As accounting firms consider strategies for growing their business and increasing their scope, most will focus on the same familiar avenues. They might consider adding more professional or support staff. Another common thought is buying another firm in town or in a nearby community. Investing more money in marketing might produce more business, or perhaps the answer is pursuing clients in a new industry or market sector.
Dollar for dollar, though, it’s hard to beat an investment in technology. That might surprise you, but when you think about the purpose of technology, it makes sense. The right technology will add time to every day. That doesn’t mean you’ll find yourself working longer hours; it means you should be able to accomplish more work in less time.
That’s important, because you really can’t create time. We all get 24 hours, 7 days a week, and you probably don’t want to devote any more of yours to work. By using technology to make your existing time more productive and efficient, your team will be able to handle more work and earn more revenue in the same amount of time. You may even be able to automate functions that currently require significant amounts of staff time.
When considering technology, far too many companies obsess over the financial cost, when they should consider the opportunity cost of not upgrading. Instead of thinking of technology as a capital investment, viewing it as an investment in productivity will help you recognize its value. For example, technology can be a powerful equalizer for small firms, making them more competitive with larger competitors. The right technology may even give you an opportunity to penetrate markets that haven’t been accessible before.
Technology can also allow you to make dramatic improvements in the way you acquire, store, and share information from and about your clients. The more information you manage digitally, the less opportunity you create for human error. Information also becomes easier to access and share among your team members. And, with the ever-shrinking cost of electronic storage (especially with cloud-based services), you’ll need less physical space in your office for files.
Technology does require that capital investment, and you may be hesitant to commit current funds. That’s where a lender who can use your future revenue streams as a basis for funding can be a powerful ally.
If you’re ready to leverage the impact technology can have on your business, call 888-343-1427 to understand your options.