The accounting sector is becoming increasingly competitive. More and more practices are relying upon automation to streamline delivery; data analytics is becoming a crucial part of doing business; and customers have increasingly large expectations regarding the level of information you can provide – and how and where you provide it.

Regardless of the size of your practice, determining how best to respond to these increasing demands, and what solutions to employ, can be extremely challenging. Typically, you’re so busy focusing on your clients, it can be hard to focus on your own practice and what you need to do in order to maintain a competitive advantage.

To help, here are four key trends that we believe could impact your accounting practice this year:   

1. Cloud-based document management

Increasingly, businesses are looking for cloud-based document management tools to enable far greater flexibility and agility.

With a centralised document management solution, you can store, use and manage information from a whole raft of business documents in the cloud – and make this information securely accessible from any connected device, potentially anywhere, at any time. You also have just one place to search when you need a document – meaning material can be quickly and easily retrieved, and referenced.  

A recent survey of Australian accountants concludes that, 25% of practices are planning to implement/change their document management software in the next 12 months .¹

With a robust document management solution in place, you can share information across work groups, streamline internal processes, store all your documents in a single, easily searchable repository, and even capture emails from your mobile.

For your people, document management means more efficiency and greater flexibility. For your clients, it can mean faster, better results and more open communication.

2. Software as a Service (SaaS)

Software as a Service (SaaS) is a way of purchasing software on a subscription model, via the cloud, rather than purchasing it up-front and installing it on an on-premises server.

SaaS can deliver several important benefits for accountancy practices. Perhaps most importantly, it can help streamline cash flow by moving software from a capital expense to an operating expense. You may be able to pay per month based on what you need, rather than making a big up-front investment based on a predicted need. With SaaS, you also receive automatic updates and patches, rather than having to rely on internal IT resources to make updates on an ad-hoc basis. 

Demand for SaaS is increasing, as more and more firms realise the potentially enormous cost and time savings.

Similarly, adoption of cloud-based CRM within accountancy firms in Australia has doubled in the last three years, 12% of practices say they plan to “go SaaS” in 2017, and a further 32% plan to do so in the next three years.¹

3. Predictive analytics

We’ve learned the benefits of data analytics, and how more and more practices are having to integrate data analytics into their offering in order to remain competitive.

Predictive analytics takes data analytics one step further – using techniques such as data mining, statistics, machine learning and artificial intelligence to analyse current data and make predictions about the future.

In the accountancy sector, predictive analytics can help you provide your clients with a data-based rationale for making certain financial decisions, and if done well, can add considerable value. As more and more practices invest in predictive analytics, it’s becoming more crucial that you add it to your skillset in order to retain a competitive advantage.

4. Cloud-based storage

Increasingly, practices are moving away from on-premise servers; choosing secure, cloud-based, partner-hosted solutions to retain their valuable client information and documentation. 

This is why 34% of Australian accountancy practices said they would move away from on premise servers within 12 months, and a further 14% said they would make the move within three years.¹

Cloud-based storage delivers a whole raft of important benefits. Documents are easier to access, from anywhere at any time. Information is more secure, and it is also regularly and automatically backed-up.

References

_{¹ Insights Modern Technology Report “The Good, The Bad & the Ugly of the Australian Accounting Profession” 2017 Benchmarking report and insights for Australian Accounting Firms.}

_{Link: http://www.gbuhq.com/download/}