Two Challenges For Accountants

Staffing, succession planning, tax reform, cybersecurity, merger mania, commoditization of core services, the demand for more CPAs, and the search for relevance — these have all been cited as key concerns of accounting firm executives. But which concerns and issues affecting this sector rise to the top?

The professional services sector experienced 130 confirmed data breaches — an 18% increase from the previous year.

By The Numbers

  • Over the last three years, the finance, accounting, and management services industries accounted for 23% of data breaches, just below the health service sector.
  • 83% of clients are demanding more from their accountants today than 5 years ago
  • Accounting and bookkeeping firms that are “all in” with the cloud see higher growth rates than firms that are not “all in.”

Preserving the Firm’s Reputation & Minimizing Data Security Risk There’s much more at stake for professional services companies in managing compliance and security risks than fines from regulatory bodies. Their reputations are at stake. A damaged reputation can be the death knell for these firms.

1. Airtight Data Security Measures

Accounting firms have data strewn in multiple, disconnected systems — ERP, CRM, laptops, network folders — which increases risk, as it compounds the challenge of ensuring that information does not leak out or fall into the wrong hands.

2. Tighter Compliance & Audit Procedures

When auditors come calling, it helps to be able to produce the required documentation in minutes rather than weeks.

The M-Files Intelligent Information Management Solution

  • Manage information on premise, in the cloud, or both
  • Dynamic access permissions controlled by user, group, role, as well as any metadata property
  • No more risk-prone email attachments
  • Flexible in adapting to changing regulatory demands
  • Steady, Sustainable Growth

Competition in the accounting services sector is fierce, as consumers are demanding fixed fees and transparent pricing, along with services that are faster, simpler, more convenient, and affordable.

Too much time is spent on administrative tasks. From timesheets to project paperwork and other administrative functions, employees can quickly get tied up in tedious, time-consuming tasks, especially if these are manual tasks.

Employees don’t meet their full billable potential.

A firm spends enormous resources finding top talent that expects an efficient workplace to maximize their productivity.

The M-Files Intelligent Information Management Solution

  • Increase productivity by allowing users to focus on billable work rather than tedious, manual tasks and searching for information.
  • 360-degree view of needed
  • information across disparate repositories
  • Automation of repetitive, manual tasks — from data entry to document filing

Unlock True Operational Efficiency

The key to efficient operations within accounting firms can often be traced back to smooth processes and workflows. With M-Files, managers can review and redesign every step of a process and verify that it is correctly executed.

M-Files can automate tedious and manual work involving, for example, contract management or proposal management, utilizing templates and workflows to ensure that this business-critical documentation is automatically processed in a timely manner and with minimal error.

By having information consolidated in one system, M-Files can easily archive and transfer knowledge, while keeping documentation secured for only relevant personnel.

Document Management. Redefined.

M-Files is the only intelligent information management platform that organizes content based on what it is, not where it’s stored. You can even connect to existing network folders and systems to make them more intelligent with built-in AI to automatically categorize and protect information.

For more information on how we can help your organisation please email:
peter@documentmanagementsoftware.com.au or visit
www.documentmanagementsoftware.com.au


Peter Ellyard

Having spent over 20 years immersed in the document management software industry I have found that by offering a simple to use, highly effective electronic document management solution (knowledge management software) we increase productivity dramatically. Typically by an hour per person, per day! This is not rocket science, just a simple way to streamline your day to day information needs.