With increasing complexities in financial data and ever-changing compliance requirements, the demand for efficiency in accounting processes has never been higher. According to Deloitte’s survey, firms believe they can reduce their costs by 31% and increase their revenue by 24% through automation solutions.
In response to these challenges and opportunities, many accounting firms are turning to automation as a strategic investment — and for good reason.
1. Streamlines Processes
Clear the clutter and focus on priorities that matter — by having accounting tools and platforms convert data into meaningful insights, you can spend more time creating strategies for your SMB client’s growth. This will directly impact their bottom line and will positively affect mutual growth.
Automation platforms like interVal can continuously monitor changes in your SMB’s financial position compared to their industry’s benchmarks. This proactive approach increases the number of opportunities presented to your business owners, and the chance to capitalize on them as soon as they surface.
Accuracy of reporting is also enhanced through automation and AI, making it easier for your accountants to generate detailed and error-free financial insights.
2. Creates Capacity
One of the main advantages of automation for accountants is the significant boost in efficiency it provides. Manual tasks such as data entry and reconciliation can be time-consuming and may be prone to human error. Automation tools can help your CAS practice handle these tasks at a faster pace and with a higher degree of precision. This saved time can instead be spent on new business development initiatives as well as more time spent advising your existing client base, positively affecting the growth of your firm.
With dwindling CPA numbers in the market, empowering your accountants with automation can free up valuable time and help them focus on more strategic aspects of their work, such as financial analysis, planning, and advising clients. An investment in automation can effectively multiply your human capital.
3. Helps Your Firm Scale
As your accounting firm grows, so does the volume of financial data and its analysis. Manual discovery of increasing data sets can be overwhelming especially with fewer CPAs entering the market. Automation provides a scalable solution, allowing accounting firms to handle larger volumes of work without worrying about a proportional increase in staffing.
Investing in automation can lead to significant cost savings while simultaneously boosting revenue. While there may be an initial time investment in implementing automation systems, the reduction in costs and the avoidance of costly errors can result in substantial financial benefits for your firm. You can take advantage of streamlined processes and greater capacity to take on more clients and expand your services.
Investing in automation is a strategic move for accounting firms looking to scale in the market today. Enhanced efficiency, streamlined processes, and capacity creation are just a few of the compelling reasons to arm your firm with AI and automation. Stay ahead of the curve and request a demo from us to learn how your CAS practice can leverage automation and scale.
