountexsummitnorth.co.uk/exhibitors.
Seminar highlights
There will be over 20 sessions in four dedicated theatres – including the Tech Theatre, How To Theatre, Practice Growth Theatre, and Business and Future Theatre – and the Keynote auditorium.
Speaker highlights include business commentator Declan Curry, David Kaye (Intuit – QuickBooks), Damon Anderson (Xero), Mark Wickersham (Cloud Pricing), Amanda C. Watts (TwentyTwo Agency), Glenn Collins (ACCA), Gordon Gilchrist (2020 Innovation Training), Chris Astle (Think Forwards), James Ashford (GoProposal), and Cameron John (Sage).
“Never stop learning and give yourself every opportunity to be open to new ideas and new ways of working. There is not one silver bullet or a one size fits all model so each Accountant needs to assess what is right to give them their competitive advantage and remain successful,” says Cameron John, Sage’s global director of accountant partners.
The Summit’s Hot Topics Round Table, featuring two group discussions covering Woman in Accountancy and surviving as a sole practitioner, will be facilitated by award winning digital accountancy practice owner Elaine Clark.
The full programme is available to view at www.accountexsummitnorth.co.uk/conference.
Accountex Summit North – the year’s most hotly-anticipated new event for the accounting and finance profession – opens at Manchester Central on 6 March. All delegate places are now booked and the event has sold out of all available exhibition space.
For further information, please visit www.accountexsummitnorth.co.uk.
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Diversified Communications UK Ltd (Diversified UK) is a fast growing trade event organiser and publisher based in Brighton, Peterborough, Nailsworth, and London. Diversified UK’s portfolio includes Accountex Summit North (new for 2018); Accountex; SITS – The Service Desk & IT Support Show; British Tourism & Travel Show; Casual Dining; lunch!; Commercial Kitchen; GO! Organic Festival (new for 2018); Natural & Organic Products Europe; Nordic Organic Food Fair & Natural Products Scandinavia in Malmö, Sweden; GEO Business; Ocean Business; MARELEC Marine Electromagnetics conference; Euro Bus Expo; Coach & Bus UK; and London Design Fair. For more information, visit: www.divcom.co.uk.
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Feebooster Offer Multi-Media Marketing and Exclusive Discounts!
Feebooster Accountancy Marketing Specialists have been marketing exclusively for the accountancy profession since 2001.
We are delighted to announce the launch of our new Multi-Media Marketing Services, which enable us to reach the broadest range of prospects yet through a variety of channels!
Feebooster will be exhibiting at Accountex Summit North on 6th March, Pod 53.
Exclusive Discount for Visitors To Accountex Summit North 2018
Get 50% off your Joining Investment on our most popular Pay Per Attended Appointment service and your 1st, 5th and 10th appointments free!
To qualify for the discount, simply register your details at our stand and take up the service by Friday 16th March 2018, quoting promo code EX18.
1 Minute Marketing Surgery:
Get a Marketing Health-check from our Director and Sales Manager, who between them have nearly 20 years’ experience in direct marketing exclusively for the accountancy profession! Pick our brains to see how your marketing stacks up against other firms out there and what you could be doing differently to attract more clients!
Free ‘Marketing Your Practice’ Guide:
We have cut through all the industry jargon to offer you a simple guide, packed with expert advice on how to apply the basic principles of marketing at very little cost, across all marketing avenues that you currently undertake.
To find out more, please contact:
Rhiannon Glacken, Director, or
Kazira von Selmont, Sales Manager
Feebooster
T - 01582 476444
W - www.feebooster.com
E - [email protected]
Three trends that are shaping the accounting industry
Written by Victoria Hoffman of Hubdoc: Trends in the accounting industry are largely driven by new developments in technology. Future-proofing your practice means staying on top of these accounting trends and understanding how they’re disrupting and shaping industry best practices.
So, what are some of the key trends that accountants and bookkeepers should be aware of in 2018 (and beyond)? Let’s take a closer look.
1. Automation enables high-value advisory services
Advancements in machine learning and artificial intelligence have already started to rock the world of accounting – for example, Intuit QuickBooks and Xero have both introduced machine learning projects over the past couple of years. These developments have enabled accounting firms to automate tasks such as document collection, data entry, and other compliance-related tasks.
Contrary to what some may have been led to believe, automation is not making the role of accountants obsolete – rather, it’s arming them with two items that are essential for becoming proactive advisors: more time, and more real-time data. It’s up to accountants to leverage their available time and data to provide more proactive advice (and, consequently, more value) to their clients.
2. Client experience is a key differentiator
It is predicted that customer experience will take over price and product/service as a key differentiator for most B2B businesses by the year 2020. Adopting cloud accounting technology
is proven to help increase practice efficiency, improve the client experience, and supercharge your practice.
As more processes are standardised with technology, however, firms should not rely on the use of cloud accounting tools as their only differentiator. Standing out as an adviser requires going above and beyond with all client interactions.
Consider every possible interaction (from client onboarding, to optimising your workflows, to reporting) and figure out how you can increase client engagement. In turn, increasing client engagement will improve client retention.
3. Advisers will require a deeper expertise of the growing tech landscape
In March 2017, Accountex reported that the accounting technology ecosystem had doubled in size over the prior year. As exciting as it is to explore all of the cloud accounting solutions that exist, it can also be confusing.
Feeling exhausted and overwhelmed by the sheer number of available apps is a phenomenon known as “app fatigue” – and it can impact a firm’s productivity in more ways than you might think. Accountants with “shiny object syndrome” might go overboard and select too many apps, creating redundancies in their accounting technology stack. Or, conversely, they might feel intimidated by the app ecosystem and avoid exploring new solutions altogether.
Navigating the accounting app landscape and being able to help clients understand which tools will work best for their business will be a valuable skill as the ecosystem continues to grow. Moreover, overcoming app fatigue and understanding where automation can improve your workflows (and, more importantly, how it can improve your client experience) will help to future-proof your firm.
If these three trends point to one thing, it’s the importance of becoming a devoted adviser to your clients. In order to effectively advise (and future-proof your firm), it’s critical to stay on top of trends and adapt to best practices that are in your clients’ best interests.
Hubdoc will be at Accountex Summit North, Pod 39.
Q&A: Cameron John, Sage UK (2018)
Cameron John is Sage’s Global Director of Accountant Partners. A qualified accountant, he is passionate about enabling accountants’ client relationships to flourish. He'll be at Accountex Summit North, sharing practical advice on how to advise clients on the best way to embrace digital solutions in the second wave of cloud adoption.Read more