Digital Transformation | The changing relationship between accountants and their clients
- 2. THE DIGITAL JOURNEY SO FAR We are in the midst of a rapid era of digital transformation. At the heart of digital transformation is the objective to deliver better customer outcomes—more efficiently & more cost-effectively. Accountancy firms & their clients are being challenged to think differently. Companies that are not structured appropriately to meet this new reality will struggle to adapt. In this changing landscape how can accountants remain competitive & add value to their clients? &, what future developments are set to affect accountancy firms?
- 3. MAKING TAX DIGITAL MTD is a government initiative that will revolutionise the UK tax system & bring an end to self-assessment from April 2018. So, how do you find out what impact MTD will have on you & your clients? How can you begin to plan for quarterly updates? Accountants must source a software solution that will manage the complete Making Tax Digital process – from managing their clients’ Digital Tax Accounts, to ensuring the content is accurate & complete, & automating the quarterly update & input from clients’ bookkeeping solutions. Tip: For the most up-to-date information access the government website here.
- 4. AUTO ENROLMENT Auto enrolment is in response to our ageing population, people are living longer & the ratio of people working to those retired is slowly decreasing. Companies are often mistaken in thinking that because the “staging date” has passed they are at the finish line. It's actually more akin to stepping into the starting blocks! As an accountant this means you could be faced with multiple payroll schemes to manage & more time spent on administration unless you source a payroll auto enrolment software solution to ensure your clients are complying with the new workplace pensions legislation in a proactive & planned fashion.
- 5. GDPR COMPLIANCE & CYBER-SECURITY Data is being collected from an increasing variety of sources. GDPR represents an important step forward for individual privacy rights. It gives EU residents more control over their “personal data” (defined by the GDPR). Given how much is involved, you should not wait until the regulation takes effect in May 2018 to prepare. You need to begin reviewing both yours & your clients’ infrastructure, privacy, compliance and data management & recovery practices now. How can you streamline compliance with the GDPR through smart technology, innovation & collaboration?
- 6. WHY IS AUTOMATION IMPORTANT? Automated processes help you move on to value- added activities, improve cash flow, increase productivity & communication & eliminate debt. Using innovative invoice automation, departments can streamline the internal invoice capture & approval processes. Other automated processes include expenses capture & approval, timesheets & many more… Machine learning & AI will make you more proficient, more productive, capable of taking on & handling more clients.
- 7. THE ACCOUNTANT AS TRUSTED ADVISOR Digitisation represents a massive erosion of competitive advantages (think SMB vs the big four) such as location & access to knowledge & information. This evolution is forcing accounting firms to take a look at the same question that every company investing in digital transformation encounters: what makes us valuable to our customers, our employees, ourselves? By taking a proactive approach accountants can add real value to their customer interactions.
- 8. THE ACCOUNTANT AS TRUSTED ADVISOR Advantages of digitalisation for accountants include: 1. Increased transparency - Business management platforms allow accountants to increase their openness & as a consequence their service level. 2. Breaking up the value chain - Digitisation forces companies to re-evaluate their value chain. 3. Agility - If advisors & service providers can embrace this agile way of working, you can create competitive advantages. 4. Seamless service delivery - Companies now expect to be alerted to errors & advised of better ways to work. 5. Digital first - Cloud technology now breaks down geographic boundaries tools such as Skype for Business allowing users to conduct meetings from anywhere, anytime.
- 9. Microsoft Dynamics 365 Dynamics 365 for Financials can save you time, make life easier, improve communication & win you business. Get enhance financial insights & improve your cloud accounting software security & efficiencies using automated workflows & audit trails Work & collaborate with clients wherever you need to with easy cloud-based access to Dynamics 365 for Financials Simplify how you set up & manage accounts to easily take on new clients— & better serve existing ones Find out more.
- 10. FIND OUT MORE… Download the full whitepaper for free Visit the website Office 365 Business Intelligence MTD Automation Microsoft Dynamics 365 Data Protection Dynamics 365 for Financials Skype for Business Big data Auto Enrolment Budget Cloud ROI Machine Learning GDPR Accountant as a advisor Internet of Things AI Real Time Information
- 11. ABOUT US… Prodware UK specialises in the implementation, integration and maintenance of sector specific ERP and CRM business management solutions based on Microsoft Dynamics NAV and Dynamics 365 (AX & CRM). As a Microsoft Gold Partner, we have developed industry solutions for manufacturing, distribution, professional services and holiday park organisations in addition to innovative software for mobility and e-commerce that integrates with business management solutions. A Tier One Cloud Solution Provider (CSP), Prodware Group create, integrate and host IT solutions for businesses. Prodware Group serves more than 20,000 active clients and is the largest Microsoft Dynamics partner in the EMEA region. Prodware Group is present in 15 countries and has a wealth of experience in providing global IT solutions to international customers.