You’re no stranger to the challenges of traditional client relationship management.
There’s an overwhelming amount of paperwork, time-consuming tasks, inefficient accounting processes, and human errors.
It leads to delays in information collection, inaccurate reporting, or miscommunication, amplifying client frustration and risking your reputation.
The good news? There’s a simple solution to transforming your client relationships — accounting automation systems.
Once in place, it will streamline your client interactions, improving satisfaction, efficiency, and profitability.
What Is a Client Automation System For Accountants?
Accounting automation software helps automate manual accounting tasks and processes to streamline workflows. It increases your efficiency, accuracy, and adherence to compliance protocols.
You’ll spend less time on manual tasks, freeing up your calendar to focus on developing new revenue streams from client advisory services.
The Key Differences Between Manual Processes and a Customer Automation System for Accountants
Switching from manual processes to an automation system will impact three core areas.
Your efficiency, accuracy, and client relationships.
Efficiency
Manual processes are time-consuming.
Data entry and document collection are repetitive, tedious, and open your firm up to delays, human error, and inefficient workflows.
On the other hand, an automated accounting system streamlines and speeds up your routine tasks. The data you need pulls automatically from the cloud. You have a live feed to your client’s bookkeeping systems, meaning the numbers are always up-to-date.
The result? You accomplish more while staying compliant.
Accuracy
Potentially damaging client trust and reputation is not a risk you want to take.
Yet, human error is inevitable when relying on manual data entry and calculations.
To avoid mistakes on financial reports and compliance documents, you need automation. It reduces the risk of errors by always working with real-time data, leading to accurate information and working papers.
Compliance Management
Keeping up with changing accounting regulations is complex and time-consuming. It’s easy to overlook updates or make an error, leading to non-compliance.
Automated accounting software can help you reduce the manual effort. These tools can:
- Alert you to regulatory changes.
- Offer compliance checklists.
- Assist with real-time monitoring of compliance-related issues.
Client Communication
Endless email trails, missing attachments, and deciphering scribbles on printouts.
It’s a one-way ticket to inefficient and disorganised collaboration with your team and clients.
Meanwhile, a centralised client communication hub keeps everyone on the same page. A client portal enables secure document sharing and messaging in one environment.
How To Build Better Client Relationships With a Client Automation System
Unlock the power of technology to nurture and strengthen your client relationships. Here’s how a client automation system can revolutionise how you do business.
1. Streamline Client Communication
What’s your biggest time waster?
- Endless email threads
- Missing attachments
- Switching in and out of client files and applications
- All of the above
A client automation system with a built-in collaboration tool can solve all those communication issues.
With everything in one integrated environment, you can:
- Collaborate with colleagues anytime, anywhere.
- Give your clients more regular touchpoints via a portal.
- Store all your historical activity and communication in a single client file.
This streamlined communication approach leads to:
- Effectively collaborate with your team and client.
- Reducing misunderstandings.
- Avoiding back-and-forth emails.
- Improving the overall client experience.
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2. Centralise Your Client Data
Maintaining a single source of truth is tough.
Especially when you’re working with clients using different bookkeeping and financial systems.
Unless you have a centralised data hub.
It allows you to work from one platform, no matter the data source. No more version control issues, mistakes, or repeat work.
Once your data is live, you can pull what you need into automated workflows, saving valuable time and only using accurate data.
3. Efficient Document Management
Gone are the days of sifting through printouts and trying to find email threads.
Client automation systems centralise all client data and documents in one secure location. Find what you need in a few clicks, and set up automated document requests and reminders.
You’ll receive the information you need from clients on time, improving your efficiency and avoiding the stress of missing deadlines.
4. Automate Routine Tasks and Workflows
Want to spend more time analysing financial data and providing insights to your clients and less time doing manual data entry?
That’s the power of a client automation system. It handles all your repetitive tasks.
Now, you have the time to shift to focus on offering strategic financial advice and growing your client relationships.
What does this look like in practice?
- Pre-populated templates and automated reconciliations.
- Automatic tax categorisation of P&L items based on the chart of accounts.
- Auto-populate tax schedules from the working papers.
- Auto-populate reports from working papers.
- Automatic iXBRL tagging.
That’s not all.
The right client automation system can help you standardise workflow practices across the firm. All you need to do is agree on how you want to work or follow industry best practices, and the tool can turn this into an automated workflow.
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5. Improve Client Onboarding
A crucial step in building strong client relationships is a smooth onboarding process.
While features like automatic document collection and e-signatures go a long way in creating an efficient workflow, it’s not enough.
For accountants, you need a tool to take the process further.
Look for a client automation system with AI Mapping. It will standardise client data in seconds with a self-learning algorithm and automatically map your client files into a universal chart of accounts.
It boosts productivity, improves service quality, and helps maintain client relationships without increasing headcounts and costs.
6. Automate Compliance Processes
Staying compliant with GDPR and Privacy compliance is key for accountants.
However, it’s a time-consuming task. Regulations change, and legislation is becoming increasingly complex.
How do you keep up-to-date and not put your client relationship at risk?
By automating your compliance work.
It removes the complexity, reduces stress, and minimises risk.
You’ll provide accurate financial services to your clients on autopilot without any of the grunt work.
RELATED: 10 Benefits of Digital Transformation in Accounting
7. Unlock New Revenue With Advisory Services
One of the biggest benefits of a client automation system is the time it frees up for advisory services.
As an accountant, your insights and guidance can be invaluable to your clients’ financial success. By automating routine tasks, you have the time to provide personalised advice and strengthen your role as a trusted advisor.
When all your data is in a centralised hub, you have the analytics and reporting capabilities to drive those conversations.
For example, you can analyse data from a single client or zoom out and look at an entire portfolio. It empowers data-driven recommendations, and you’re no longer making decisions in a silo.
With Silverfin’s functionality, you can also set up automated alerts. It will monitor and notify your team when you hit key benchmarks and trigger risk factors or compliance events.
When that happens, your firm can take action immediately.
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Questions To Ask When Choosing a Client Automation Tool for Accountants
Which client automation system is the right choice for your accounting firm?
Here’s a list of questions to ask to help you select the best solution for your business needs and objectives.
- Does the system integrate seamlessly with my existing accounting software and tools? Compatibility with your current tech stack is essential. The right tool will enhance your workflow, not hinder it.
- What level of customisation and flexibility does the system offer? Can the system be tailored to fit your specific workflows and processes, or does it force you into a rigid structure?
- What security measures are in place to protect sensitive client data? Data security is paramount. Choose a system with robust encryption, access controls, and compliance with data protection standards.
- How does the system handle compliance and regulatory requirements? Ask how the system manages compliance and staying up-to-date with tax laws and financial regulations changes.
- Can the system automate document collection, data entry, and compliance tracking tasks? Identify the specific tasks the system can automate to streamline your workflow and improve efficiency.
- Can the system provide a centralised location for client data and documents? A centralised data hub simplifies access and organisation, making it easier to find information and automate workflows.
- How does the system facilitate client communication and collaboration? Effective communication tools within the system are essential to enhance client relationships. Look for features like a client portal, secure document sharing and messaging.
- Is the system scalable and suitable for your firm’s size and future growth? Find out if the system can adapt as your practice grows into a larger organisation.
- What kind of reporting and analytics capabilities does the system offer? Reporting features provide valuable insights into your performance, save time, and improve decision-making.
- Are there industry standards or certifications that the system should adhere to? Verify if there are specific standards that the system must meet to ensure it aligns with your professional needs.
Improve Your Accuracy, Capacity and Opportunity
A client automation system is a strategic move. It helps elevate the quality of your client relationships and advisory services.
When clients know their financial matters are in capable hands, they will likely turn to you for advice and rely on your expertise.
With Silverfin at your side, you can redefine your client interactions. By automating routine tasks, centralising data, and offering a superior experience, you’re giving your firm the technology and tools for success.
Ready to automate your core accounting work? Book your Silverfin demo today.
Frequently Asked Questions
Do you still have questions about client automation systems? Here are some answers to the most common questions.
A client automation system is software that helps streamline and automate client relationship management. It saves accountants time, improves efficiency, communication and leads to better compliance management.
Client automation systems automate tasks like document collection, data entry, and compliance tracking. It also centralises client data, simplifying access and organisation.
Yes, client automation systems are suitable for all accounting firms. Smaller firms can streamline their processes, while larger firms can improve efficiency and offering a consistent client experience.
Client automation systems prioritise security and data protection. They often use robust encryption, access controls, and secure cloud-based storage. Choose a system provider with a strong data security track record.
Yes, client automation systems can integration with your existing tech stack. Before making a decision, check the extent of integration possibilities. This will help you choose the best solution and maximise the benefits of automation for your firm.
