Running an accounting firm has always been a challenging endeavor, but recent years have seen it become even more complex as many accounting services have become a commodity. Fortunately, innovation has led to a host of solutions, automated and otherwise. Still, despite being one of the most important partnerships for any business — right up there with pizza delivery — traditional firms are facing the need to reconsider their business plan to take in new clients and keep existing ones happy while struggling with staffing shortages and a decreasing number of accounting graduates.
Last year, nearly half of the accounting firms surveyed by CPA Trendlines Research were turning away new clients.
That same research shed light on the focus of today’s article: outsourcing. That very survey showcases how several accounting firms are choosing to outsource some of their work, allowing them to better handle their clients.
Both outsourcing and keeping your work in-house require a substantial deal of effort. On the one hand, you have to grow your team and address each employee’s needs, including salary and training; on the other, you have to trust a third party with your clients’ data and accounting output.
Not every firm can benefit from outsourcing; in fact, not every firm needs to consider it in the first place. You can automate most of the more repetitive tasks of bookkeeping and accounting using the right tools. Artificial intelligence and other forms of technology can simplify much of the work and free up time for your team to develop and explore more interpersonal offerings like advisory services, and make strategic choices. They may need training to familiarize themselves with the software, but most of the latest forms of technology already speak their language.
Accounting has changed. Available and growing technology can support accounting firms as they try to streamline bookkeeping (among other tasks) and maximize their talents and tools. Technology like Botkeeper is built to be implemented quickly and easily. Its interface and automated capabilities are designed to help firms grow and scale, handling many clients without skipping a beat.
As new technologies come to light and existing options develop new features (Auto Bank Reconciliations and Financial Insights coming soon, wink) accounting firms are in a position to enjoy automated bookkeeping for the more time-consuming parts of their workflow so that they can focus on new services. Whether you choose to outsource or stick to your in-house team, these tools can prepare your firm for the challenges ahead.
Click here to take a look at all the features that make up Botkeeper Infinite and how it can be your most trusted ally whether you stick to your home team or explore outsourced options. And when you’re ready, online signup is quick and easy.