Innovation for the modern accounting firm
Q Why should accounting firms care about innovation?
A Innovation is critical to the modern accounting firm’s success. While the mechanics of accounting have remained the same, we’re in an era where the fundamentals of the profession are changing rapidly, placing a greater emphasis on data analytics, business process automation, and new technology to serve clients more effectively. To be successful, firms will have to innovate and make changes, or risk being left behind.
Q How are firms using technology to solve their challenges and meet their goals?
A It’s important to acknowledge that the tech stack each firm needs and uses to overcome challenges and meet their goals will be unique. That’s the power of technology. Firms can now leverage the power of their technology platforms in the cloud through integrations and APIs to develop customized workflow automations, analyze the firm’s operations, and gain greater insights into their clients’ data. Innovation at Wolters Kluwer is driven by observing and collaborating with customers to better understand how we can support them and be a partner in their success. Firms who have spent the time to build a tech stack that supports how their firm works – and have left room for innovation and growth – are telling us that they are seeing greater revenue growth, improved efficiency, increased collaboration, and better engagement with clients.
Q How can firms be more innovative when it comes to technology and serving clients?
A The key to innovating is being willing to challenge how things have always been done. You can be cautious with change, but you should support a culture that encourages thinking about things differently and is open to suggestions. Innovation isn’t necessarily about starting from scratch. It’s also about rethinking how you accomplish the different tasks that compose your everyday work in better and faster ways. It can be challenging to innovate when you’re so focused on the day-to-day work. Step back and look at the big picture. What is the intent? What are the tasks and goals to optimally deliver for your clients? Then look at what is standing in the way of accomplishing those goals.
Q How should firms be thinking differently about empowering the professional?
A Empowering staff used to mean making them feel comfortable saying no to a client and stopping scope creep on an engagement, but as with all things, the industry has changed. Today, empowering the professional means ensuring they have the opportunity to add value, do more meaningful work, and have a healthier work-life balance. Firms should take their culture of innovation and apply it to their staff. Consider leveraging technology or outsourcing commoditized work to increase efficiencies and provide staff with the opportunity to offer more meaningful insights and guidance to clients.
