“Automation” is a word that strikes fear into the heart of many accounting professionals. After all, accountants and auditors have a 93.5% chance that their jobs will be automated, while bookkeepers and tax preparers face an even higher likelihood. These statistics, however, don’t tell the whole story. Automation also offers the potential to take your business and career to a whole new level by giving you the time to focus on value-building and strategy. Here are three key ways to realize these opportunities and take advantage of automation.
1. Save Yourself the Effort (and Money)
91% of executives believe that their skilled employees spend too much time on administrative work, and 93% think that reducing these tasks unleashes strategic and creative thinking. Meanwhile, inefficiency can cost your accounting firm between 20 and 30 percent of its revenue.
This is why you should use software that supports automation, whether it's within your billing processes, time and expense entry, business analysis, account reconciliations, or anything else. Furthermore, if you use separate software systems for related work, make sure that they integrate with one another. Doing any kind of automation will not only save time, but also reduce errors.
2. Gather Valuable Insights
Data analysis is another field of expertise that can be time-consuming. Automated software not only frees you up to focus on strategy, but also can create valuable insights and real-time reporting on its own. These analytics help you determine where to spend your time and resources, so you can increase profitability in the most efficient and effective ways.
If you’re serious about learning the specifics of how analytics and automation will widen your company’s margins, join BQE Software at Scaling New Heights 2018 for an exclusive session, “Improving Profitability Through Business Intelligence & Automation,” on Tuesday, June 19 at 7 AM. Find out why you shouldn’t miss out.
Analytics and reporting also help you meet the expectations of your clients. CPAs are no longer expected to only report. Rather, businesses want to work with accountants who can help with analytics, business processes, and resource planning. Understanding the best ways to offer this information will make you indispensable to your clients.
3. Advise Clients on the Best New Technology
Even leaving aside the question of insights for a moment, clients are increasingly looking towards the latest technology. In a recent survey of accounting software buyers, 43% were looking for solutions with greater functionality, while 29% wanted to replace a legacy system, and 17% sought to improve usability. Moreover, a full 35% of buyers were switching from QuickBooks to a different system.
This means that it pays to stay up to date and get certified for newer technology, especially automated cloud platforms. Rather than staying away from these innovations out of fear, you should become educated. That way, when your clients find that their current software isn’t cutting it anymore, you can be regarded as the trusted advisor who will lead them in the right direction.
Add to your list of qualifications by becoming a level one certified reseller of BQE Core. In a special session at Scaling New Heights on June 17, you’ll learn the key features of Core’s award-winning cloud business management and accounting platform and walk away with even more knowledge about how to leverage technology to keep your company and your clients on the path to success. Find out more about this exciting opportunity here.