How to Scale Your Workflow in the Cloud to Increase Efficiency

Cloud accounting has taken the world by storm. What started as a concept and idea out of New Zealand has since become a disruptive force for the accounting industry.

The introduction of cloud technology has completely changed the traditional business model that has been followed by accountants across the globe for many years - so much so, that if we're not paying attention to how these business models are changing, we may get left behind. 

Gone are the days of doing manual accounts and having minimal interaction with clients. Today's accountants - or so called 'digital mechanics' - have the ability to communicate with their clients on a more regular basis, via several different platforms, to get more work done in less time.

So, what is the ultimate cloud workflow and how do you choose the right cloud software for your business? If you haven't experimented with Accelo, you can always begin a free trial.

Here are a few questions to consider before investing in smart technology:

• Can this tool improve my client's experience?

• Can it improve my efficiency?

You need to tick at least one of these boxes before purchasing. If it improves your experience but destroys your efficiency, you'll need to figure out what you’re expected to gain solely with a better client experience.

I'm already using the best cloud accounting tools at my company and want to share them with you. My workflow is one that is entirely automated to improve efficiency and maintain growth. Here it is:

1. Implement Pre-Practice Management

You need a pre-practice management tool like Practice Ignition which was built by accountants, to service accountants, from all over the world. Think of it as the platform that manages all of your contracts, digital engagement letters, payment processing for credit cards, and a place for you to track your firm's KPI's and analytics based on all of the client work you're doing.

Does it improve customer experience?

Yes, yes, and yes. Gone are the days where you need to print, sign, scan, and send your engagement letters to a client. Practice Ignition allows you to not only cut at least 4-8 hours off your onboarding cycle, but it'll give you the digitally professional look and feel you've always wanted. The best part? You've just removed the hassle of asking your client for their payment details because it's already been captured when they signed your digitally prepared contract through Practice Ignition.

Does it improve your firm's efficiency?

Yes, Practice Ignition will automate your accounting from start to finish; from creating the initial proposal to having your client accept it and enter their payment details - it’s that easy. You'll be able to reduce your debtor days significantly because you'll have your client's payment information automatically processing based on the agreement. Practice Ignition will then service it all into digital metrics and analytics that you can review anytime, from anywhere, to see how your firm is performing.

2. Set-Up Cloud Accounting Ledgers:

Cloud accounting software like QuickBooks Online or Xero is replacing outdated desktop solutions that still exist on the market. They are starting to shift the way accountants think about what's possible. Having everything available online, anytime and anywhere on any device, screams one thing to me - collaboration! You can interact with your clients online, not just in person. Think about the reduced travel time! For me, the real automation perks start with things like mobile invoicing, creating an invoice or receipt capture straight from your smart phone, and being able to feed your bank statements automatically into your cloud ledger with the system starting to review, code, and allocate transactions for you - without you having to lift a finger.

Does it improve customer experience?

Definitely. Customers love using cloud accounting platforms. These systems are built intuitively with the end user in mind. They’ll find it easy to navigate, and can send out freshly designed invoices, process their payroll, and even accept payments. Plus, accountants will be able to see the file whenever they like and be able to engage and train their clients to do some of their own data processing.

Does it improve your firm's efficiency?

It goes without saying that cloud accounting will increase your firm's efficiency ten fold. You'll love using cloud ledgers with your clients. It is an adjustment, but a worthy investment. It's no longer a matter of if we should use the cloud, but rather a question of what cloud solutions do we want to use. In this scenario, you can't go past QuickBooks Online or Xero. Both companies have done amazing things for the accounting industry globally and are the two players to watch to ensure you're following best-of-breed cloud solutions.

3. Use a Cloud-Based sales:

It’s no secret here that Accelo is the perfect solution to complete an automated workflow.

Accelo becomes the crux of your entire operations by giving you the ability to connect and plug into many other cloud based applications like Slack, QuickBooks, Xero, G Suite, Office 365, Intercom and much more. Accelo focuses specifically on sales, Projects, Service, Retainers, Resourcing, and Invoicing - to combine all of the simple yet powerful tools you need to run a successful business. So, once you setup your clients on Practice Ignition and sorted them out with a cloud accounting software like QuickBooks or Xero, make sure they’re running the rest of their operations on Accelo.

Does it Improve Customer Experience?

In this example, the customer experience can be measured for both your employee’s and your customers. Employee experience will rise because they’ll have a clear view of the status of their current work - so what’s due at what times, and what else is happening in the firm? Your clients will have a better experience because they’ll be working with your team who are well informed and very much on top of their work. Everything will seamlessly plug and play together, making life very pleasant for everyone. Accelo definitely get’s the customer experience tick of approval.

Does it improve your firm’s efficiency?

Accelo will be a huge efficiency driver for accountants already working in the cloud. You’ll be able to track all of your marketing tools, social media functions, and even plug and play Salesforce if you wanted. Accelo is bound to save you hours trying to manage and organize your database effectively. As far as I’m concerned, Accelo will make a huge, positive difference in your business.

I’ve just explained three different steps of a cloud accountants workflow, which I believe is an ideal method to follow. There are many other fantastic cloud tools on the market, but I really wanted to focus on the essential core solutions you need to invest in - in order to improve, structure, and streamline your workflows with smart automation technology.

 Trent Mclaren holds the title of Australia's thought leader of the year in the Accounting Industry. He is the head of accounting and strategic partnerships at Practice Ignition; a role that see's him working with disruptive accountants all over the world.