Accounting may be routine and systematic, but it's susceptible to changing technology and disruptive innovation like any other profession. CPAs understand that change is waiting over the horizon, ready to alter their workflow. According to AICPA.com, 90% of practicing Accountants think digital integration is approaching rapidly. Another 82% of CPAs believe there is an urgent need to understand and adapt to that technology before they get swept away.
Accounting, however, is subject to a set of regulatory challenges unique to the field. In light of those challenges, is your CPA firm future-ready?"
Unique Challenges in the Accounting Industry
Every industry has its quirks and accounting is no different. Accountancy is subject to a battery of state and federal internal and external audits every year. Those audits focus on the accuracy of the firm's financial statements as well as their overall compliance with industry regulations. This comes as a direct result of the Enron scandal that rocked the accounting industry in the early 2000s. Due to rampant fraud, investors lost nearly $74 billion dollars, ushering in an era of tightly-controlled oversight that continues today.
Accounting firms are mindful of protecting the personal identifying information (PII) tied to their clients' financials. Firms must implement safeguards, like document management software for accountants, to ensure the safety of their clientele.
Is Your Accounting Firm Future-ready?
Time waits for no one.
Oversight and compliance issues aren't going anywhere, and accounting firms must adapt to the incoming wave of technological advancements currently disrupting other industries worldwide. CPA firms are on the edge of the financial management industry; implementing new technology should come naturally to them, but the numbers say otherwise.
The role of the CPA is evolving whether accounting firms are ready for that change or not.
What Accounting Firms Need to Do to Prepare
Accounting firms are left with one of two choices: resist new technology or adapt to the changes, becoming leaner and more agile in the process. Below are five ways to integrate technological advancement into your practice while updating your firm's methodology. These strategies are an opportunity to update your firm's overall operations.
1. Reduce labor-intensive tasks
Accounting includes routine, labor-intensive operations, from filling out forms, to data input, to filing. Mechanical tasks like these rob accounting professionals of valuable time better spent helping clients develop their financial strategy. Disruptive technology, such as document management software for accountants, streamlines these time-intensive tasks, restoring your firm's ability to engage in service-based accounting.
2. Automate your services
We live in an increasingly mobile world. Clientele from every industry craves autonomy. They want professional expertise, but they also want ownership of as much of the process as possible, and accounting is no exception. Increased automation is coming.
The customer stands to benefit from increased automation. Leveraging automation means offloading time-consuming administrative tasks leaving accountants free to pursue business-critical activities.
3. Minimize your audit risk
Audit risk primarily comes from two different sources:
- Fraudulent behavior
- Human error
Company culture and systems of oversight help to eliminate the first cause; you address the second through efficient and streamlined workflows. Solutions like document management software for accountants and digital scanning services greatly mitigate risk during an audit. Document management software for accountants includes ready-made safeguards that ensure a secure and compliant environment for your firm's financial records and client information.
4. Increase your firm's adaptability
The business environment today underscores the need for the financial industry to respond to market conditions with greater agility than ever before. Work is no longer relegated to a desk and a cubicle; even certified public accountants are embracing highly-adaptable workspaces.
Solutions like digital document scanning, Cloud-based infrastructure, and document management help certified public accountants establish an office space anywhere they go.
5. Optimize your workflows
The concept of a mobile office space creates a secondary problem for the modern CPA: the hazard of a data silo.
Remote and adaptable workflows require that all users be on the same page and use a common tool set. That means that everyone must use the same data management software or a Cloud-based platform that aggregates data from across sources and stores it in a commonly-accessible location. Your team does not have to sacrifice adaptability in order to establish a clean and efficient workflow. With document management software for accountants, the two concepts are intimately knit together.
DRS Imaging's Accounting Specific Solutions
DRS Imaging understands the broad and sweeping challenges that CPA firms face. We also understand that change is inevitable, and those that adopt technology early on stand to gain a competitive advantage. That's why DRS offers solutions like our document management software for accountants, specifically tailored to your industry's needs.
We created our management software with client security and regulatory compliance in mind. All your company's key financial documents are digitally stored in a safe and secure format that complies with regulatory compliance standards. Certify the stakeholders you want to have access to remote documentation, creating a seamless workflow even if your team is working remotely.
Once you establish your remote documentation process, it's easy to scan any future hard copy documents into digital format. It's equally easy for stakeholders to search for and locate key documentation after it's been digitally scanned, preventing critical data from getting trapped at any point in your process.
If your CPA firm is ready to embrace the change that's coming, DRS Imaging can help you implement that latest in document management software. To schedule a consultation, please contact us today.