The future of Information Technology in professional services
The future of IT in professional services is clear. It is based on four concepts:
- Engagement in technology – clients will want to be brought into our technological systems to allow them access to their own data and to join in the processes (e.g. providing information on their tax returns).
- Integration – the use of technology to automate processes, for example the scanning and processing of invoices, or the direct capture of data into accounting systems from a bank.
- Market disruption – there will be a significant number of new products available and accounting firms will need to adapt to maintain their viability.
- Millennials – much as I hate this generic term, the focus of this group is multi-platform, any-time working. Whether on mobiles, tablets or laptops, the technology must be multi-platform and seamless.
By solving all the above we will seek to provide higher service levels to clients with efficiency. We will link ourselves to clients in a stronger and more effective relationship.
Let me draw your attention to two concepts which will change the game in their field:
Automatic invoice processing – whether using Basecone or Receipt Bank, the ability to capture and process invoices will change. These products allow you to scan on your computer or photograph on your phone an invoice and, after providing minimum coding data, pass it to a process (determined by you) for authorisation and automatic including into your accounts package.
Analytic reporting and forecasting – a revolutionary product, Crunchboard, allows you to integrate a powerful reporting tool into your accounts data. Plus it allows you to also reference non-accounting data, such as process control information, to report graphically and intuitively on the performance of your client’s business. If you combine this with online accounting products then this allows you to have a live and dynamic reporting tool, with built in alerts. It also allows you to provide key, selected data to your client’s key management team to enhance the business performance.
The future will change very quickly. We need to adapt and develop our systems to provide excellent service to clients at an efficient rate.
Please do contact me if you have any questions.Talk to Barnes Roffe today