Talk to almost any accountant about a part of their job they dread, and you’ll hear them respond, “The busy season.” Client demands continue, no matter how busy or tired you may be. You often deal with inefficiencies, manual processes, stress, and potential errors.
Firms must also be mindful of the fact that:
- Staff is at serious risk of burning out
- Client churn can result from mistakes or delays
During the busy season, you work intensely to fulfill high client demands, and then when it’s all over, you finally get a chance to breathe.
What if you could use the remainder of the year to work on processes, generate more revenue, and better serve your clients?
Traditional processes can be revamped with software and AI-driven tools that give accountants a “break” by reducing the risk of error and eliminating many existing inefficiencies.
And the great part is that when you improve your traditional processes, they benefit you all year, even during the busy season.
Eighty-two percent1 of accountants agree that client expectations are higher than five years ago and will be better met with timely updates, automated communications, and an easier time meeting deadlines.
Technology and AI are a win-win for all parties when appropriately integrated into your current workflows.
How to Use AI and Proactive Strategies to Transform the Busy Season
You’ve heard of AI; there are always good and bad use cases. If you unquestioningly jump into AI and try using a chatbot to handle complex client demands, it’s not a good idea. However, there are plenty of advanced tools explicitly geared towards accounting workflows that you can rely on.
The first step in this process is to:
- Reviewing all of your processes
- Identify the repeatable tasks
- Research whether there are solutions that can handle these tasks
Initially, getting things up and running might take a lot of time and resources, but it will be worth it when you let the technology available handle routine tasks.
Automate Routine Tasks to Save Time
You want to automate tasks, and hopefully, you’ve created a list of the time-consuming processes that you deal with, such as:
- Data transfer
- Data entry
- Categorization
- Sending reminders and follow-ups for documents
- Sending invoices and payment reminders
Your goal is to trust automation with time-intensive tasks. Fifty-eight percent2 of accounting firms use simple technology updates to create space for value-added services. For example, you might free up enough human resources to offer advisory services.
Meet with key partners in the firm and teams to better understand the tasks with automation potential and offer the most benefits to the team.
Benefits of Automation in Accounting
Automation has its benefits when it’s appropriately integrated. You don’t need to automate everything, but firms that do leverage technology properly benefit in many ways:
- Teams are more productive
- Forecasting is more accurate
- Businesses processes are simplified and streamlined
- Client relationships improve
- Cash flow management improves when using automation for invoices and reminders
- Collaboration among offices, employees, and clients increases
- Human error is reduced
Busy season is rife with human error because accountants are hitting their limits. Numbers begin to meld together, and one wrong finger tap can add an extra zero - or remove one - which ultimately corrupts a tax return or a forecast.
Automating processes that don’t require a hands-on approach is a long-term strategy that pays for itself.
Utilizing the right technology will also save time for your team, reduce the risk of errors, and lead to a smooth client experience. Your firm can run more efficiently, your accountants will not be burned out, and you can pursue other revenue-generation options.
What can you do when your team has less on their plate?
Use That Free Time to Focus on Client Advisory Services
Once you’ve implemented technology and AI to automate mundane tasks, you can focus on providing clients with strategic advice. Optimizing your processes and tasks will save your team time that can now be spent on more valuable tasks.
Shifting the focus to advisory roles will not only help improve cash flow year-round for your firm, but it will also add value and provide your clients with services they truly want and need. According to research from the Thomson Reuters Institute, ninety-five percent3 of tax professionals believe that their clients want advisory services, such as:
- Tax planning
- Cash flow forecasting
- Strategic planning
- Budgeting
- Financial planning and analysis
Understanding your client’s needs will help you determine which advisory services benefit them most. There’s no need to offer every possible service. Instead, consider what your clients want and need, what your firm wants to offer, and what your firm can deliver.
With the technology in place, you can transform the busy season by giving your team more time to focus on the higher-value tasks they enjoy year-round - even during tax season. AI and automation can help you maintain a healthier balance to ensure your team isn’t on the brink of burnout.
Adding advisory services to your offerings may seem daunting, but this is another area where AI and automation can come into play. For example, AI tools can do much of the heavy lifting for you, such as:
- Suggest business growth strategies
- Offer recommendations for tax planning
- Assist with financial planning and analysis
Offering advisory services year-round will allow you to fill a need for your clients, but there’s another hidden benefit: you stay knowledgeable about your clients’ financial situations. Staying informed about changes to client businesses will ensure no surprises come tax season.
Where Do You Start?
Adopting AI and proactive strategies sounds great, but where do you start? What technologies should be on your radar? How can you add the most value to your business while keeping your staff and clients in mind?
It’s easy to feel overwhelmed, but it’s not as complicated as it seems.
Here are some of my favorite technologies:
- To streamline your sales, marketing, and client communication, try Hubspot.
- Want to automate client payments and your engagement letter process? Ignition is a no-brainer.
- Karbon is an excellent choice when it comes to accounting practice management.
- If you want to offer FP&A services, check out this great article from Clockwork.
These solutions will cover most of your bases when you start. You can continue researching solutions and adopting new ones when they make sense.
Final Thoughts
By adopting AI and proactive strategies, you help future-proof your firm. Not only will these solutions help you better manage the busy season, but they will also give you a competitive advantage year-round. Along the way, you’ll improve client satisfaction and streamline your internal processes to enhance efficiency. It’s a win-win all around.
About the Author:
Katie Thomas
Katie Thomas, CPA, is a 40 under 40 CPA Practice Advisor recipient, Top 50 Women in Accounting recipient, and the owner of Leaders Online, where they help accounting and B2A (business to accounting) professionals increase their impact, influence, and income through thought leadership and digital marketing. To get in touch with Katie, schedule a time at: www.leaders-online.com
Footnote & Citations:
1 - (82%) Source: Accountants Adoption of Artificial Intelligence Expected to Increase as Clients’ Expectations Shift, Sage (US), March 15, 2018.
2 - (58%) Source: The Practice of Now 2020: The essential report for accountants, Sage (US), September 9, 2020.
3 - 95% of tax professionals Source: 3 signs your firm should be offering Advisory services, Thomson Reuters, July 13, 2023.
