Why the move to modern accounting is vital during the current financial crisis

The world is in a period of economic uncertainty right now. So, it’s more important than ever to use accounting practices that produce accurate results efficiently while optimising operational resources.

As businesses attempt to ensure they have financial and accounting procedures in place to help them survive during the current financial crisis, there is an opportunity for accounting firms to understand the value of a move to modern accounting and to communicate that value to current and potential clients.

Persuading clients of the need for modern accounting practices

The most forward-thinking accounting firms recognise the need to promote the value of modern accounting to clients. Doing this helps them to develop valuable relationships for both parties. There are several methods of persuasion used.

• Building a business case that shows performance improvements enabled by using automated as opposed to traditional accounting practices.
• Showing how quick wins can be achieved which can then be scaled up as the business grows.
• Providing information about the value of continuous accounting, especially following the increase in remote working.
• Advising clients about the use of task management tools to streamline the management of teams and finance, especially if the business has employees who are working remotely.
• Talking to clients about how they can take the pressure off by utilising modern accounting thereby enabling businesses to reallocate valuable resources elsewhere in the business.

Taking these steps allows accounting firms to show potential clients how their modernised services can help revolutionise the business and make it more sustainable. They are also valuable in helping accounting firms that are moving forwards with modern accounting to show the value of this to their current clients. This is especially valuable for firms that are intending to increase fees as a result of the changes as clients may be reluctant to part with extra money.

Conclusion

In the current financial climate, there is a vast amount of pressure on businesses to ensure the efficiency and accuracy of their financial and accounting processes. This is especially the case given the onerous regulatory and compliance requirements that organisations face. The digital world is also disrupting the accounting landscape.

These considerations come together to make it essential to move to modern accounting practices that use real-time analytics and data to provide accurate and timely results. It’s simply no longer sustainable for business not to make the move to modern accounting practices.

Adopting automated processes may seem like a daunting prospect for businesses but it’s the easiest way to get the best value from accounting in the shortest time period. If organisations act now, they can avoid facing accounting challenges that could be especially pronounced during the current fiscal crisis.

Top accounting firms that are looking to acquire or retain a profitable client base recognise the situation and are adopting automation into their processes. They are also promoting the changes to current and potential clients in order to secure relationships that are positive for all parties.

If you are a finance professional looking for your next role, register with us. If you are on looking to hire an accountancy professional, get in touch.