Accounting has evolved and if you are not keeping up with the latest advances, chances are your clients won’t be satisfied or they may drop you entirely. With new and more stringent regulations being imposed, along with the advent of cloud computing and escalating competition, you have to stay ahead of the curve to flourish.
Accounting in the cloud, Mobile accounting, Work from Home using Digital Technology: Technology has transformed the manner in which we do our accounting, but the cloud is advancing it further. Nowadays, clients are on the move. They need data wherever they are, not just in their offices. If you are preparing books for your clients in the cloud, you and they can access important information from anywhere. Doing accounting online equips you to work from home. You can connect the client’s systems with yours and share reports, helping you do their accounting in a more efficient way. If we listen to music on the cloud via Spotify and share documents in the cloud through Google Drive, why not do our accounting in the cloud.
Provide clients with unique business insights and report with data analytics: With the help of your accounting software, you can generate specific reports tailored to the client’s business. Information is the key to making financial decisions. Advancements in data centers, database techniques, and software, has ushered in the age of big data and mining of data to aid management decisions. The information generated by accounting has always been a crucial component of business decision-making.
Transparency and objectivity in accounting have never been more important. Accounting governing bodies, such as certified public accountant boards, has placed significant emphasis on this area. In the wake of many recent accounting irregularities and scandals, restoring the trust and credibility of the accounting profession is essential.
IFRS accounting: Accounting in India as per International Financial Reporting Standards is not a statutory requirement. But, as business becomes increasingly global, it may be important to some clients for their books to comply with internationally established accounting norms. It can help a client obtain additional funding from a foreign investor or expand their business in jurisdictions outside their home country. If they are required by law to file in IFRS in addition to U.S. GAAP, that can be a valuable service for clients.
Global tax management services: If your clients have market activities in different countries, you may be able to offer them international tax management services. Many times, clients wish to obtain all their tax services under one roof. If you’re not providing the required function, they will turn to someone else. If you aren’t already providing international tax services, consider expanding into that field. If your clients sell products or services over the internet, they may already be subject to taxes in different regions. By providing global tax management functions, you can assist those clients with their needs.
Don’t overlook a client’s suspicious activities: As a small or mid-sized firm, you might not be able to afford costs associated with penalties, fine for negligence. As an accountant, chances are you will be in a position to spot a client’s questionable activities or illegal deals. The statutes often provide directions for accountants to report on a client’s dubious actions. If you are in such a position, you need to follow the legal procedures. It is the duty of an accountant not just to defend the owners, but other stakeholders of an organization, which includes shareholders, investors, and employees.
Keep staff assignments intact: When you appoint someone from your organization to service a client, take a moment to work out any transition issues. If you switch the staff member assigned to your client, it breaks the link between your client and the appointed staff. That can frustrate a client since they may be accustomed to working with a particular person and now someone else is handling the work for them. Before appointing someone new from your staff to service an existing client, try to pick someone who will have a better understanding of your client if possible.
Focus on ROI instead of tax savings
As the digital age advances, we as accountants should evolve with the times. Change alone is perpetual, and it’s better to embrace it.
