Why it’s Time for Accountants to Embrace Digitalisation
In recent years, the accountancy sector has gradually been embracing modernisation in a bid to keep up with the pace of digital transformation.
With influences such as MTD and an increasingly tech-savvy clientele to contend with, the shift to digitalisation has been inevitable for some time.
And now, with more lockdowns on the horizon and a future uncertain, accountancy practices must ensure they have the people and processes in place to sustain the technological changes brought about by the pandemic, not only to satisfy client demand going forward – but in order to survive.
The evidence speaks for itself
Lockdown has forced accountants to reassess the way they work. Like many, they’ve been left with little choice but to adopt new technologies and break traditional working habits in order to keep business running smoothly during the crisis.
Here at Moneypenny, we’ve seen a significant increase in firms turning to us for outsourced live chat to meet the demand of clients enquiring online, with many of our existing clients switching their support from a part-time overflow basis to a full-time, round-the-clock solution.
As more and more of us rely on digital channels, the luxury of a live chat function has become an expectation for online visitors, with at least a third expecting to find it on your website.
It’s not the big that eats the small, it’s the fast that eats the slow.
As the millennial market grows, the need for digital tools and online communications becomes even greater. As Uday Ranpara, of international accounting firm Initor Global, says: “It’s not the big that eats the small, it’s the fast that eats the slow”. Keeping up with the pace of digital transformation is critical for those who do not want to be left behind.
What are the consequences for those who don’t embrace digitalisation?
Retention of existing clients and new client acquisition are just two areas likely to become issues for accountants who choose to ignore the move to a digitally-enriched workplace – according to George Kizis of SmartVault.
In an online world that’s vast in size, it’s time to offer people more choice if you want to attract a wider clientele. Today’s customers consist of callers, chatters, emailers and texters – not offering a multi-channel approach to your audience could be losing you business with studies indicating that 72% of customers prefer to make contact via multiple channels before making a purchasing decision.
Offering multiple channels will ensure you’re capturing every opportunity.
As Moneypenny’s Head of Finance Sector, Louise Wilson explains, “It’s vital to consider all the various touchpoints a client makes on their journey with you. Offering multiple channels will ensure you’re capturing every possible opportunity and not missing out on business – particularly now as we operate in a new and challenging environment; being accessible and ready to talk to existing and prospective clientele is more important than ever”.
Where should you start?
Try new things
Delving into new tech can be daunting but now is the perfect time to experiment! Before making any hasty decisions, don’t be afraid to opt for a few different tools and explore the potential that each can offer your practice. Take advantage of free trials and do your research before making a commitment.
Do the maths
With social distancing measures in place and limited resources, it’s crucial to consider ways to boost efficiency and cut down on costs wherever logical. For example, you could save up to 60% on your switchboard costs vs. hiring an in-house team.
Grow with outsourcing
Trust is a key ingredient in moving forward beyond the crisis. Strengthening your resource by forming agile partnerships is a hugely effective way to scale your practice whilst achieving the expertise and added support necessary to navigate the challenging climate ahead.
Here at Moneypenny, we work with hundreds of accountancy professionals to deliver an exceptional customer experience, every day. Choose from our multi-channel solutions and allow us to capture every opportunity on your behalf.
Explore our accountancy answering services here or call us now on 0333 202 1005 to start your free trial today!