The business of accountancy has been growing at a fast pace. We know that by the end of the first quarter in 2019, Brexit will take place that put a great impact on all industries, including accounting.
While all industries are in an era of change and uncertainty, here are some challenges pointed out by Anthony Constantinou – CEO, CWM FX, for the accounting function this year, and the ways to deal with them.
1. Deal with compliance modifications through digital processes
Every compliance modification [like GDPR (General Data Protection Regulations), MTD (Making Tax Digital), etc.) has required an era of education and change. Implementing new procedures and systems ensuring compliance has intended a shift towards digitalization for many.
Even though compliance modifications can be burdensome and upsetting, however, sometimes they are also a great opportunity to assess how you can progress your procedures to save time and money and use them as advantages. Using digital procedure will enhance the handing time of manual tasks like data collection and entry; make it faster and safer. Remember, manual tasks always remain expensive and time-consuming compared to digital processes.
Implementing digitalization can save the time and effort to complete tasks within a certain time and with perfection. On top, the right software associate can help you comprehend the new legislation and ensure your procedures are both obey with the incoming rules and work with future more challenging processes too.
2. Meet the same deadlines in half the time
Challenges and tight deadlines always remain in front of accountants, which often lead to stressful situations at work. New asset management firms with younger talents are entering in the market with great-automated tools and efficiency that often double the productivity in half of the time, thereby raising the cost per client and making more profit as compared to the capacity of the conventional business.
Automating the processes can enormously reduce your low-skill workload, and offer the best financial advice. By implementing digitalization now, your business will be in an improved place to take benefit of other technological developments.
3. Go with the technology
It’s true that firms that adopt new technologies early on develop much faster than firms that don’t go with the technology. Accounting software solutions are helpful for managing multiple accounts and receiving data. Accountants can easily receive and process data as per the requirements of clients. Technology improves foresight, reduces manual input, provides good visibility and communication, allows bookkeeping and enhances productivity.
4. Stay on top of proven best practices
Working in the hyper-competitive market requires the capability to accept challenges and the ideas to add more value to your client project promptly, regardless of hours of practice. Turning to technology is the right way to get diversified support and automated business models. It grows revenue and helps in further development of the entire project in line. Using cloud solutions for automating workflows and developing collaborative relationships with clients empower your base in the market.
5. Make a plan to thrive, not just to survive
Thorough planning is always essential for all business aspects. So, map out what you want, how the things will process, build industry connections and get a deep insight of client's requirement. These are the facts that will enhance your practice, and endow businesses with the monetary resources of a much bigger company.