The role of today’s accounting firms is rapidly changing. Clients need to extract more value from their accountancy service beyond number crunching: more analysis, deeper insights and quicker response times, all at a more competitive price.
Accountancy firms are investing in cloud accounting solutions to cope with increasing demand. Not all of them, however, are using the new technology to its full capacity and are missing out on some of the cloud’s powerful features. If leveraged smartly, the technology can streamline and enhance communication, build trust and community, and transform the relationship between accounting firms and their clients.
The role of cloud accounting solutions in modern client relationships
Cloud accounting refers to accounting software hosted on remote servers. Normal accountancy tasks, such as managing and balancing the books, are done online rather than on a local computer or server. The cloud service provider is responsible for IT issues such as software updates, maintenance, and data security, reducing potential administration and downtime for team members.
One of the most significant advantages of cloud-based accounting software is the ability to access financial data anywhere, anytime. This remote accessibility facilitates interaction and collaboration between team members, provides critical financial insights at a moment’s notice, and allows a fast response to a client request.
Accessing financial information through a centralised platform substantially reduces the usual paper trail generated through email communication and ensures only one official version of financial documentation. Document management is simplified, and the potential for human error is reduced.
Smart automation streamlines repetitive and mundane tasks, helping to boost accuracy and reduce the time spent on calculation and number reconciliation.
Generally, processes are more efficient, accuracy is improved and non-core activity is greatly reduced, giving team members more time to spend on core duties and client engagement.
Cloud accounting for accountants also helps to improve client engagement due to:
- Improved transparency due to access to real-time financial updates
- Seamless collaboration
- Fewer errors and improved consistency
- Faster response times to client queries
Many well-known, large accounting firms have leveraged the features of cloud computing to improve their client engagement.
- Deloitte’s integrated cloud accounting solutions have allowed the firm to automate its financial reporting. Clients benefit from quick, accurate financial insights and higher-quality financial reporting, which is critical for decision-making.
- PwC’s digital tools for accountants allows seamless interaction between team members and clients. Digital tools enable real-time data sharing, document collaboration, and instant communication, which helps resolve queries promptly and maintain a transparent relationship with clients. This approach has significantly improved client satisfaction and engagement.
- KPMG uses cloud-based accounting software to simplify its compliance processes. With all financial data centralised and stored securely, the convenience of audits and regulatory checks is much improved. Automated compliance checks and alerts help identify potential issues early, ensuring clients comply with constantly changing regulation. Such a proactive approach has helped to generate trust and reliability with clients.
- Ernst & Young integrated multiple financial platforms and bookkeeping systems into a single cloud-based solution, helping to ensure consistent and real-time access to financial data for all team members. This reduces errors, enhances data accuracy, and helps to provide better strategic planning and advisory services for their clients.
How cloud accounting solutions boost collaboration
Managers can leverage cloud-based accounting software to resolve silos and boost cross-functional team cooperation. Centralizing client data in real-time ensures all stakeholders have access to the most recent information, greatly improving team interaction and communication. Integrated tools like chat functions and comment sections facilitate project discussions, keeping all conversations in one place for quick reference. Team members can update their knowledge of a project’s current state and contribute to discussions whenever they log on, regardless of their time zone or office hours.
While independent work is encouraged through access to the central platform, maintaining all conversations in one place ensures stakeholders can stay informed about project status and communicate easily with others, regardless of their position, department, or location. Automated notifications help to advance communication and project progress. It is a far more efficient method of collaborating on a project than sending documentation via email.
Enhance your client relationships with digital tools in accounting
As competition intensifies, customer service and engagement are recognised as key differentiators. While it is still possible to grow without cloud-based accounting software, accountancy firms that have not yet moved are at a disadvantage. Over two-thirds (67%) of accountants have now moved their business to the cloud, and although not all will leverage the technology to its full potential, they enjoy substantial benefits.
Cloud accounting solutions have the potential to transform client relationships. User-friendly communication tools can create a sense of community between the firm and client, building trust and loyalty that contributes to consistently high client satisfaction ratings, an attractive and immeasurable commodity. Word-of-mouth marketing, as we know, is one of the most powerful channels for attracting new clients.
If they haven’t already done so, accountancy firms with high growth objectives should consider adopting cloud accounting software to enjoy:
- Centralised data management which improves team collaboration and quality of output
- Automation, reducing turnaround times and errors
- Real-time collaboration and communication with clients
- AI that can be leveraged to mine data and offer personalised, highly valuable financial advice
Discover how Silverfin’s innovative cloud accounting solutions can help your firm build stronger client relationships.
