With the demand for CPAs as high as ever and the number of CPAs entering the profession dwindling, growing your accounting firm may seem like a challenge. Capacity creation is one of the best solutions. The concept of 'creating' more time is not new in the accounting world, but the ways of doing so have changed drastically.
With strategic approaches and a focus on using the right tech, accountants can unlock more hours in their workday. Here are three effective ways to achieve just that:
1. Rely on Cloud-Based Collaboration Platforms
Collaboration is key in the accounting industry, especially when your team members and SMB clients are spread across different locations. With many businesses operating remotely, their demands on their accounting firm have grown. Cloud-based collaboration platforms offer a centralized hub where stakeholders can access and update information in real-time. This is especially important if your team is working in different time zones.
Working on cloud-based platforms can help minimize redundant communication through emails or phone calls, and save precious hours that can be better spent on client-focused activities. Cloud platforms also enhance data security and accessibility, ensuring that your team can work securely and efficiently.
2. Empower Your Team with Automation
Technology is a game-changer if you aim to create capacity quickly and effectively. Investment in automation can save you not just time, but also increase your firm’s revenue simultaneously. To gain the most from automation, invest in tech that gives you actionable insights that you can use to help your SMB clients grow.
interVal helps with exactly that. Sync your SMB client’s financial data (Caseware, Quickbooks, Xero, or Sage) and gain access to automated growth insights and actionable industry benchmark data feedback. Not only does it automate discovery, but it also ensures that opportunities are not missed, no matter the number of clients on your dashboard.
By leveraging automation, you can redirect efforts towards more strategic, value-added activities such as advisory services, and client relationship building.
3. Implement Agile Project Management
If your accounting projects involve multiple tasks and collaborators, implementing project management processes can positively impact time optimization. By breaking down projects into smaller, manageable tasks with specific timelines, your team can track, measure, and repeat successful practices.
Agile allows for regular reassessment and adjustment of priorities, ensuring that your team is always working on the most critical and time-sensitive aspects of a project. Combine this practice with automation, and you have a great recipe for saving time and multiplying your human capital.
Creating more time revolves around optimizing workflows and processes. By shifting to cloud-based platforms, embracing tech, and implementing agile project management, your team can unlock valuable hours in their day. If you want to enhance efficiency and deliver higher-quality client advisory services, book a demo with us, and let us help you lead the way.
