Businesses often have to encounter the most unpredictable aspects impacting their functions. However, the sector where this notion holds true is the accountancy firms. Whether it is the political or economic factors affecting the business, technology, or coping with the demands of the clients, the opportunities and threats are to be estimated properly. If you want to improve the financial management of your business, it is necessary to understand the competitive factors properly and the following trends are most likely to create a deep impact in the CA firms. Technology is viewed as the next best thing to eliminate the problems of labor shortage, communication, time, and collaboration.
● Using video for promotion
The best CA firms in India have already used video to promote their services but now more and more firms are planning to use this technology for casual and planned conversations inside and outside the firm. Video blogs are likely to evolve for the introduction of the experts of the firm. The broadcast of live events on the social channels facilitate people to listen to them even if they cannot make their physical presence felt. For the remote employees, this is certainly going to be a good opportunity.
● Using the apps
With the help of these apps that allow the businesses save time and the accountants to stay balanced, the digital dashboards can gather and present the data in simpler formats. Quite naturally, the leaders of the top CA firms in India will have better access to data when viewed from the perspective of the key performance indicators. Certainly, the introduction of apps is one of the newest driving factors and an evolving trend in the accounting firms of today.
● Value added services
The role of the accountants has been modified to a business advisor today. The firms that track the digital innovations can better handle the demands of the clients for the value added services such as analysis of the financial performance of the clients that surpasses the tax preparation advice. With real time consultancy on different aspects of the client’s business, whether it is the recommendations for the inventory or the projections of the cash flow, the firms get immediate access to financial records that are precise and accurate.
● Addressing the risk of cybercrime
With growing incidents of cybercrime gripping the businesses, the top CA companies in India cannot be left behind after assessing the risks. Research reveals that cybercrime is going to affect the accounting firms as well as they have access to crucial financial and business data and the chances of being attacked by the hackers cannot be ruled out. While the consequences of these attacks can devastate businesses and their clients, the firms must address this problem immediately. Developing customized solutions to address the threats of the hackers and introduction of quality software can eliminate the problems greatly. Apart from this, the staff of the firm must also receive adequate training related to cyber security.
● Platforms for conversation
Although this technology is yet to be used adequately other than some of the professional settings, the introduction of platforms for conversations in a few of the accounting firms can help the clients access the resources and the replies in the style of conversation. Developers are constantly working to improve the conversational platforms to better understand the intent of the users and deliver clarifications for complex requests.
● Improving the security
Apart from upgrading the protocols of security and elimination of employee error through proper training and authentication of passwords, development of adaptive security helps in the anticipation of the risks of security. A lot of CA firms in India are strategically planning to introduce these steps gradually to improve the efficiency of functioning.
● Changing the recruitment mode
A lot of accounting firms have changed the mode of recruitment and many of them submit their requirements electronically today. With databases that help in searching the talent and using specific keywords related to the skills and the job title, the CA firms in Delhi NCR have improved their hiring analytics. The changes in the mode of recruitment are primarily done to reduce the turnover and facilitate the process of narrowing down better candidates for rendering services in the firm.
● Factors driving the events
More and more firms are going to look forward to those events that take place at every stage of client engagement and find new ways to make the client delivery services more efficient. For instance, the possible opportunities noted on the software of one of the members of the accounting team can be transferred to the system of another member and the issue can be discussed during one of the meetings. Communication is becoming more vital and the firms are looking forward to maximize the opportunity.
● Automation of marketing tools
Expansion of the marketing tools to facilitate communication between the prospects and the leads is the way to go. No wonder the top CA firms have already expanded their marketing tools.
● Using social media
The role of social media has stayed active when used as a tool of marketing and networking. Undoubtedly, social media plays a significant role by supporting communication with the clients and also facilitate the expansion of services. Some of the CA firms have implemented the use of social media in business to improve their level of services and to build recognition for the business.
Are these trends going to affect the functioning of the accounting firms in future? Are the accountants ready to take the advantage of these trends? A lot needs to be seen during the coming years, but they are surely going to boost the productivity and the profitability of the firms.
Seema Mehra is one of the best Chartered Accountants in India work at Ashok Maheshwary & Associates. She is a professional writer and loves to share financial related topics.