Accountants increasingly find themselves at the cutting edge of fintech, which is any technological innovation that is revolutionising the financial world.
They should see this revolution as enhancing the services they offer, enabling them to serve clients in a more effective way. Remember that other accountants may already be using these tools, so don’t get left behind.
The skills that accountants will need in the future are being influenced by this new technology; therefore, firms will need to keep abreast of developments if they are to retain and expand their client list.
Whether based in London, Manchester or Cheltenham accountants must take on board the impact technology is having on the industry. Clients are ahead of the game and using technology to seek appropriate firms for their needs, browsing the net to locate firms such as https://www.randall-payne.co.uk that have the skills to fit their needs.
Understanding the key initiatives on offer will mean you are not missing out and will dictate your fintech investment:
1. Online accounting
This could be your fintech starting point, providing secure and flexible ways to manage your clients’ accounts and enabling integration with other business solutions. There are several options, with many UK firms understanding that these browser-based systems are the solution for modern practices. This frees you from the office and allows instant access from any mobile piece of hardware.
2. Cloud-based access
These systems mean that not only you but also your clients can access data at the same time, wherever they are. Instant information can be discussed with the client in real time, transforming the relationship – no more ploughing through diaries to set up a meeting and potentially missing a deadline!
Spend less time on data entry by using the power of fintech plug-ins and add-ons. This kind of software not only streamlines your clients’ but also your own business procedures, saving manual input time for book-keepers and introducing innovations such as optical character recognition at either end of the accounting process.
4. Linking bank feeds
Receiving daily bank information via your integrated system means that the data is updated live.
5. Sharing dashboards
These allow you to share information seamlessly and enable clients to respond immediately.
Fintech influences the financial world every day, introducing innovation into a traditionally conservative sector.