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Did you know that cloud-based accounting practices are nearly twice as likely to experience revenue growth? In fact, a staggering 74% of practices using cloud-based accounting solutions reported an increase in revenue.
Technology is more than a convenience, it’s a catalyst for growth. In our recent webinar, “How Technology Fuels the Success of Bookkeeping and Accounting Firms”, industry experts Chad Davis (Co-Founder of LiveCA LLP) and Mike Pinkus (Co-Founder of ConnectCPA) shared how embracing tech has given them more than a competitive edge — it’s transformed how their firms operate.
From working more efficiently, boosting client retention, and unlocking new revenue opportunities, the benefits of tech are undeniable. Let’s explore three key ways technology is helping bookkeepers and accountants build stronger (and happier) businesses.
1. Improved productivity, scalability, and collaboration
In the world of payroll, automation is a life saver. It means no longer having to spend hours every month on data entry, payroll taxes, or stressing over the CRA. You can automate repetitive work such as wage and tax deduction calculations, generating reports, and paying your employees. In our blog, Payroll Automation: What It Is and How to Get Started, we cover the multitude of ways that payroll software saves you time, effort, and headache.
During the webinar, Mike Pinkus shared how automation tools like Wagepoint have eliminated tedious, time-consuming tasks, helping their firm lower costs and boost margins.
Take AI, for example. One of the ways it’s disrupting the industry (in a good way) is by reducing the hours spent on mundane to-dos. That may look like using AI to write client response emails in seconds or having it break down complex excel data into digestible insights.
The cloud is the new frontier
Nearly half of all client work (45%) is performed using cloud-based solutions, making it the backbone of modern accounting. For accounting firms and bookkeeping practices, this shift is opening the doors to efficiency, flexibility, and new skills sets. Here’s how:
- Instant access to real-time data: Secure, accessible anywhere, and free from manual reporting delays.
- Seamless collaboration: Easily share files, update reports, and stay connected with your team/clients.
- Stronger talent acquisition and retention: With 100% remote operations, LiveCa and ConnectCPA recruit top talent without geographic limitations.
- Growing demand for tech-forward talent: As AI and automation reshape the industry, firms need team members who have the skills to build, implement, and optimize custom tools.
Chad Davis shares how they’ve built a tech-savvy team across all departments, while also making space for specialists who tackle the more complex tech work.
This evolving technological mindset is changing how firms and their teams function in the day-to-day. Embracing these changes is key to future-proofing your business, which we cover further in our blog, The Future of Payroll: Automation + Human Expertise.
2. Attracting ideal clients for your business
Attracting the right clients allows you to build a business that runs more smoothly, profitably, and with less stress. On the flip side, the wrong clients can bog you down and create unnecessary stress, from missed deadlines to inconsistent communication.
Most client headaches can be avoided before onboarding. And it starts with defining your Ideal Client Profile (ICP). This could look like niching down to certain industries, business sizes, tech-savviness, etc. Having this front and center helps to set clear client expectations and filter for leads who truly want and appreciate your expertise.
Chad and Mike have used technology to carve out their own space, attracting tech-savvy clients who align with their automation-driven approach. By leveraging a complete cloud-based solution, they’ve positioned their firms to serve businesses that value efficiency and digital workflows.
As millennials and Gen Z entrepreneurs expect more streamlined, tech-driven solutions, automation is no longer optional, it’s essential. That means a growing number of business owners are seeking a modern approach to their finances.
3. Equipping you for what’s ahead
When it comes to implementing new software and apps, the juice may not always be worth the squeeze. The ‘shiny new app syndrome’ is real, and it can pull you away from what really matters: the client experience. Chad recommends slowing down and exercising caution when it comes to adopting the newest tech.
If you’re new to it all, start simple. That might include:
- A reliable ledger like Xero or QuickBooks.
- Automating payroll with Wagepoint.
- Synching statements, receipts, and invoices with Dext.
- Using Slack for team communications and workflow integrations.
- Tinkering with basic AI tools to see how you can incorporate them into your processes.
With so many options available, it’s easy to feel overwhelmed. However, these core tools will give you a solid baseline and you can refine your tech stack as you learn what works best for your business. If you’d like a deeper dive, we cover some essentials in our blog, Apps for Bookkeepers: Simplify Working with Small Business Clients.
The future is bright and teeming with opportunity
Whether you’re dipping your toes into cloud solutions or building custom AI tools, each technological step forward will unlock more opportunities and create more room for growth.Take your time finding out which tools work best for you, and more importantly, for your clients.
Missed the webinar?
Catch all the valuable insights from Mike Pinkus and Chad Davis by clicking here:
How Technology Fuels the Success of Bookkeeping and Accounting Firms.
