Professional Services in Australia have taken Digital Impact. Although it has been a reality since 2012, the ripples of the impact are still at play. The playing field has been re-adjusted with new expectations from traditional roles and emerging models like value-based pricing and it continues to evolve. Finance and Accounts divisions, accounting and bookkeeping firms who are readjusting their own strategies in this context have the opportunity to seize substantial advantage. Here is why.

  1. Workflows are getting digitized. In other words, professional services like accounting and bookkeeping can be  broken down into process and task level components. Discrete components mean a high level of control and lower cost of processing, through automation and outsourcing. The professional Accountant or BAS agent is freed up to play an advisory role to clients. Bandwidth is released to  take on new clients and grow the business faster.
  2. Virtual workflows are the new reality. As most applications are going to be residing in the cloud, workflows will also find their home there. Data residency may be insisted on geographically limited  server farms. Australian data could reside in Australia although the workflow itself is truly virtual.
  3. Virtual workflows drive virtual talent engagement. Digitized virtual workflow is truly a great advantage when it comes to application of talent. Job descriptions and deliverables are much more easier on digitized workflows. Talent can be applied globally for improved effectiveness and higher cost efficiency.
  4. Good Project Management makes a big difference. In a virtual workflow and virtual team ecosystem, project management is an important success factor. Tools such as Xero, Workflowmax and Kanbanfow are proving useful in making sure that the virtual advantage from digitized environments are real

If you are interested in discussing specific examples of how this approach is useful for your professional services business or the finance and accounts function in your business, feel free to get in touch with us. StylusFMS has been serving clients in Australia and USA since 2006