How Can Accountants Use Technology to Deepen Client Relationships

Cost Accounting
Tally Solutions | Updated on: May 26, 2023

When we think of accounting automation and technology we often appreciate the benefits to the accountants using the technology. Accounting automation does make the entire accounting process more efficient, accurate and transparent. But, the technology also impacts the customer facing side of the business operations. Any technology that improves the customer experience will enhance the competitiveness and attractiveness of the company. The impact of technology on accounting offers the most benefit when it visibly improves the company's interactions with the client. To further explore how your accounting technology can make your customer happier, read on.

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When choosing technology, put clients first

It is tempting to invest in innovative software that promises to have all the bells and whistles. Technology does not help unless it fulfills the needs of its application. It is essential to study your business and its clientele to see where there is a need for improvement. A company needs to focus on expanding and satisfying its customer base. So, when choosing software, a company should look at how it will make customers happier. If the result is a happier customer, it is worth investing in.

The ideal software will be good for the client, the team, and the company. The customer-facing benefits of technology in accounting should be the priority. If the software makes customer-focused services quicker and easier or deepens the relationship with the client, it is worth buying.

How technology improves client relationships

An accountant is more than a number cruncher for a business. A client approaches an accountant to help them run their business better and with more financial intelligence. So, merely processing the numbers and generating reports is not enough to satisfy a client. To deepen a client relationship, accountancy firms must provide more value for clients.

Clients need more insights into their financial data. This requires accountancy firms to have more access to all the client’s data. Technology allows this access in real-time, generating data analysis reports that help the accountant guide the client to make better decisions.

Business markets are highly competitive, and companies have to be very quick to respond to any market changes and challenges. Traditionally, an accountant would be required to examine and reconcile the accounts every quarter at the least. But now, an accountant needs to be equipped with the tools to give data-backed insights whenever required. The accountant has to be an advisor to the client when major decisions are made.

The right use of technology offers the following benefits of technology in accounting:

Support client operations: The financial management technology used by the accountant should give insights to improve the daily operations of the client's business and provide complete and secure access to client data. If there is a time lag in the data access, it makes the reports meaningless. Delayed responses lack competitiveness in the current business scenario.

Meet depth and consumption demands: Merely assessing the overview financial reports and giving advice does not satisfy the customer’s demand. Clients today want specific insights and pointers that directly address their problems. To do this, the accountant has to go beyond the records in the books of accounts. They would also have to be able to assess other market factors, demands, and opportunities to give better advice.

High-touch service: Clients expect the accountant to be proactive. Instead of approaching the accountant, they prefer that the accountant regularly update them with their data input. So, when technology is used to support data sharing and feeds, the accountant can reconcile the accounts and forward the reports. This deep level of interaction and secure data sharing is enabled by technology. Instead of spreadsheets and monthly or weekly reports, the accountant and client are in sync at all times.

How technology improves job satisfaction for accountants

Here are the most common benefits of technology in accounting:

Greater efficiency: Automating the processes in accountancy makes it more efficient. It removes the drudgery of ensuring that data is entered and replicated accurately and eliminates bottlenecks that slow down the movement of papers. Less frustrating workflows and automation of repetitive jobs make work easier. Accountants are able to focus on higher-value activities such as interpreting data and advising clients.

Increased capacity: When routine tasks are automated, accountants can do more. They can spread their practice to more clients while offering higher-end services. Accountants can spend their time doing what they do best instead of being paper pushers. They get to interact with clients, brainstorm, strategize and be a part of the action. Accountants also get to monitor the results of their analysis and advice, thereby making their clients happier.

Visibility: Manual records throw up many roadblocks to accountants who get the information that they need in bits and pieces. The positive impact of technology on accounting allows for secure yet deeper access to all the relevant client information. The accountant has everything that is required within easy access. There is less guesswork and more precision in the job. The accountant gets to dig deep, process huge amounts of data and confidently draw conclusions that will be of value to the client.

More intellectual stimulation: Technology has automated the manual inefficiencies of accounting and takes the drudgery out of the job. Rather than merely compiling reports, the accountant uses strategic thinking to chart out trends and strategies for the client. They use their intellect, which makes the job much more exciting and valuable.

Embracing tech to improve relationships internally and externally

Accountants offer their clients higher value and quicker services with the best use of technology. They can deliver more than routine reports and numbers. Additionally, technology allows accountants to analyze client data quickly. By offering insights and advice in real-time to their clients, they become a valuable part of the company’s decision-making team.

Technology makes the daily job of accountants in a firm easier. The processes become quicker and more efficient, improving the amount of work and clients that the firm can handle. Operations are less error-prone, and the provided services are of a higher value. This improves the productivity and profitability of an accounting firm. So, the team and the bottom line of the accounting firm benefit too. It is a win-win solution for the accountant, client, and the bottom lines of both.

Technology and the future of accounting

The impact of technology on accounting has seen a change in the processes involved in accounting. Technology cannot fully replace accounting expertise. It can, however, help accountants do what they do best while leaving repetitive tasks to the software. It offers more value for the accountant and the client. When a firm chooses an accounting software such as TallyPrime, it makes the job easier. Tally also offers analytical reports that help an accountant look at a problem from different angles to fully understand it. Advanced analytics empower accountants to offer high-end services that help their clients make better business decisions.

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