When searching for ways to increase productivity and improve efficiency, look no further than integrated solutions for your accounting firm. Integrated solutions standardize the way you handle financial transactions and share information with your clients, making it easier to manage a heavy workload. In fact, a survey by the Aberdeen Group shows that highly effective firms experience significant gains after implementing integrated systems.
In October 2015, Teresa Mackintosh, president and CEO of CCH Software, gave opening remarks at the annual CCH Connections conference in Las Vegas. During her speech, Mackintosh shared the results of the survey conducted by the Aberdeen Group. According to data collected over a 12-month period, implementing an integrated solution results in a 5 percent improvement in the amount of time it takes to complete a tax return. Integrated solutions also reduce the number of employees needed to prepare a return and increase the number of clients a firm is able to serve.
If it typically takes you three hours to complete a tax return, a 5 percent improvement saves you nine minutes. For a firm that prepares 1,000 tax returns each year, that is a total savings of 150 hours. The less time you spend preparing returns, the more time you have to devote to marketing your firm, communicating with clients and looking for other ways to improve efficiency. Firms participating in the survey reported an 8 percent increase in the number of clients served. If you currently have 100 clients, an 8 percent increase represents eight more clients for your firm.
Using an integrated solution has several advantages over using multiple standalone products. Because all of your data is in one place, it is easier to run reports and share information with clients. You don't have to waste time loading multiple software programs every time you boot your computer. Staff members even spend less time switching from one program to another, allowing them to serve clients more efficiently.
If the cost of implementing integrated solutions concerns you, you don't have to implement them all at once. However, you should keep integration in mind each time you purchase a new program or update an existing program. Before purchasing new accounting software, take time to research all of the options available. Some programs are easier to adopt than others, so try to find a package that works with your existing software.
In the accounting industry, time is money. If you can reduce the amount of time it takes to complete tasks or increase the number of clients you serve each year, it is worth it to spend a little money on integrated solutions for your firm. With the right software, you can increase productivity and improve the efficiency of all of your staff members.
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