Adapting to Change: The Future of Accounting and the Importance of Effective Communication
The future of accounting is becoming more demanding as business owners struggle to reposition themselves to keep up with the economic changes. These changes force business owners to demand more from their accountants and employees. Accounting is at a defining moment. With businesses looking for more than just end-of-month statements, IT has stepped up their AI efforts, while accountants are improving their deliverables and communications. Who will succeed? One who can communicate financial data effectively and then provide real-world advice and strategies. My bet is on the accountant.
It is time to strike when the iron is hot.
It is time for your firm to raise the bar on deliverables. During these times of unrest, firms like yours adapt and evolve and begin differentiating themselves as a vital asset in the market.
Change equals opportunity.
How your firm utilizes and leverages the changes ahead of you will determine your success or failure. Embracing technology can significantly produce a positive outcome for your firm and the clients you support.
Flexible work is no longer an option.
Working from home is not an exception; it is the new rule of the business ecosystem. Flexible work has grown to 58% (92 million people), making effective communication between executives, managers, and their teams vital. Most companies have solutions for keeping their teams connected through CRMs, project management, and communication solutions. However, when it comes to communication regarding financial decisions, things become a little chaotic.
Increase your accounting firm’s value.
Help your clients overcome this challenge by strengthening your firm’s communication technology options. You can help your clients in three powerful ways by making one change. Instead of communicating through spreadsheets, consider providing cloud-based interactive reports.
Ensure effective financial communication.
There are reporting solutions that give your firm the ability to provide financial understanding in ways spreadsheets can not. However, reports may not be enough to keep your client and their teams engaged in financial understanding that produces success. Visual financial reports are a vital staple for clients who have remote teams. By offering dashboards and shareable reports, you can provide instant insights through interactive charts and graphs to help clients make critical financial decisions.
Increase their ability to set clear expectations.
Your client’s new remote culture will thrive if they trust their team can make the right decisions. You can only set clear financial expectations if everyone is on the same page. Many executives hold their financials close to the vest because they do not understand all the tables, sheets, and tabs their accountants provide. Instead, provide visual data that helps them see the financial picture they need to establish clear expectations from their teams. Once expectations are set, offer them a dashboard for each department to help their managers see progress and make changes without being overwhelmed by other data points that do not affect them. These visual KPIs will give them confidence.
Invest in time-saving forward-thinking technology.
A significant barrier many business owners have is a lack of access to their live financial data. Many accountants use proprietary planning, budgeting, forecasting, and reporting tools. These tools are usually disconnected and offer little to no collaboration since there is no centralized access to data. Firms spend most of their time relying on manually collecting erroneous offline data and then performing hours of repetitive work instead of offering current and accurate insight to their clients. Help your clients succeed.
Start investing in automated productivity tools that allow your firm to harness data across your client’s business. Automate repetitive tasks, and provide insightful, actionable, interactive reports that bring your client’s financial data to life in an understandable way. Reach Reporting is an efficient tool for accountants to increase their value, differentiate their offerings, and empower their clients. By consolidating and working with your data all in one place, your teams will spend less time juggling data and more time providing valuable reports for decision-making.
Reach Reporting is built especially for busy accountants who know they can provide more but don’t know where to find the time. Reach reduces the time it takes to create reports, turns your work into a template, and then automates those reports for any of your clients. Let Reach Reporting help you showcase the financial insights you offer in a way your clients will understand.