We are in the midst of a rapid era of digital transformation. At the heart of digital transformation is the objective to deliver better customer outcomes—more efficiently and more cost-effectively.
In this changing landscape how can accountants remain competitive and add value to their clients? And, what future developments are set to affect accountancy firms?
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Digital Transformation | The changing relationship between accountants and their clients
1.
2. THE DIGITAL JOURNEY SO
FAR
We are in the midst of a rapid era of digital
transformation. At the heart of digital transformation
is the objective to deliver better customer
outcomes—more efficiently & more cost-effectively.
Accountancy firms & their clients are being
challenged to think differently. Companies that
are not structured appropriately to meet this new reality
will struggle to adapt. In this changing landscape how can
accountants remain competitive & add value to their
clients? &, what future developments are set
to affect accountancy firms?
3. MAKING TAX DIGITAL
MTD is a government initiative that will
revolutionise the UK tax system & bring an
end to self-assessment from April 2018.
So, how do you find out what impact MTD will
have on you & your clients? How can you begin
to plan for quarterly updates?
Accountants must source a software
solution that will manage the complete Making Tax
Digital process – from managing their clients’ Digital Tax
Accounts, to ensuring the content is accurate &
complete, & automating the quarterly update & input
from clients’ bookkeeping solutions.
Tip: For the most up-to-date information access the
government website here.
4. AUTO ENROLMENT
Auto enrolment is in response to our ageing population,
people are living longer & the ratio of people working to
those retired is slowly decreasing.
Companies are often mistaken in thinking that because
the “staging date” has passed they are at the finish line.
It's actually more akin to stepping into the starting
blocks!
As an accountant this means you could be faced with
multiple payroll schemes to manage & more
time spent on administration unless you source a payroll
auto enrolment software solution to ensure your
clients are complying with the new
workplace pensions legislation in a proactive &
planned fashion.
5. GDPR COMPLIANCE &
CYBER-SECURITY
Data is being collected from an increasing variety of
sources. GDPR represents an important step forward for
individual privacy rights. It gives EU residents more
control over their “personal data” (defined by the
GDPR).
Given how much is involved, you should not wait until
the regulation takes effect in May 2018 to prepare.
You need to begin reviewing both yours & your clients’
infrastructure, privacy, compliance and
data management & recovery practices
now. How can you streamline compliance with the GDPR
through smart technology, innovation &
collaboration?
6. WHY IS AUTOMATION
IMPORTANT?
Automated processes help you move on to value-
added activities, improve cash flow,
increase productivity & communication &
eliminate debt.
Using innovative invoice automation, departments can
streamline the internal invoice capture & approval
processes. Other automated processes include expenses
capture & approval, timesheets & many more…
Machine learning & AI will make you more proficient,
more productive, capable of taking on & handling
more clients.
7. THE ACCOUNTANT AS
TRUSTED ADVISOR
Digitisation represents a massive erosion of
competitive advantages (think SMB vs the big
four) such as location & access to knowledge &
information. This evolution is forcing accounting
firms to take a look at the same question that every
company investing in digital transformation
encounters: what makes us valuable to our
customers, our employees, ourselves?
By taking a proactive approach
accountants can add real value to their
customer interactions.
8. THE ACCOUNTANT AS
TRUSTED ADVISOR
Advantages of digitalisation for accountants include:
1. Increased transparency - Business
management platforms allow accountants to
increase their openness & as a consequence their
service level.
2. Breaking up the value chain - Digitisation
forces companies to re-evaluate their value chain.
3. Agility - If advisors & service providers can
embrace this agile way of working, you can create
competitive advantages.
4. Seamless service delivery - Companies now
expect to be alerted to errors & advised of better ways
to work.
5. Digital first - Cloud technology now breaks down
geographic boundaries tools such as Skype for Business
allowing users to conduct meetings from anywhere,
anytime.
9. Microsoft Dynamics 365
Dynamics 365 for Financials can save you time,
make life easier, improve communication
& win you business.
Get enhance financial insights & improve your
cloud accounting software security & efficiencies using
automated workflows & audit trails
Work & collaborate with clients wherever
you need to with easy cloud-based access to
Dynamics 365 for Financials
Simplify how you set up & manage
accounts to easily take on new clients— & better
serve existing ones Find out more.
10. FIND OUT MORE…
Download the full whitepaper for free
Visit the website
Office 365
Business
Intelligence
MTD Automation
Microsoft
Dynamics 365 Data
Protection
Dynamics 365 for
Financials
Skype for
Business
Big data
Auto Enrolment
Budget
Cloud
ROI
Machine
Learning
GDPR
Accountant as
a advisor
Internet of
Things
AI
Real Time
Information
11. ABOUT US…
Prodware UK specialises in the implementation, integration and maintenance of sector specific
ERP and CRM business management solutions based on Microsoft Dynamics NAV and Dynamics
365 (AX & CRM).
As a Microsoft Gold Partner, we have developed industry solutions for manufacturing,
distribution, professional services and holiday park organisations in addition to innovative software
for mobility and e-commerce that integrates with business management solutions.
A Tier One Cloud Solution Provider (CSP), Prodware Group create, integrate and host IT solutions for
businesses. Prodware Group serves more than 20,000 active clients and is the largest
Microsoft Dynamics partner in the EMEA region. Prodware Group is present in 15
countries and has a wealth of experience in providing global IT solutions to international customers.