Tech can improve your offering – and value

Many small firms continue to resist digital change by not wanting to invest time and money in their practice – until they start losing clients to more forward-thinking accountants.

A ‘digital’ accounting firm benefits from efficiencies driven by improving the process of data collection and the ability to process that data quickly and automating the non-value-adding task. This saves time and effort in chasing clients for their records. Automating the data collection also allows clients time to focus on growing their businesses, rather than worrying about their accounting responsibility.

These tech platforms are enhanced by the hundreds of apps available that link to them, helping automate and solve many back- and front-office pain points for small businesses.

I believe each firm must carefully consider a platform it should support, which feels the right fit for them and with clients in mind. This ensures your staff can master that one tech, rather than trying to be a jack-of-all-trades. Having all the clients on a single platform would also mean greater visibility from a workflow perspective. Think carefully about having a practice management tool in place to help your firm offer better client interaction, including client onboarding tools that automate proposals and letter of engagements, document sharing and e-signing.

Practice owners can reinvest the saved time in reviewing the firm’s anti-money laundering procedures – an important area ignored by far too many practices; business development; CPD; networking; or even having Fridays off .

Finally, if you’re thinking of retiring in a few years’ time and don’t want to make these changes, then think carefully. The value of your practice will be impacted by its structure, organisation and client offering – all of which are enhanced by technology.

Muhammad A Zuberi is the founder and managing director of London-based practice Pebble Accounting and an IFA member