Your accounting firm may use workflow software to onboard new clients and manage deadlines, but workflow software can do so much more for your accounting firm.
For example, when you combine workflow software with post-bookkeeping data preparation, reviews and analysis, you can go beyond those initial applications and use it to tackle challenges like:
- Manual data entry
- Data inaccuracies
- Inefficient workflows
These issues all hamper your firm’s productivity and negatively impact the quality of client deliverables and client relationships.
Accounting workflow software, applied to the post bookkeeping part of your firm’s work, offers a strategic solution to these challenges and frees up your accountants’ time for value-adds like advisory services.
What is Accounting Workflow Management Software?
Accounting workflow management software is designed to automate and manage an accounting firm’s various tasks and processes.
In post bookkeeping, this stretches from the initial data entry to the final stages of client reporting. Done right, it helps to improve accuracy and improves productivity significantly. You’re no longer relying on manual data entry, which means fewer human errors and higher-quality output for your clients.
Ideally, it should also grow easily with your firm, which is why the best software suppliers tend to take a cloud-first approach. So, the best accounting workflow software is scalable, gives you flexibility and seamlessly integrates with your tech stack, so look for open APIs.
RELATED: How Cloud Accounting Automation Can Drive Revenue Growth for Accountancy Firms
4 Reasons Why You Need Accounting Workflow Software
Not sure how accounting workflow software can positively impact your firm? Here are the top benefits.
1. Enhanced Accuracy and Reduced Errors
Incorporating accounting workflow management software into your firm for post bookkeeping tasks comes with a major benefit: a boost in data accuracy and a drop in errors.
This combined with the software’s ability to automate and standardise tasks means, with the risk of human error gone, your financial data is precise and dependable. You and your entire team no longer have to spend time correcting data mistakes or duplicating data entries.
As a result, your accountants have more resources to spend on strategic activities, enhancing client trust and your bottom line.
“You only have to enter your data once. Thanks to the uniform way of working and standardisation, working is also easier. By working with one tool, it is clearer for everyone what is expected and where. Moreover, it is easier for employees to embrace the technology that way.” – Bart Anthonissen, Partner at BDO.
2. Time Savings and Increased Productivity
Accounting firm workflow software streamlines operations by automating repetitive tasks such as data entry, calculations and report generation.
Efficiency gains from automation mean less time is wasted on manual processes, leading to more productive use of work hours, happier staff members and improving the overall productivity of your firm.
It works.
According to the 2020 Sage Practice of Now report, 58% of accountants say automation improves efficiency and productivity.
You can see these automation results with Larking Gowen and Silverfin.
With six different offices, there were many different ways of working at the company, which led to inefficiency. As did the fact that staff spent too much time duplicating data – first into the accounts production package and then into the tax system.
“Silverfin has reduced the time required to submit a set of accounts from 15-30 minutes with our previous package to 5 to 10 minutes at most.” – Martin Bugg, Digital Partner, Larking Gowen
3. Improved Client Experiences
Accounting workflow software also enhances client management by connecting all your data in the cloud. With financial information updating in real-time and the ability to use data analytics, you can use AI algorithms to flag data inconsistencies or spot opportunities.
It enables you to have more meaningful conversations with clients and transition from a “number cruncher” to a strategic partner.
“Previously, when we were giving feedback to clients, it was broader, and not 100% of the information we shared was relevant. However, since using Silverfin’s accounting workflow software, we are able to be more specific. We are able to deliver a more individualised experience, which builds trust and is appreciated by our clients.” – Jonas Ramber, Lead Corporate Income Tax Compliance Partner at Deloitte Sweden.
Bart from BDO shares similar sentiments.
“Today’s customer wants to be able to access their data at the push of a button. So we recognise the need to be much more proactive and insightful than we used to be.”
Accountancy fee pressure is another challenge firms face, and workflow software helps you justify your rates, prove your ROI, and give you a competitive edge to retain clients and prevent churn.
And it works.
In the earlier mentioned 2020 Sage Practice of Now report, 35% of accountants said updating their technology helped keep up with client expectations and increase retention rates.
Another example is Larking Gowen, who is using proactive client management with Silverfin’s Insights module. The team is able to automate the querying of client data holistically, meaning portfolio holders get proactive notifications so they can reach out to the client to offer valuable advice or help preempt any issues.
4. Boost Profitability
By using accounting firm workflow management software, you automate tedious tasks and streamline operations, improving your overall efficiency and profitability.
With your senior accountants no longer bogged down by fixing data entry mistakes, your team can focus on more strategic tasks and value-added services.
With routine tasks automated, junior staff can also engage in more meaningful work, enhancing job satisfaction and reducing turnover.
The result?
A more dynamic, agile firm that can adapt to market changes and client needs more effectively, driving both growth and profitability. The increase in efficiency reduces your overhead costs, and the ability to offer higher-value services increases revenue, creating a positive impact on the firm’s bottom line.
RELATED: Mastering the Solution for Accounting Digital Transformation: Hurst’s Success With Silverfin
Embracing the Future with Accounting Workflow Software
Adopting accounting workflow software for post bookkeeping tasks offers efficiency, accuracy, client satisfaction and a boost in overall profitability.
By automating routine tasks, firms can significantly reduce errors, save time, and focus on strategic growth areas. Embracing technology like Silverfin streamlines operations and gives your firm a competitive advantage in a dynamic market.
Book a demo today and see firsthand how accounting workflow management software can help your firm.
