6 Ways to Leverage Technology in Your Business

6 Ways to Leverage Technology in Your Business

People oftentimes think of technology advancements as future-related. In reality, it’s happening right now and will only continue to progress with time. For businesses to be successful, they must stay up-to-date and keep a forward-thinking mindset. One of many reasons I love working at hb&k is because of this exact approach we take in everything we do.

I started my accounting career in a small, traditional firm, so it is eye-opening and exciting to be a part of a firm that isn’t afraid to embrace new changes/challenges. Below are six areas that business owners should consider integrating more technology.

Six Technology Update Suggestions

1. Go Paperless: This is a fundamental step for technological change. Many businesses have been slow to eliminate paper because they feel dependent on it since we’ve always had paper files. For example, in accounting many clients still submit paper documents. However, digitalizing documents and processes creates a much more streamlined process. Now, even when a client brings paper in, we scan it and put the paper in a cabinet. The paper files aren’t seen again until they are returned to the client.

2. Cloud & Collaboration Tools: Digital documents can be uploaded and edited effortlessly via online platforms and management portals, which allow you to quickly send and organize your documents in one place. For example, software like ReceiptBank makes it easy to keep up with all your expenses.  Or using Bill.com sets up automatic payments to vendors and invoices to client. We train clients in many different software platforms to help them maintain current books while increasing efficiency.

3. Outsourcing: For business owners who don’t want to take care of the day-to-day tasks, you can outsource. Having cloud-based technology listed in point two makes a business more accessible to the outsourcing functions of your business instead of handling them in house. For a business owner, there are so many options to outsourcing pieces of your work through cloud software and using services like hb&k’s client accounting solutions. Read more here.

4. Automation: This is rapidly growing and broadly available. Businesses are now using scan-and-fill technology to produce digital information from paper documents. For instance, hb&k uses a software called Sure Prep that integrates with TaxCaddy to speed up the data entry process.  Automating this process gives us more time to analyze taxpayer information to give our clients more knowledge about their tax situation instead of just giving them a tax return. Other businesses can take advantage of automation through software that can integrate with your business operations.

5. Social Media: hb&k strives to maintain a strong social media presence and keep our clients up to date with the latest news, tips and deadlines. Businesses can also take advantage of social media platforms to update customers on relevant news/information and reach new customers. It’s important to stay committed with information on your operations and content that makes your business proposal a memorable experience.

6. Internal Processes: hb&k is continuously improving processes and looking for ways to make what we do now, better. We have Lean processes that focus on finding the most efficient and effective ways to improve an existing or new process. Any business can take advantage of this methodology to better streamline your internal or external business processes.

Here to help

hb&k is forward-thinking and looking for ways to improve upon the processes that we already have in place.  We also offer improvement opportunities to our clients. This aspect is important to ensure continuous improvement and growth, not only internally, but externally as well. Taking advantage of new developments in technology allows us to free up more of our time to better serve our clients. If you would like more information on how your business can take advantage of different cloud software available or incorporate the Lean methodology in your processes, please give hb&k a call today. We would love to help!

 

Chrissy Darby is the author of this blog.  She started with hb&k in 2016 and continues to assist our clients in the tax and client accounting services departments.