Pre Covid-19, digital transformation was a high priority for many accountants, but most had no formal strategy or owners for digital transformation within their business. Now – as we enter the new normal – the impact of technology within accountancy has become critical.
Accountants have recognised that their clients’ demands are changing. The evolution of tech – accelerated by COVID-19 – is transforming all aspects of business. This means there isn’t a ‘one size fits all’ approach for the way accountants deliver their services to you, and it’s important for them to be agile.
Clients are expecting more from the services provided by their accountants, and Open Banking and payments automation is bringing new ways to help manage business cashflow . Automating payments means accountants can offer you a fuller suite of financial services – which can help benefit the growth of your company.
The benefits payment automation can bring
Payments automation helps eliminate inefficiencies – on the side of both your business and your accountant’s:
- No more manual processes. The payroll / accounts payable process is labour intensive – lots of downloads, uploads and file sharing. By letting your accountant completely automate the process, your (and theirs) workload will be reduced from days to minutes.
- Reduce the impact of late payments – research completed by BACS in 2019 stated almost eight out of ten businesses were waiting for one month or longer beyond agreed payment terms
Automate to Advise
Automated payments play a critical role in helping accountants move from offering traditional service to more advisory roles. It allows them to adopt a more efficient payment processes which not only speeds up accounting, but also gives your accountant a much more accurate view of your cashflow. Using immediate and decision-ready data means your accountant can offer a richer insight to your business’ true financial picture.
Delivering a first-class customer experience
Payments automation means you’ll receive a slicker customer experience from your accountant:
- Without manual processes and admin tasks, you’ll have more time to focus on running your business
- Your accountant will be able information across payroll/bookkeeping workflow to help reduce your pain points
Drive your competitive advantage with automated payments
In summary, handing over payment workflows to your accountant for automation presents exciting opportunities. Automated payments can considerably optimise the services your accountant is able to offer you:
- significantly reducing the time and effort needed for your accountant to deliver
- no duplication of effort for you or your accountant
- no need for manual CSV exports or Bacs file uploads across different systems
- risk of error or the need for manual checking or re-checking will be eliminated
With all of that extra time and capacity, your accountant will be able to unlock a richer level of customer service and provide insight into your business’ performance.
