The Digital revolution that is impacting most industries today is all about raising the business efficiency of firms in order to stay competitive. The professional services industry, especially Accounting practices are without doubt among the most impacted by this reality.

Here are 3 strategies that you cannot afford to ignore in this age of cloud-based platforms and apps.

Workflow Automation:

Tools and Apps that can continuously improve specific segments of your workflow are being created at incredible speeds. But, how would you keep pace with it, especially when that is not something that your training has prepared you for?  First, you need to have a clear mapping of your workflow helped by a dash of process engineering fundamentals. Next, you need someone who has the right aptitude and training to navigate you through to implementing the identified improvements. Though that seems a bit counter-intuitive to the much touted ‘user friendliness’ of cloud-based tools, the fact is that on the fast track to driving business efficiencies, you keep your head down and focus on what you do best while ensuring that you have the right mix of talent working for you across your workflow, never mind from where.

Outsourcing, or better still Out-tasking:

When you as a small business consider the diversity of talent that is required for workflow improvement, especially the administration of tools and apps, employing someone full time may be unviable. Here is where out-tasking the mechanics of your cloud-based workflow administration can be a game changing strategy. We are not merely talking about the offshore outsourcing model for lower labor costs. For a well mapped out workflow that is ‘digitized’ or ‘chunkified’ to represent the differential talent distribution across it, you just created for yourself the flexibility to out-task at a component or chunk level. Technology has made distributed teamwork much easier.

Value calibrated offerings:

Another advantage of digitized workflows is the calibration of value for each deliverable. Accounting firms are realizing that the new environment opens out the possibility of extending the range of their offerings. Automation has ensured that previously labor intensive tasks like bookkeeping, once left for someone else to specialize in can now be brought in to compliment the firm’s offering and even bolster value added services like business advisory.  Technology also has opened out the possibility of creating new offerings that have high perceived value like workflow consulting for improved dashboards.