Scaling a CAS practice isn’t easy. However, if you invest in the right systems, processes, and technology, you will see a quick return – greater efficiency, shorter turnaround times, and happier team members. And it is no surprise that is why automation plays such a pivotal role in scaling CAS practices.
How Automation Helps You Scale
The less time your staff spends on manual work, the more resources (dollars and time) are available to invest back into building your client base, increasing billable hours, and delivering higher value services. That is why we are all hearing so much about how automation impacts the bottom-line by eliminating repetitive tasks like manual integrations.
Challenges with Manual Processes:
- Hinders growth
- Error prone
- Increased risk
- Time consuming
- Lack of version control
- Lower morale
- No advanced capabilities
- More man/womanpower
Accounting firms that are implementing automation have the toolset to scale without adding expensive headcount or cutting into billable hours.
The ROI of Automation is Unbeatable
Accountants are often tasked with manual data entry and reporting. These mundane and repetitive tasks take substantial time away that can be spent on value-add activities or billable client services. Recent data shows 73% of businesses report 10 – 50% time saved by automating previously manual tasks.
In fact, 81% of CFOs are recognizing the potential of automation to optimize processes and resources and capture data insights across the finance function. So, harnessing automation can empower accountants to reduce manual data entry tasks and be more productive. Accounting firms have an incredible advantage when it comes to automation. They can implement automation to drive improvements in their CAS operations and at the same time extend these same improvements to their internal operations. Below are a couple of examples, but the possibilities are endless.
(1) Internal Accounting Processes:
By automating manual and/or repetitive processes through integrations, you can significantly reduce the amount of time it takes to do month-end close. For example, you could automate creating production and payroll journal entries from CCH to Sage Intacct. What used to take a day to do can now be done with the push of a button. Reducing manual works leaves accountants available to do value-added activities that they didn’t have time for before or speed up other processes like month-end closing.
(2) External Client Facing Activities:
There are many factors that go into running a successful and efficient CAS practice. One key element is how to do more with less and increase billable hours across multiple clients. Technology can play a pivotal role in increasing staff productivity and scaling your practice without adding headcount. Automation can help you take on more clients with less overhead, which inevitably increases revenue.
Automating Without Breaking the Bank
A simple solution for implementing automation that has unlimited possibilities for revenue generation and scaling successfully is by automating how you integrate all the systems you are using via an iPaaS. The flexibility and scalability of iPaaS is limitless. The iPaaS market is currently exploding because of the appeal of having one piece of technology impact a considerable number of applications. You are only bound by your imagination when connecting an iPaaS – you can even integrate non-cloud-based applications via flat file/Excel (SFTP). When evaluating vendors, to which there are a lot out there, consider their experience with the office of finance and financial applications. There are a substantial number of iPaaS vendors that seem to do a lot, but since accounting and finance is your bread and butter, lean heavily on industry experience.
To get an inside view of how an iPaaS works, attend one of our weekly office hour demos.
