Over the past decade, technology has made significant strides in the accounting industry, revolutionising the way firms operate. However, it’s essential to ensure that technology serves the business rather than the other way around. In this article, we explore the importance of aligning technology with the services provided, prioritising client experience, and avoiding an unnecessarily complex tech stack.
Choosing the Right Technology:
When starting a new accounting practice, careful planning is crucial. Begin by outlining the services to be offered in the short and long term, how they will be delivered, and their pricing structure. Based on this, identify the technology required to support the business plan. It is recommended to seek expert advice or consult other accounting firms to assess the suitability, reliability, security, cost, and service provided by potential technology solutions.
The Role of Practice Management:
Selecting the right practice management system is paramount, as it serves as the “source of truth” for client data. It is worth investing time and effort in due diligence to ensure that the chosen solution aligns with the firm’s requirements, integrates well with other applications, and offers a positive user experience. Consider factors such as ownership of intellectual property, cost, practice management integration, and data security (being the most important consideration).
Building an Effective Tech Stack:
A comprehensive tech stack for an accounting firm may include applications for practice management, expense management, payroll and HR, tax, document management, CRM, SMSF management, video conferencing, reporting and dashboards, and debtor management. It’s crucial to evaluate the total cost of ownership, including transaction fees and additional expenses, to make informed decisions about the long-term affordability and sustainability of each application.
The Value of FeeSynergy Collect:
For over 16 years, FeeSynergy has played an important role in the accounting industry. Its unique cloud based debtor management software platform (called FeeSynergy Collect) is used by hundreds of firms across all states and regions of Australia and New Zealand to streamline and reduce cost for a range of compliance and business critical processes – be it cash collections, online payments, direct debits, fee funding, engagement letters, Equifax credit scores and identity verification (KYC).
FeeSynergy Collect’s seamless integration with the leading practice management systems enables simplification and reduced tech stack cost.
Selecting the right technology stack is a critical decision for accounting firms. By aligning technology with the services provided and prioritising client experience, firms can enhance efficiency, scalability, and value for money. Remember to conduct thorough due diligence, seek expert advice, and assess the long-term costs and benefits of each application. Talk to firms similar in size and complexity to your own to see what tech they use.
To explore how FeeSynergy Collect can optimise your firm’s technology and business needs, contact us at hello@feesynergy.com.au or book a demo at https://feesynergy.com.au/book-a-demo/.
