Today, managing data at scale has become a strategic issue for accounting firms, large and small. Firms have to deal with an increasing number of information flows of all natures that must be processed efficiently to make the right decision at the right time. What are the strategies that can be adopted to optimize these information flows?
Digitisation: Digital Integration of Information to Optimise The Speed of Propagation
Nowadays, managing an accounting firm requires a practice management solution that will streamline and automate your processes and therefore speed up and improve how information flows within your firm.
According to EY’s article Digitalization of accounting and administrative processes: the making of the paperless office:
“Digitization is the transitioning of your accounting and reporting documents and storage from a traditional paper-based system to an electronic format. Because it reduces process time and errors, aids cash flow and improves transparency on income, digitalization helps business leaders make better decisions about how to lift business performance. It can also make an organization more competitive.”
Moreover, according to Kathrine Bygren digitalization will provide accounting firms with real-time access to knowledge and information and will enable a global exchange between people and plugged in digital appliances.
Digitization will give accounting firms more effective actions, tools, knowledge sharing, communication and more knowledgeable and skilled employees.
Additionally, accounting firms will benefit from immediately collected data to access. It will also provide accounting firms with more visibility, traceability and will enable customized clientele advising.
As mentioned earlier, digitization can also make organisations more competitive. Therefore, accounting firms will be able to approach and consult new and existing clients, partners and employees from a distance.
Stakeholder Integration: Information Sent to and from Each Relevant Stakeholder
Clarifying roles, delegating responsibilities and establishing profiles for each employee must be taken into account before managing information flows. Once that is done, you will be able to integrate each employee into the information flow and identify the person to whom you wish to give the information to.
According to Katherine Bygren, the key for successful digitalization is to have supportive leaders for innovation and digitalization, as well as committed employees. Company leaders will play a crucial role in implementing the necessary infrastructure and best practices to ensure the efficiency of information flows.
The adoption of management tools has become a big trend. In order to benefit from the latest technological advancements in terms of digitisation, we wrote an article that will help you determine whether you will be able to benefit from a software solution.