The world has changed
The world has changed. We work with a young generation. We have reached the end of a cycle, everything has matured, we see full adoption of Mobile phones and social media. All customers are digitally connected, online the entire time.
So, looking forward we are looking at a new phase, it’s not just the customer who is connected but the entire context is becoming digital (becoming smart).
We have shifted a long time ago from a digital first world and now transitioning from a mobile first world to an AI first world.
This is the new world, A world where social media has changed the way we communicate, where technology has changed the way we work and a world where technologies have changed the customer relationships.
For the first time in history, multiple waves of key technological innovations are taking place simultaneously. We have only ever experienced one innovation at every revolutionary phase. In the 1st industrial revolution (early 1900’s) the innovation was manufacturing. In the 2nd industrial revolution (mid 1900’s) the innovation was distribution. In the 3rd industrial revolution (late 1900’s) the innovation was information – who remembers the stiffy disk 😉 and after the turn of the century, we are now in the age of the customer, the 4th industrial revolution or also known as industry 4.0. NOW we see at least 6 key innovations that are disrupting every industry and that just to name a few!
- Mobile
- IoT
- AI
- Ro-Botics
- VR/AR
- Blockchain
By now everyone is convinced it is time for a DIGITAL-FIRST customer relationship. So much of what we do by now, how we interact/transact/communicate or organise is done digitally which means the quality of the customer relationship is ever more important. So how is this impacting the accounting industry, let us explore this…
Tech is becoming more important to the accounting industry
Compliance and Regulations governing the accounting industry creates many complex processes for accounting firms. Many processes often correlates to a large degree of challenges accounting firms face and these challenges affect customers and staff alike.
The key is to automate as many processes as possible and this this is a form of digital transformation. Adopting a practice management system that is cloud based, rich in it integration capabilities, mobile first and a powerhouse of analytics/insights and meaning are amongst the key criteria for a digitally transformed firm. Without this the accounting industry faces the biggest consequence should it not transform digitally. Consequences of losing customers and staff alike…
Consequence of losing your customers
The Customers, from SME’s to large corporates relies heavily on accountants and auditing firms but yet this industry is the slowest to adopt a digital first approach to customer relationships. All customers are digitally connected, online the entire time.
According to an article from Bloomberg millennials and generation Z will account for over 60% of the world’s population. This is also reflecting in the accounting workforce currently and more so over the next few years. This creates an expectation that the apps and software being used by these “generations” should be as intuitive and familiar to use as the day to day social media services and messaging apps. Having an online practice management solution that encompasses real time interaction with your customers is imperative.
When your customer submits their tax documentation it should be through your document management portal and immediately reflect in your practice management software’s CRM and set off a workflow that seamlessly manages integration into SARS e-filing.
Let’s go even further and generate the invoice and have the cloud-based document management portal send a link to the customer, where they can click a button to make a payment and have it immediately reflect on their account in your practice management solution.
What if you also had your payroll software fully integrated with your practice management solution?
You now have an insight to your staff expenses incurred as part of the services you provide to your customers.
Consequence of losing your staff
The Accounting workforce also depends on their company transforming digitally. They want to increase their digital experiences to be relevant, they want to exploit their critical thinking skills, they want to be free to be creative and solve problems and they want to have autonomy/work from anywhere so that they could be more equipped to offer a higher value of service to customers in this digital age.
Business intelligence empowers your employees with surfacing data that already exists in your practice management solution. This unlocks their potential interface with customers at a whole new level by being able identify risk profiles or generate a financial plan.
A mobile solution has become imperative as smart devices have become part of everyday life.
Whether it is tracking and submitting their expenses directly into your document management system, finding a client’s contact details or geolocation or simply downloading their payslip this is only a fraction of the power that can be unlocked.
As technologies such as IoT continue to evolve biometric authenticating to access systems and navigating software through an artificial intelligence instead of endless menus, innovation will provide faster, simpler interactions over complex and more secure systems.
The GreatSoft Suite of Practice Management solutions can help solve complex problems in the Accounting Industry. Secure the future of your practice – Book a consultation with us today.
