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Over the past few years accountants have increasingly turned to technology to streamline various aspects of their profession, but with so many evolving digital solutions on offer, it can be overwhelming to choose the right one.
In this article, we take a look at 3 common business challenges accounting firms look to solve with technology, and the features to look out for when choosing the right solution.
Challenge 1: Improving business efficiencies
There are many different types of efficiency challenges accountants use technology to solve, from reporting to billing, practice management to client communication. But a common struggle for many firms is finding more innovative approaches to collect client data.
Gathering data, particularly for HNW or clients with complex financial structures who have their assets and liabilities spread across multiple financial platforms can be a tedious process, defined by endless back and forths. Even once a client’s information has been compiled, data needs to be organised, analysed and routinely updated – involving more work and time that could be better spent on value-adding business activities.
Data aggregators compile real-time information from many different sources into one location. From live cashflow platforms to client portals with individual profiles, accountants can use a variety of aggregation tools to consolidate data on clients’ business and personal finances.
Features to look for: Multi-platform integration, automated reporting, digital tax checklists/tax wizards, live balance sheet, digital document signing.
Challenge 2: Delivering an exceptional (and digital) client experience
Many accountants are turning to digital tools to deliver a better customer experience and meaningful outcomes. For example, email marketing tools such as Mailchimp are used by many firms to create targeted mailing lists for clients with similar needs and interests, allowing them to tailor their messaging and create a more personalised experience at scale. Similarly, client portals can be used to enhance the customer experience by helping accountants gain high visibility over clients’ needs and financial priorities, in one secure place. myprosperity’s built-in client surveys layered with its powerful analytics, enables firms to gain deeper client insights, which in turn, helps them to consistently deliver meaningful benefits, and uncover new revenue opportunities. Using myprosperity, accountants can then turn these insights into actions by sending personalised email campaigns to address the areas clients need help, kick start conversations around additional advisory services, and ultimately work closer with clients to service their specific needs.
Beyond email, a branded mobile app can help you differentiate your offering and provide clients with an unrivalled digital experience. White-label options mean firms can layer their own brand on dedicated apps downloadable on the Apple Store and Google Play store without having to outlay the time and money required to develop proprietary software. What’s more, a fully integrated mobile app allows you to take this immersive experience a step further by collaborating with clients where and when they want, ensuring they know you’re keeping their financial needs front and centre.
Features to look for: White label apps, third party integrations, branded marketing resources, user-friendly interface, in-app notifications, high touch personalisation
Challenge 3: Uncovering new revenue opportunities
From social marketing automation tools that help build better brand visibility to software that facilitates referrals, there are various platforms accounting firms can leverage to generate revenue and uncover new business opportunities.
In particular, client-facing technology is more than just a fancy add-on. Client portals like myprosperity that aggregate live data can help you identify opportunities and/or gaps in a clients’ financial situation, and in so doing, uncover new revenue streams. As more straight accounting practices combine with advisory firms to provide integrated service offerings, platforms like myprosperity provides businesses with practice-wide visibility and a centralised view of client information. By leveraging features such as in-built referral tools around estate planning and will generation tools, myprosperity helps accountants better collaborate with advisors, leverage their professional network and generate business revenue through additional advisory services.
Features to look for: Client surveys, estate planning, analytics that highlight gaps in clients’ financial situation, built-in referral tools.
Want to learn more about how myprosperity can be tailored to your accountancy or multidisciplinary firm? Book a commitment-free demo with our friendly team today!
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