Five things you struggle with and how to fix them

As an accountant, you face numerous challenges on a daily basis, but some can be more prevalent than others.

Any problem that comes up can be fixed, but many firms chose to ‘make do’ rather than implement long term solutions.

This is where the greater trouble lies – making do just creates more issues down the line.

The more you put off fixing structural or process-based obstacles, the more work you create for yourself in future.

With that said, here are five common struggles that can significantly impact your business and clients and how to fix them.

Managing workload

The workload for accountants can be particularly heavy during tax season or fiscal year-end and you probably find yourself balancing multiple clients and deadlines.

Many of you are putting in long hours and dealing with increased pressure as a result, leading to burnout and decreased productivity for your whole team.

When you are overworked, mistakes are more likely to occur, potentially affecting the quality of service you provide to your clients.

Not fixing your workload problems quickly and effectively – when they first occur – means you open up your team for a massive overload later on.

These things have a habit of building up slowly and, before you notice it, your team are screaming for help.

Data accuracy and integrity

As you know, making sure financial data is accurate for your clients is critical.

Inaccuracies in transactions, entries, and reports can lead to significant financial discrepancies, penalties, upset clients, etc.

These errors not only undermine your credibility but also can result in financial losses for your clients, leading to strained relationships and loss of business.

One mistake, you can probably get away with.

10 mistakes? That’s a whole other story.

Again, it pays to nip these things in the bud early – don’t let them build up and become more existential problems in future.

Technology integration

Accounting isn’t a stationary occupation and there’s always new technology coming out to help you keep up.

However, adapting to new accounting software and technologies is a constant challenge for many firms and falling behind on technology can make your processes inefficient and leave you struggling to keep up with competitors who are leveraging the latest tools.

Inconsistent or outdated systems can also pose real security risks, endangering the sensitive client data you should be protecting.

Again, perhaps you can afford to miss one tech upgrade, but missing two or three might put you well behind your peers.

It’s best to keep your technology in line with current industry standards then, rather than risking obsolescence.

Recruitment and talent acquisition

We’re constantly being told how the accountancy profession is struggling with a massive talent shortage.

The industry was hit hard by both Brexit and the pandemic and hasn’t returned to normal levels since.

As a result, firms are doing everything in their power to try to hire and retain key, useful, talented individuals.

Often they struggle to offer the sort of wages that the Big Four can provide so this has to come from other perks – technology integration and being at the forefront of the field is one of these.

Client communication

Effectively communicating complex financial information to clients who may not have a strong understanding of accounting principles is a common issue we hear about.

Let’s be honest, they’re not accountants – they don’t have your knowledge and grasp of the jargon.

Miscommunication leads to misunderstandings, dissatisfaction, and a lack of trust and over the long-term can strain your relationships.

When clients don’t fully grasp their financial situation, they cannot make informed decisions, which can negatively impact their business growth and financial health.

The solution is, predictably, digital

As a technology-oriented provider, it’s unsurprising that we see digital solutions as the way forward.

But that’s not a result of bias – it’s a genuine analysis of the market.

We firmly believe the solution to the aforementioned challenges lies in adopting online, digital working papers.

Digital working papers help streamline your workload by automating routine tasks and improving organisation.

They allow you to manage multiple clients and deadlines more efficiently, reducing the risk of burnout.

Features like task tracking and deadline reminders ensure nothing falls through the cracks, enhancing the overall productivity and service quality of your firm.

They also improve data accuracy by reducing manual entry errors and enabling real-time updates.

Automated reconciliation and error-checking tools ensure that financial data is consistent and accurate.

They’re designed to integrate seamlessly with other accounting software and technologies meaning your processes remain efficient and up to date with the latest advancement and enhanced security features reduce the risk of data breaches.

Digital working papers are also something that talented employees and young accountants looking for jobs often search for.

Firms with the ability to show off their technology and demonstrate a commitment to long term innovation often find recruitment much easier than those stuck in the past.

Visual aids like charts and graphs make complex financial information accessible and secure online portals mean you can give regular updates and maintain direct communication with your clients.

Digital working papers fix a lot of the problems you’re probably facing and even if you’re not (yet), they can seriously improve the profitability of your firm.

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