Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
The Power of Synergy: Uniting Technology and Expertise for Breakthrough Results at HiLine
June 22, 2023
Automation in accounting is a hot topic right now - and for a good reason. More and more accounting service providers, including us here at Hiline, are turning to technology to enhance client results.
While some may view technology as a potentially disruptive force, we choose to recognize it as an evolutionary tool rather than a threat to accountants. In fact, modern software unlocks the full potential of accountants and finance teams, enabling them to move beyond tedious tasks and become trusted, impactful business partners.
In this post, we will explore six reasons why startup accounting services are leveraging technology more to fast-track their work and client results. Let’s dive in!
Automate client on-boarding process
The onboarding process plays a crucial role in enhancing client satisfaction, yet many accounting service providers often overlook it. Below are a few practical technology tips for smoother onboarding:
- Start with a welcome email, followed by an automated engagement document that outlines the next steps for new clients. You can then share this document with your team to get them up to speed.
- Assign a dedicated team of accounting and onboarding experts to handle new accounts to help foster trust between the client and your team.
- Provide dedicated communication platforms for clients to reach out whenever they need assistance.
Streamline customer communications
How effectively you communicate with your clients can truly make or break your company. After all, when discussing their private financial details, the last thing you want is to risk any miscommunication.
Luckily, there’s no shortage of tech tools to help with streamlining communication:
- First, you can use conversational AI tools like chatbots that offer 24/7 customer service or allow clients to record their queries more conveniently.
- Besides, make it a priority to promptly address customer inquiries, where possible within 24 hours.
- Encourage self-service by including a comprehensive FAQ section on your website. This empowers clients to find answers to common questions independently, thereby reducing the number of support tickets your team handles.
Present data better
Your clients may not clearly know where their money is going, which is why you need to present this information in the most appealing way possible. Today, you can use data visualization tools to help clients effortlessly comprehend and extract valuable insights from their financial data.
Here are two simple tips to incorporate these tools into your accounting process:
- Use interactive dashboards to present client information such as budget, forecasts, and financial statements. This not only makes the information appear more interesting, but also enhances the overall user experience.
- Move beyond conventional bar charts and explore chart visualizations that add insightful metrics. For instance, you can present the growth of different product lines alongside their corresponding profit margins to give a holistic view of performance.
Systemize all automatable accounting processes
Spreadsheets and similar tools are rapidly losing their appeal, especially among millennials. This kind of shift underscores the need for accountants to embrace a more efficient and modern approach.
A good place to start is to integrate accounting tools into both your front and back-office operations. The goal here is to streamline tasks, eliminate manual errors, and enhance overall efficiency.
Additionally, you can employ accounting and collaboration software tools to create a client-friendly environment for billing, invoicing, and file sharing. This will significantly reduce the hassle of paper submissions and the frustration of searching for misplaced emails.
While at it, you need to set clear expectations within your team regarding the learning curve and implementation time required for adopting new technologies.
Give a more holistic view of your client finances
You can differentiate your accounting service from the competition by offering a comprehensive perspective on finances.
For example, you can take traditional accounting services up a notch by assisting clients with extra services like cost and revenue management. This way, you’ll be able to help businesses optimize their expenses—a common challenge for small and medium-sized enterprises (SMEs).
Here are some practical tips to help your clients gain a better understanding of cost and revenue management:
- Dig into payroll and expense data to identify areas for possible cost reduction or budget adjustments.
- Employ business intelligence tools to analyze costs and revenues. Consider using models like total cost of ownership or activity-based costing to explore the various factors affecting each aspect.
- Assess costs and revenues in relation to your clients' initiatives, product lines, and departments.
Conclusion
By this point, it’s clear that technology is a must-have for any accounting service that seeks to increase its performance and deliver outstanding client results.
See: CPAs Are Seeing Fintech Innovation Across Many Canadian Provinces
Accounting automation not only saves you precious time, but also prevents costly errors and streamlines other processes like customer onboarding and data presentation.
Not sure where to begin? Consider outsourcing your accounting tasks to a proven service provider like Hiline so you can focus on what you do best.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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