The rate of change in the accounting profession is greater than ever, and there are no signs of slowing down. Integrating technology with streamlined processes isn’t just beneficial—it's essential. Firms that can effectively combine the two aren’t just keeping pace; they’re significantly ahead of the competition, transforming potential challenges into growth and efficiency gains for themselves and their clients.
When technology and process are aligned, this synergy acts as rocket fuel to propel your firm forward, accelerating growth and expanding capacity.
Understanding goals in automation
Before integrating any new technology or automating a process, it's critical to pinpoint exactly what you aim to achieve. Goals typically include enhancing speed by eliminating bottlenecks or designing safeguards against errors.
Clearly understanding your objectives will guide your automation strategy and ensure that technology complements rather than complicates the workflow.
Key considerations for automation
One of the questions we often hear is, “What processes should we automate?” The answer varies from firm to firm, but automation is most valuable when it targets processes that are:
Heavily reliant on manual input and employee oversight. Automating these processes can make them faster and less error-prone. Examples include order and claims processing, billing, and data entry.
Complex. Tasks involving several steps or systems and frequent human intervention are ripe for automation.
High volume. High-volume tasks that are time-sensitive can become more scalable through automation.
Standardized. Standardized processes are highly definable and occur the same way every time. They’re rules-based, consistent, and data-driven.
Overcoming roadblocks
Several common roadblocks stand in the way of leveraging technology and processes to propel your firm forward. Fortunately, these roadblocks are easy to overcome.
Fear
Employees may fear being replaced by technology, efficient processes and automation. To mitigate apprehension around new technologies, simplify your communications. Demonstrate the benefits of automation, stressing that technology and processes will augment your team rather than replace them.
Employees are more likely to buy in when they realize the goal is to automate tasks, NOT roles.
Technology
For many firms, leveraging technology and processes for automation doesn’t require completely replacing your current tech stack. Many of the tools you already use may have automation capabilities.
Evaluate your existing tools for integration and automation capabilities and ensure you’re fully leveraging your existing tech stack before investing in new solutions.
Expertise
You may not feel confident in your ability to automate specific processes. However, encouraging small, non-client-facing wins helps build confidence in new technologies.
As your team’s confidence grows, you can gradually scale your automation efforts.
Process
Consistency in processes is crucial for automation. Standardize and optimize your processes to reduce unnecessary decision points and loopbacks. This streamlines your operations and makes automation much more accessible.
Real-world applications
If you’re still wondering what to automate, consider the following wins shared by members of our Circle communities.
One firm developed a confirmation tracking system using SharePoint Online and utilized Microsoft Power Automate to remove many manual steps
Another firm automated new hire onboarding for their IT team by automating onboarding assignments for their internal IT team using SharePoint Online and Microsoft Power Automate
One firm used to manually send 150 WIP/Accounts Receivable Aging reports each week. They were able to automate creating and sending these reports, saving their admin team hours each week.
Another firm used Microsoft Power Automate to auto-route K-1s to the document management folder for all shareholders who were also individual tax clients of the firm.
These are just a handful of examples to consider incorporating into your firm. Remember, open APIs are a powerful tool for customization and integration. By acquiring relevant expertise—hiring experts from outside the firm or building it in your existing team—you can extend your firm’s capabilities and create solutions that cater directly to your needs.
Aligning technology with business processes isn't just about keeping up with change—it's about setting the pace. By effectively combining these elements, you can enhance your firm’s operational efficiency and secure a competitive advantage. The path forward involves clear goals, strategic automation and continuously adapting to evolving technologies.
Do you want to hone your leadership skills beyond technology?
The Boomer CIO Circle is a peer group for Chief Information Officers in the accounting profession. Together, they work on growing their skills in innovation, budgeting, finance, communication, project management, marketing, sales and human resources to grow into confident leaders in their firms. Apply now to start building confidence in your firm’s technology decisions.
Amanda Wilkie, Consultant at Boomer Consulting, Inc., has a computer science background, but she’s not your average geek. With two decades of technology experience, Amanda has spent 13 years driving change and process improvement through innovative technology solutions working across firms of varying sizes in the public accounting profession. She has held strategic leadership positions in firms ranging from Top 50 to Top 10 including her most recent role as CIO of a Top 30 firm. Amanda is a recognized expert in the profession who regularly speaks and writes on blockchain and cryptocurrency and their impact on the profession.
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