Record keeping and tax reporting are now required to be digital, thanks to MTD. How are you getting on with it?

Instead of grumbling and resisting the changes that are being forced upon you (and your clients), is there a way to make it the catalyst to a more efficient and profitable accounting firm?

In a word, YES!

Here are four key steps that lead to a more profitable digital accounting firm when you’re willing to embrace online technology.

  1. Transition all paper records to digital documentation: Once existing documentation has been converted, you’ll want to take advantage of all paperless documents that are available to you going forward, such as electronic receipts and statements. Once this is in place you’ll never want to go back!
  1. Reinvent your communication and client experience strategies: While meeting clients face-to-face is important, when working digitally, it’s not necessary for routine compliance-level communication. By strategically leveraging digital tools (email, text, app messaging, etc.) you can transform your clients’ experience so that they look forward to meeting with you, since they’ll learn that these occasions are reserved for high-value interactions only.
  1. Standardise your workflow and systems: This is a game-changing shift when it comes to increased profits and ensuring your digital success! Documented workflow that produces consistent, effective results makes your staff more efficient and saves you from wasting time and resources implementing apps that don’t fit your specific needs. Laying out workflows a dynamic process, so start with the core functions your firm provides to the majority of your clients.
  1. Upgrade your security policies and practices: The data and information accountants handle are valuable to cyber criminals. That means there are some serious risks that need to be addressed. Therefore, being aware of the inherent vulnerabilities involved with digital communication and information handling is crucial. Cybersecurity goes beyond GDPR. So setting best practices and policies, as well as training staff, should be included right from the start.

Security policies and practices

It does take time and effort to migrate to a fully digital accounting firm, but the benefits of making this transition are worth the effort. The payoff for implementing these four steps means your practice will be better equipped to take on more clients without hiring more staff. You’ll also increase the capacity available to provide higher value, advisory level services at premium prices.

In a nutshell: faster, time-saving technology means you can work less and make more!

Good deal?

No matter where you are on your digital practice journey, please don’t attempt to skim over that last step – your security policies and practices. Without it, your whole practice can come crashing down in the wink of an eye.

That’s why I’m leading a webinar on this very topic entitled, Digital Accounting: How to Transition More Safely and More Profitably. Click here to learn more.

About the author:

Gabrielle Fontaine is a freelance Professional Bookkeeper and Advanced Certified QuickBooks ProAdvisor who assists tech-savvy consultants and self-employed professionals get their books under control, save taxes, and maximize cash flow and profits using the power of online apps. Gabrielle has been in business for over 25 years, and has been working 100% virtually since 2003. She is the author of the popular blog, The Freelance Bookkeeper, and produces online training programs, has been a popular guest speaker on business and accounting podcasts, as well as industry conferences.

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