Accounting Firm Practice Management and IT Consulting for CPAs
Every year, more companies shift from traditional accounting methods to automated, more efficient ways of work. Nowadays, people across various industries can leverage technology to drive their company towards its maximum efficiency standards.
Process automation increases productivity levels, minimises the risk of human error, saves large quantities of valuable time and significantly reduces operational costs. A well-calibrated practice management automation solution can take your company to the next level and allow for a more straightforward growth process.
So, what is accounting firm practice management, and why is it important?
Accounting and Finance professionals who support their business through technology are always seeking to achieve more efficiency in their processes. One of the most common areas of improvement, in most cases, is your document management system.
We can think of your Document Management System as an automation software that defines your way of controlling and managing your company’s entire flow of documents. It usually includes documents, content, workflow and output systems.
Document control is the process of documenting all documents produced by the organisation, whether paper-based, electronic or both. It also allows auditors to ensure compliance reporting on all copies while also providing a method that simplifies retrieving and managing documents. These benefits lead to increased productivity and improved efficiency.
Why is it essential to have a custom accounting firm practice management software?
It ensures a high level of security, a crucial factor for meeting the legal cybersecurity compliance standards. As most data protection legislation points out, customer privacy should be a top priority and not an extra feature.
Since it tracks the speed and paces your company works at, your practice management software becomes the heart of your firm as you add more clients.
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Main benefits of an accounting firm practice management software
Facile Task Management
Automatize recurring tasks, schedule in just a few clicks and manage the work of your entire team from a single place. You can supervise daily and event tasks and keep an eye on everything from the task management dashboard.
Document management and storage is an important part of any finance or accounting focused company. A document management software will offer you constant access to your very own virtual filing cabinet.
Communication can prove to be a challenge, even in small and medium-sized businesses. A multi-user interface allows your team to carry out their day-to-day tasks in a digital environment collaboratively.
Data encryption aims to shield and protect the confidentiality of digital data as it gets transmitted from one network to another. All your work progress gets automatically saved as you go, so you don’t need to spend time, energy, money, and complex backup procedures.
We all know the hassle poor communications channels can cause inside a company. Ensuring direct communication channels will help you boost productivity levels and avoid unnecessary confusion.
Since the practice management software will be mainly constructed around your company specifics, you won’t have to pay for features that you don’t use. Besides, it’s extremely easy to update and modify as your company scales.
We provide accounting firm practice management and IT consulting services for CPAs who want to grow their business. Our services are designed to help CPAs leverage technology, practice management and consulting services to achieve their goals and improve their business processes.
Why is IT consulting for CPAs a mandatory practice?
Technological processes can either help your company function at maximum efficiency rates or slow it down due to a lack of understanding of the technical part. Not all members of an accounting or finance firm need to have a perfect technical understanding of how the IT parts of the company work.
However, having your employees lose precious time dealing with processes they don’t fully understand can and will have a hugely negative impact on your overall efficiency rates.
A comprehensive understanding of IT-driven opportunities will offer you the chance to make effective, well-based decisions that will boost your company success rates and ensure an overall better future.
The software solutions used by your company should be perfectly calibrated and adapted to your business specifics and ways of work.
That’s why so many companies opt-in for custom software solutions meant to automatise daily tasks.
Whether we’re talking about Customer Relationships Management tools, document management solutions or cloud-based workspaces, the overall productivity standards are massively impacted by the customisation of the software based on your specific needs.
How does a practice management solution affect your business?
Companies often tend to underestimate the cybersecurity risk that lays its shade over all the firms operating in the digital environment. They could not be further from the truth.
For example, in 2018, ransomware attacks worldwide rose by 350% and are estimated to sum up an overall annual cost of 6 trillion.
However, the vulnerability often comes from the inside. According to Cybnet, 95% of cybersecurity breaches are caused by human error. Here’s another possibly surprising statistic: according to Proofpoint, 88% of organisations worldwide had experienced spear-phishing attempts in 2019.
Therefore, having your employees trained on adequately identifying and avoiding falling for this type of scam might save you a lot of hassle that comes with compromised company security.
If you’re still considering IT consulting for CPAs is not worth the effort, it’s essential you at least know what risks you’re exposing your company to.
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About cloud-based accounting software
There are three main categories for accounting software: small business, enterprise, and cloud-based accounting software. Cloud solutions make up a viable solution for most companies out there due to their flexibility, cost and time effectiveness, and increased accessibility.
Using cloud accounting can even deliver the dream of having a paperless office. With traditional accounting, dealing with paperwork, data entry and financial administration can start to eat into your business time. Everything must be printed out and dealt with in hard copy, and this is slow, ineffective and bad for the environment.
However, there are many more factors you need to take into consideration when choosing the right digital solution for your accounting firm. It’s vital that you take your time to consider them before making a decision.
Here, you can find a more detailed overview regarding the full benefits of cloud solutions for accounting and finance firms, the potential downsides, and what you need to consider before making a decision.
About Alavanca Systems
All accounting firms understand they need to utilise technology to remain competitive, but few actually use technology to its full potential. Leveraging the right technology to its full potential can help you grow and get more out of your accounting firm. That’s what Alavanca Systems provides for our CPA clients – the knowledge and experience to leverage technology to support your ongoing success and growth. By implementing IT solutions, such as accounting firm practice management software or IT consulting, we provide you, your accountants, and your support staff the ability to leverage your computers without worries about technology outages, slowdowns, or security problems.
We’re happy to provide round-the-clock IT support for accounting firms. Over the last 25 years, we have provided top-notch cybersecurity management, data backup, and IT consulting for CPAs. Employing our IT services for accounting companies opens up a door to new growth opportunities.