Technological advancements require accountancy firms to review not only their internal processes relating to workflow and business management, but also their working environment, including employee reward and engagement practices
The rise of technology has transformed the accounting industry and the way in which accountants work in recent years, with cloud tools automating processes which previously took up valuable staff time, increasing efficiency in practices throughout the UK.
Yet, technological advancements require accountancy firms to review not only their internal processes relating to workflow and business management, but to also examine their working environment, including employee reward and engagement practices.
Cloud-based technology automates the collection and processing of financial transactions, helping to build better accountant-client relationships. It can capture, read, and store receipts and invoices automatically, removing the need to store paper, type in data, or chase clients. It also vastly decreases the likelihood of error.
These benefits mean that technology provides significant time savings, with firms needing to adapt to the new business climate as a result, eliminating time-based pay and incentive’s productivity to foster happier employees, and therefore happier clients. Ultimately, time is freed up for accountants and bookkeepers to focus on more important activities, and provide their customers with a quick, hassle-free service.
With staff wanting to feel challenged in their role and recognised for the performance they give, firms need to find an effective way of boosting productivity and rewarding employee performance.
Incentivised pay ensures that the amount an individual earns is relative to his or her results, profit, or performance. Short-term schemes, like bonuses and commission, motivate employees to hit or exceed targets while longer schemes, such as profit sharing, help to generate in the employee an interest in the success of the company.
Firms that fail to get on board with these productivity practices will likely find themselves unable to compete with the more tech-savvy businesses, and risk losing their best employees to competitors offering more recognition for individual performance.