Serving clients while juggling practice management tasks and staying on top of the latest accountancy technologies can be challenging.

That’s where the idea of digitalisation can become valuable.

It’s not just about converting analogue information into digital form, which is a process known as digitisation.

Digitalisation is a transformative leap that can reimagine and reinvent how you work, fostering seamless integration between technology and your service delivery while keeping you in control.

Creating a practical roadmap for digitalisation will help you identify tools and insights that could simplify your processes and free up more time. Involving key stakeholders in your journey will help you create a strategy that aligns with your practice’s unique needs.

We know regulatory compliance is not just a necessity but a key aspect of your role. A fully digitalised practice will make managing compliance simpler, more efficient, and less time-consuming.

You’ll have more time to focus on adding value to your client experience and driving your business forward.

What is a digital practice?

To build a fully digital accountancy practice, you must embrace digital transformation, using technology to streamline accounting processes, enhance efficiency and productivity, and provide value-added services to clients.

How can you tell if you’ve built a fully digital accountancy practice?
Cloud accounting software

You’ll use cloud accounting software to manage client data, automate routine tasks, and provide real-time financial insights to clients.
Paperless workflows

You’ll have eliminated paper-based workflows and digitised all accounting processes, from data entry to reporting.
Data analytics

You’ll use data analytics to gain insights into client financial data, identify trends and patterns, and provide strategic advice to clients.
Automation

You’ll automate routine tasks and workflows, freeing up time to focus on more strategic initiatives.
Cybersecurity

You’ll have robust cybersecurity measures to protect client data and prevent cyber threats.
From digitising to fully digitalising your accountancy practice

It’s easy to confuse digitalisation and digitisation, as they’re often used interchangeably, but the terms mean different things.
Digitising

Digitising accounting processes involves converting paper-based or manual processes into digital formats.

You’re taking existing processes and converting them into a digital form without necessarily changing the underlying process itself.

Examples of digitising accounting processes include:

    Scanning paper documents and storing them electronically
    Converting paper-based invoices into an electronic format
    Using electronic spreadsheets to manage financial data
    Using electronic forms to collect financial information.

Digitalisation

Digitalising accounting processes involves using technology to transform your accounting processes and workflows fundamentally.

You’re using it to automate processes, improve accuracy and efficiency, and provide real-time insights. Examples of digitalising accounting processes include:

    Automating invoice processing using optical character recognition (OCR) technology
    Using cloud accounting software to manage financial data and workflows
    Using data analytics tools to gain insights into financial data and identify trends and patterns
    Implementing robotic process automation (RPA) to automate routine tasks and workflows.

Both approaches can benefit accounting practices, but digitalising processes will provide clients with more significant long-term benefits regarding efficiency, accuracy, and value-added services.