By Richard Corn.
The request for customer advisory services (cases) continues to grow each year while customers are looking for more information on their finances and are relying more and more on their accountants to help make informed decisions. According to 2024 CPA.com & aicpa PCPS Benchmarking Survey, Case practices have reported a median growth rate of 17%.
This indicates that customers are looking more and more beyond traditional accounting services and rather want strategic partners capable of providing real-time financial information and proactive advice, especially since companies are faced with an increasingly difficult economic landscape.
Although accounting firms recognize this evolution in customer needs, there is a disconnection between recognition of the importance of technology and investing it continuously. Although technology is an essential element to effectively provide improved consulting services, only 51% of companies case are determined to invest in continuous in technological solutions. This gap between recognition and action shows a missed opportunity for companies hoping to capitalize on the growing demand for consulting services.
In order for accounting firms to use effectively and maintain this growth in the market, they must fill this technological investment gap. Companies that engage in current technological investment will be positioned to evolve their consulting services by removing the heaviness of daily tasks, allowing employees to focus on advisory services.
Companies that innovate continuously have a competitive advantage – if you do not evolve through technology, your business can easily be delayed. We know that technology is an engine of cases – continue to read to find out why they give such a competitive advantage.
Technology: engine driving case processing
Technology does not only support case transformation, it accelerates it. Technology can help rationalize processes for accountants, freeing up time to expand in case offers and technology suppliers that integrate AI in their offers can help companies deepen these advantages. AI systems are able to process documents, automate data entry and detect errors faster and more precision, allowing companies to quantify time savings and optimize resource allocation in their practice.
While companies continue to grow, technology can play a more important role in unlocking new services and / or accountants to tackle new niches.
The accounting industry is always faced with a talent tightening, but technology is there to help reduce part of this burden. Although the final objective is not to replace accountants, technological solutions allow companies to develop in a way that would be difficult to perform with too manual and fewer processes.
An example of this is Jitasa, a partner of the accounting firm Bill, who has experienced immediate changes after taking measures to modernize his technological battery. Because their AP process is now automated, he has freed time for the company to focus on the development of their employees and develop a better endowment model – and has also led to 20% gross margin gains in the AP process for the company.
Just as case practices are constantly evolving, the technologies that support them as increased competition for traditional general general book platforms stimulate additional innovation between products. When choosing a financial automation solution, make sure it is able to stay up to date on new trends and emerging breakthroughs.
Companies that know well and actively use technology are ready for growth, whether through external investors or to attract new talents. Those who adopt technology report higher productivity, improved efficiency and greater staff satisfaction. However, new solutions have been incorporated, companies should ensure that they continue to stay up to date on new features and find opportunities to provide an overview of their technological partners.
Build a successful case practice thanks to technology
The development of a successful case practice requires more than offering new services, it requires a strategic approach to implementation and growth. Once the technology has been adopted, the work is not finished. Continuous improvement guarantees that companies will remain at the top and even ahead of trends. There are a few steps to take when adopting new technologies and continuous improvement.
First, the successful adoption of technologies begins with an assessment of current systems and processes. Companies must carry out an analysis of the needs and an assessment of resources to identify the most impactful areas for technological investment.
Once the needs have been identified and a new solution selected, companies must create an implementation strategy. A well -defined implementation strategy should include clear selection criteria, realistic deadlines and complete budgetary considerations – as well as plans to assess and improve employee skills and capacity to properly use new systems and solutions. This planning phase is crucial to ensure successful adoption of technologies.
As technology is used, it is crucial to establish a process in the company for feedback loops. Often, staff are stuck with a slow process and they have no clear way to share the comments between teams or work decision -makers on the bottle of the bottle.
Throughout the implementation process, accountants can count on their technological partners for integration advice, best practices and optimization. Peers are also excellent resources when they go through the integration process.
Once the technology is implemented, this does not mean that the accent on technology is finished. There is constant progress in the technology for accountants, and the company should remain up to date on what makes sense for their business. The implementation of a single technology does not mean that a company is at the forefront of technological changes.
Conclusion
Companies that embrace cases have more growth potential, the growth of cases continuing to be a major trend in accounting firms that Go beyond the overall growth of the profession. The key to a constant growth and deeper relationship rate of customers is by well thought out planning, technological investment and the commitment to provide high -value advisory services.
Although most companies recognize the importance of putting technology in their practice, it is not only a single and due matter. Those who embrace the continuous technological transformation will be well placed to thrive in the evolving accounting landscape. A Bill survey SMEs have found that 79% would dismiss or stop referring their business if it did not stay up to date on the latest technologies.
By taking advantage of the power of advanced financial tools and assuming the advisory role, accounting can first create more value for their customers while creating more profitable and lasting companies.
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Richard Corn, CPA, Director of Product Management BILL.
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