5 Steps to Thinking Differently About Accounting Capacity
If anything has defined the 2020s so far, it is disruption.
The accounting profession has experienced its fair share of disruption, and the future of accounting will only continue to be defined by new and emerging technologies — innovations like AI, automation, and other tools designed to harness your data and gain deeper insights into your business.
So what does this mean for your firm’s capacity moving forward?
This much is clear: As innovation becomes more prevalent, thinking differently about how to better use and allocate resources will be paramount.
With that in mind, here are some things your firm can do to free up capacity — and get a leg up on the competition — in an increasingly tech-driven environment.
1. Assess your current processes
Before you can optimize your existing workflows, you need to take stock of how you’re currently performing. Start by evaluating your accounting processes to identify bottlenecks and inefficiencies. Once you know which parts of your business could benefit most, pinpoint the specific tasks that can be automated — things like data entry, document management, and report generation. Then consider the time and effort required to complete each task, and how they could benefit from automation. Prioritize tasks based on their impact on the firm's capacity and potential ROI, and focus on tasks that can free up the most time and resources for other projects.
2. Find your ideal solution
Not all accounting platforms are the same, and what some consider a “leading” solution might not be an ideal fit for your business. When looking for a new solution, compare the needs of your organization with the tools a particular platform provides, and seek out tools that integrate with existing software and systems to avoid unnecessary duplication of work. This will help you find the right tools and software to streamline these tasks and open new revenue streams for your firm.
3. Educate your staff
You’ve got a shiny new accounting platform, but does your staff know how to use it? To get the most out of these tools, firms must provide adequate training and support to staff on the new automation tools, while clearly articulating the benefits they provide. Doing so will ensure that your people are not only comfortable with the new tools, but also that they know how to use them effectively.
4. Track your progress
Modern accounting platforms like Aiwyn allow for deeper analysis and insight into business performance. Use these tools to monitor the progress of the automation initiatives and track any improvements in capacity and efficiency. With these data-driven insights in tow, your firm can use this information to adjust on the fly and identify areas for further automation.
5. Celebrate your successes
One overlooked impact of new technology? Employee morale. The efficiency gains brought about through automation will redefine how humans work, reimagining workflows and resulting in new successes across the business. Celebrate these successes by recognizing the pivotal contributions of your staff, especially those who helped implement these new tools. This will not only help build morale — an essential component of any successful business — but also encourage continued adoption of new technology in the future.
Aiwyn can increase your firm’s capacity by leveraging our Practice Automation platform.