Digitalisation isn’t an option for accountants... it’s a necessity
Written by Steve Cox of IRIS: Accountancy firms are in a state of flux. They’ve gone from fearing rapid digitisation to taking their feet off the gas now Making Tax Digital (MTD) has been delayed for a short time. So has the digital journey come to a halt?
What’s the delay?
The accountancy industry seems to be hesitant to move away from traditional processes towards a digital way of thinking. Recent research highlighted 39 per cent of accountants would consider using tablets for work, while just 30 per cent would use video conferencing for meetings. Considering the popularity of iPads and Skype with consumers, clients are now expecting this type of technology to be used in a professional setting.
The use of devices increases a little when looking at mobile applications. Interestingly, just over half (53 per cent) of accountants would consider using this technology in a professional setting. However, as businesses are using apps for more and more business critical processes, it’s only a matter of time before this figure increases.
Digital evolution
Although the uptake of mobiles and devices seems sluggish, the industry isn’t blind to the importance of digital evolution. 73 per cent of practices encourage their accountants to conduct as much business as possible digitally, while 68 per cent encourage the use of technology to connect and collaborate with clients.
Automating functions such as bookkeeping and streamlining processes is a logical step in the digital journey; like ‘farm to fork’ for retailers, accountants can provide a paperless tax and accounts experience from client transaction to final filing at HMRC and Companies House.
Don’t delay digitalisation
Although many partners may view technology adoption as just another expense when traditional processes still get the job done, it is so much more than that. It’s a necessity to ensure the firm stays relevant in the eyes of both clients and the next generation of accountants.
Research shows the number of UK businesses with formal digital transformation strategies has more than doubled since last year. This highlights the rapid change companies will be going through over the coming years, adopting the latest technology to increase their efficiency and effectiveness. So, if clients have woken up to the worth of embracing technological change, they will simultaneously expect their business partners to work in a similar fashion. No business using cloud-based document sharing platforms will continue to accept written communication from their accountant. Similarly, if clients use mobile apps to manage their cash flow in real-time, the relationship with an accountant who works with pen and paper and only adds value in a monthly meeting isn’t sustainable.
The outlook for the next generation of accountants will be even more technologically focused. Millennials studying to be qualified accountants are consumers first and foremost. The vast majority will therefore use numerous smart devices for everything from streaming movies to paying for their weekly shop in-store. Accountancy firms should therefore take a long hard look at themselves and ask whether the next generation will want to go from using technology for everything in their personal lives, to managing accounts using bags of receipts. The answer will almost always be a resounding no.
Biggest change for decades
Our industry is right in the middle of the biggest change we have seen for decades. However, with the disruption comes opportunity. Productivity levels will increase vastly as previously time-consuming tasks can be largely automated, creating an environment which is much more rewarding to work in.
Similarly, businesses will enjoy the benefits of working with a digitally advanced firm which uses technology to take care of the day to day accountancy processes. This will free up their time to add true value to the company by offering high-level consultancy aligned with the business’ key objectives.
In this day and age, digitalisation isn’t a 'nice to have', it’s a necessity. Accountancy practices that bury their heads in the sand and ignore the evolution of the client base will find clients starting to look elsewhere for truly disruptive alternatives. The accountancy landscape is not a mountain to climb, rather a turbulent sea to cross. We have to evolve our thinking, methods and mindsets to constantly stay ahead and ride the wave rather than tumble under it.
Iris is exhibiting at Accountex Summit North, Pod 43. Join Steve Cox on 6 March at 3.15pm as he provides insight into the state of accountancy and how you can succeed amid the changing landscape.
MyFirmsApp Pushes New Boundaries With Next Generation Future Proofed App Platform
MyFirmsApp, developers of the largest global custom App platform in the world for accountants, is pushing new boundaries with the launch of 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. According to the market data and insights company, AppAnnie, users now expect Apps to completely transform the very nature of how goals and tasks are accomplished as well as creating brand new experiences not possible on other platforms.
This world-class platform delivers a unique combination of content, tools, features and integration, with hundreds of variables, plus the option to upgrade to specific modules to customise the user experience. All Apps built on the OneApp platform are compliant with the General Data Protection Regulation (GDPR), which is due to be implemented in May 2018.
Particular attention has been paid to making it easy to find Apps built on the new platform in the iOS App store or in Google Play and this is an important benefit as there are now more than 6 million Apps residing there.
Joel Oliver, CEO, MyFirmsApp says: “We have worked closely with Apple to bring to market a solution that works with its’ strict new rules and regulations and we believe that the new platform provides accountants with the opportunity to create the next level of brand experience for their clients with mobile at the very centre of the accountant client relationship.”
A firm branded App delivers a simple and straightforward way to add value and to make client interaction easier. The App creates a connection between the firm and the client in real time with their own tax data and key financial dates stored within and with access to useful tools such as GPS mileage tracking and receipt management. All online portal and accounts software logins can be held in it too, creating a single interface for the client.
As App stacks and App Add on Communities grow, the role of MyFirmsApp as the leading App integrator for accountants will become increasingly critical.
Daniel Richards will present ‘Bringing the best of the Add-ons together to strengthen your client relationship’ at 11.45am on March 6th in the Tech Theatre at Accountex North.
See the MyFirmsApp new OneApp platform in action on pod 8 - next to the Tech Theatre.
MyFirmsApp gives accountancy firms an affordable branded presence in the mobile world on the devices of their clients and staff. The App platform provides a suite of compliant and approved tax tools, calculators, mileage and income trackers, receipt management, finance news, calendars and push notifications that make direct communication easier. Integration with popular Accounting software ensures accountants are giving their clients the tools they need to succeed in an increasingly digital landscape.
MyFirmsApp operates the largest global custom App platform in the world for Accountants in practice providing the only compliant UK solution that’s used by over 250,000 businesses
Accelerate Advisory with FUTRLI at Accountex North Summit
FUTRLI are excited to be attending Accountex North Summit in Manchester on 6th March. The show is an opportunity to see our latest features, and to discover how FUTRLI is helping advisors and business owners alike make better business decisions.
Hannah Dawson, Founder and CEO, FUTRLI said:
“As fans of Accountex London, we’re excited to attend Accountex North Summit’s inaugural event this March. Events like this are important for everyone in the accounting industry to learn from one another and to discuss how the industry is changing.”
FUTRLI’s powerful features enable business owners to understand their current position, but also to understand the future potential of their business. The platform’s easy to use forecasting capabilities make light work of business planning, by allowing businesses and their advisors to see up to 10 years into the future. As such, FUTRLI is indispensable to small and medium-sized businesses.
Hannah Dawson added:
“We’re firm supporters of the Northern Powerhouse and have seen first hand how our platform can enable growth and promote job creation. What SMBs need is clear advice and information that supports their businesses. Through the FUTRLI platform and well informed, skilled advisors, they can get what they need to succeed.”
What you can discover at Accountex North Summit:
CPD-accredited advisory certification – Get your whole team to understand the ‘why’ of advisory, not just the ‘how’. We cover everything from pricing advisory services, to introducing forecasting to clients and all of the functionality within FUTRLI.
White labelling – Bring your brand together for clients in a simple way - white label the FUTRLI platform. Stand out from the competition and present the FUTRLI platform as your own. Focus on being better advisors, not software developers.
Stop by pod 70 to speak to the FUTRLI team, who will be on-hand to answer all of your advisory questions.
-ENDS-
Notes
About FUTRLI:
FUTRLI is an all-in-one forecasting and reporting platform that helps business owners and accountants make better business decisions. Our suite of powerful visualisation, alerting and forecasting tools and our industry-leading certification course transform the way you work, create actionable insights and accelerate the rollout of advisory services. The FUTRLI platform has been evolving rapidly since its inception in 2014. It began when Founder and CEO Hannah Dawson was running a business and needed to see real-time data. In a constant time lag, she knew there must be a better way of operating, so set about creating it herself. Focused on the future, the platform allows you to make informed decisions to grow businesses sustainably. For advisors, let FUTRLI help you on your journey to advisory, and add value to clients.
About FUTRLI advisory certification:
Releasing our advisory certification course in 2017 was a proud moment. Our CPD-accredited, industry-leading course runs through 26 modules of rich, dynamic content. We cover everything from pricing advisory services, to introducing forecasting to clients and all of the functionality within FUTRLI. With help from our community of CPAs, CIMAs and thought-leaders we’ve put together this in-depth course to help every one of your team master the platform, serve clients and scale your new way of working together.
Media enquiries:
Freya Hughes, [email protected]