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5 min read


WHO BENEFITS THE MOST FROM AUTOMATION AT YOUR FIRM?

Aaron Sullivan : Mar 2, 2021 4:00:00 PM



Accounting firm scale CAS Accounting efficiency firm creativity

New tech can give accounting firm owners and partners mixed emotions. On one
hand, there’s the hope of improving processes while driving greater revenue. On
the other hand, there are concerns related to cost and how to implement a new
tool across the entire company. There’s a lot to consider!

However, every time you evaluate new tech, it’s helpful to imagine a sliding
scale that moves between value and cost/time to implement.

The biggest and most important question comes down to ROI: "Is this new tool
worthwhile?"

The best tech that can advance the accounting industry is automation (typically
through AI and Machine Learning). Even the word "automation" conjures dreams of
getting things done faster and spending less money in the process. And while
nearly a third of all automation tools focus on accounting in some way, there
are so many other ways your firm can automate.

Do you leverage automation to improve client onboarding? Or do you target the
marketing process, first? How about payroll, customer support, or bookkeeping?
And with so many options, the question of worth is still there. 

Will automation make your firm stronger?

More importantly, there’s another question that’s a bit more analytical and
leads to a different but important thought process when choosing new tech and
automation tools: 

Who benefits the most from automation at your firm?

Instead of that sliding scale between value and expense, there are three
distinct groups who stand to benefit from automating certain processes:

 * Clients
 * CPAs
 * The firm itself

Figuring out how each group positively benefits from automation creates a clear
path toward making a decision. This article analyzes the benefits for each group
specifically through the lens of using an automated bookkeeping and client
write-up tool like Botkeeper.

Let’s jump into how automation benefits each of these groups!

 

--------------------------------------------------------------------------------

Read More: The Strategic Benefits of Automation in a CPA Firm

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HOW CUSTOMERS BENEFIT FROM AUTOMATION

Much of accounting work is more of an unseen benefit when it comes to your
clients. You provide reports (i.e., cash flow statements, balance sheets,
payroll). What's not seen in the finished product are the hours of reconciling,
receipt-checking, and even the report creation itself. 



Sometimes the only time clients notice anything is when something isn't quite
right with the finished result. For instance, if they haven't received
February’s financials within the first week of March, it’s time to scramble.
(Cue that deep-belly fear when you realize the mistake!)

When used properly, automation provides a strong backbone which benefits your
clients—even though they may never notice. 
 


3 WAYS CUSTOMERS BENEFIT

 * Accuracy: Using an automated bookkeeping and general ledger software means
   your client’s month-to-month accounting is always clean. No rushing, lower
   chance of error, and real-time reporting. The way bookkeeping should be!

 * Reliability: Again, your CPAs have access to a real-time and clean general
   ledger.  Instead of a hassle that must be done before you can do anything
   else, it's a springboard for creating reports and offering the advice your
   clients truly need.

 * Timeliness: With machine learning accuracy and completely up-to-date
   financials (without the time-suck of manual bookkeeping), your clients can
   have all the information almost as soon as your team does.

 

--------------------------------------------------------------------------------

You may also like: Is the Automated Tax Return Possible?

--------------------------------------------------------------------------------

 


HOW CPAS AND ACCOUNTANTS BENEFIT FROM AUTOMATION

At times, especially during the busy tax season, accountants often feel
overwhelmed by all the work in front of them, and that feeling can be made even
worse if they feel like they’re underutilizing their skill set. Hours and hours
of new client write-ups and cleaning up an entire year's worth of bookkeeping
likely isn’t what drew your staff to accounting in the first place. 

The idea of helping companies grow and moving the needle with expert financial
reporting and analysis is more likely what gets CPAs through college and into
their career. Automated bookkeeping frees up their time to provide these
higher-value services for their clients (a benefit for the firm). 
 


3 WAYS CPAS BENEFIT

 * Less redundancy: Performing the exact same tasks each day, week, and month
   often bogs down accountants. Burnout is a very real concern in the industry,
   especially between February and April! Of course, the most tedious tasks are
   those related to bookkeeping. So an automated tool can relieve a great deal
   of stress.

 * Fewer missed deadlines: Busy times often mean missed deadlines, apology
   emails, and potentially lost clients. Even the best accountants struggle to
   keep up with demand at times. But when those overwhelming tasks are taken off
   their to-do lists, their workload is manageable.

 * Greater fulfillment: Instead of just turning out basic financial statements,
   your accountants will have the time to better interact with clients. And if
   you have a good eye on offering advisory services, this will equal greater
   fulfillment for your CPAs while increasing the average revenue brought in by
   clients.

 


HOW ACCOUNTING FIRMS BENEFIT FROM AUTOMATION 

As with all expense decisions, purchasing something has to make sense. To be
fair, happier customers and fulfilled staff are two of the largest benefits,
especially if you want to create a growing, long-lasting accounting firm. But
the benefits for your firm are both good for the company culture and the
practicality of your bottom line. ROI matters!
 

 


4 BIG BENEFITS FOR ACCOUNTING FIRMS

 * Lower turnover: Finding quality CPAs is difficult, especially if your firm is
   in a competitive geographic area. If your accountants find the kind of career
   they'd hoped for, they’ll likely stick around. Lower turnover means less
   costs for training and onboarding new team members. From a continuity of
   services perspective, it means your clients deal with the same person, which
   improves customer satisfaction.

 * Higher Lifetime value: This benefit is twofold. First, clients receive
   consistent reporting, on time. This level of service keeps them happy, as
   opposed to getting things either late or at different times each
   month/quarter. Secondly, your CPAs offer higher-value services, which
   increases the dollar amount brought in per client, on average.

 * Increased capacity: When your firm uses an automation tool for basic
   bookkeeping, it opens up time and capacity. Basically, it creates room for
   more clients. So you can get more revenue from current clients while also
   onboarding more clients than you’ve handled in the past. 

 * New services: Many accounting firms view tax time as their “bread and
   butter.” But they also want to grow by offering new advisory services to
   their clients. Imagine all of your client write-ups done by an automated
   service, freeing you up to quickly prepare taxes without worrying about
   having to do bookkeeping clean-up first. Your team is then free to discuss
   new services like tax planning, budgeting, and forecasting for the new year.

 

--------------------------------------------------------------------------------

Also read: How the Fourth Industrial Revolution Impacts the Client Relationship

--------------------------------------------------------------------------------

 


IT’S A BENEFICIAL CYCLE

So who benefits the most? 

To say it's a tie isn't accurate (and it would be a cop-out); it's more of a
cyclical benefit affecting every aspect of your business. 

 * If your clients are happy and your team is fulfilled—the firm ultimately
   benefits via profit and stability.

 * When the firm is doing well, and CPAs are performing well—clients receive the
   ultimate service and won’t look elsewhere.

 * And when the clients give great feedback and the company supports them—CPAs
   create a very satisfied culture, reducing costly turnover and improving
   quality of work.

After all, a business is something that solves a problem for a specific group of
people by empowering it's team to solve that problem well. If an automated tool
helps your firm accomplish this mission, it may be difficult to determine who
benefits the most.

 


READY TO BENEFIT FROM AUTOMATION?

Change is difficult, especially if you can’t readily see the benefits.
Hopefully, this article highlights the practical ways automation frees you up to
scale growth. (And bookkeeping is only one type of automated solution
accountants can utilize.)

If you’re interested to see exactly how Botkeeper can open up your firm to all
of these benefits, get in touch with a specialist today for a custom assessment.
Or click below to watch our on-demand presentation that will give you greater
insight into the power of automation for accounting firms!

 

Watch The Webinar

 

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