“93% of companies see innovative tech as necessary to reach their business goals,” according to Forrester.
Technology advancements have brought tremendous changes to how we manage finances. Since, the finance and accounting services industries are undergoing significant digital transformation. The accounting profession has moved far beyond simply helping businesses manage bookkeeping and payroll.
Modern-day accountants in Australia are making finance technology accessible and affordable for small businesses and start-ups. Earlier, that was expensive and limited to only large companies and industries with established markets. Today, they are helping businesses replace heavy registers and outdated spreadsheets with leveraging the SaaS-based accounting software at affordable costs.
With taking our discussion further, this article will explain how accountants and CPA firms help small businesses in Australia manage finance efficiently using technology, without investing in expensive software or hiring expensive resources.
Ways accountants leverage new and emerging technologies:
- Meet consumers’ wants and needs
- Keep up with the competitors
- Improve accounting operations with automation
- Improve your tax and audit management
- Effectively identify and solve problems
- Provide better customer support
- Maintain transparency and a tech-savvy culture
Meet consumers’ wants and needs.
As small business owners and their teams prepare to embrace the next major phase of digital transformation. They are also keen to know how they can efficiently meet their ever-rising customers’ demands while remaining financially stable. Small business accountants can provide the latest technology expertise to small business CEOs without having to invest in costly solutions.
“56% of CEOs say digital improvements have led to increased revenue,” as per Gartner.
While keeping accurate records and tracking daily transactions, accountants use SaaS (software as a service) technology, AI, and Machine learning to access data analysis tools. Share real-time data, forecasts, and reports with businesses to keep them informed about financial forecasts, internal control efficiency and insights about market changes. So, they can invest wiser and meet up with the growing demands, without worrying about inaccuracies in records due to internal mishaps.
Keep up with the competitors
Despite their small size, small businesses tend to face issues such as budget deficits, debt explosions, and overspending due to mismanagement of funds. which makes it difficult to survive steep competition. CPA firms provide innovative accounting software and financial tools that enable businesses to grow more rapidly, stay on top of the market, and cater to customers better. You can use their services to plan your budget, forecast your expenses, invest in the right assets, set SMART goals, prepare a contingency plan, and more.
Improve accounting operations with automation
With automation due to bring a major change in accounting, modern innovations continue to provide software and tools that optimise productivity. On the other hand, outsourced accounting firms and their tech-savvy accountants help businesses with automation and business intelligence technologies. such as automatic payment reminders and invoicing software, to help accountants streamline routine tasks and reduce the time spent on manual data entry and other tedious tasks.
This enhances the efficiency of regular processes by easing out complex and time-consuming tasks and tracking them with advanced analytics and reporting tools. all of which provide various sets of tools and functions to help businesses drive growth through cost-effective accounting outsourcing.
Effectively identify and solve problems
Without addressing the most pressing problems, a business cannot grow. Manual audits often lack full control of the processes. Tech-savvy accountants can offer several benefits for businesses looking to identify and resolve recurring problems. With everything on the cloud, they minimise the possibility of financial discrepancies and maximise opportunities to find issues early in the growth stages.
This enables them to monitor daily financial tasks and internal operations to enhance efficiency and avoid vulnerable risks that can cause tax default penalties and financial losses.
Improve your tax and audit management
Tax and accounting services and software of today are used to improve tax filing accuracy while reducing margins of error. This is something businesses of all sizes are looking to embrace in order to avoid tax penalties and prevent issues with the ATO. The increased awareness of new accounting software and other business and financial tools makes it easy for accountants to streamline pre- and post-audit tasks, making them more effective.
Provide better customer support.
The essential principles of customer service are timeless, but consumer expectations are not. Customers always want friendly, efficient, and reliable service. Accountants are very proactive in providing the best services for clients, even if they are in different time zones and operating remotely. Using technology, it has been possible to manage follow-ups, meetings, and everything else needed by a business. Technology helps them stay organised with less busy work and enables them to help remote clients with absolute customer satisfaction.
Maintain transparency and a tech-savvy culture.
With newer technologies, productivity can be optimized, which is transforming the accounting profession. They are no longer burdened with task-oriented work today. Using cloud-based accounting software, such as online accounting software and online payment processing, allows accountants to access and manage financial information, share reports, and manage money on the go.
Through the cloud, these common but important accounting tasks can be performed from anywhere. Further, SaaS-based services make it easy for accountants to stay accurate, more cost-effective, and trustworthy to their clients. which can provide valuable insights and support better decision-making for businesses.
When you run a business online, you can be bombarded with unanswered questions and experience unnecessary stress. Any business can find it difficult to find the right accounting services in such situations.
While most businesses have at least one tech-savvy employee to determine which is the most advantageous technology solution for the team, the following recommendations can assist businesses in locating and utilising the best technology so they can invest more time in cultivating client relationships.
Smart Accounting Services at Mizael Partners
If you need help, smart accountants at Mizael Partners can help you effectively manage your business finances. We have helped numerous B2B and B2C firms and IT (information technology) businesses by delivering the best audit, tax, accounting, technology consulting, and business advisory services. Our team is prepared to meet your accounting service needs in the most cost-effective way possible.
We can also help with forensic accounting, bookkeeping, and internal audit services in Australia. To speak with one of our accounting experts, please call +61 (0) 466 228 000 or visit our website today!