Accounting

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Accounting

The Accounting Industry

The Australian Accounting Industry continues to evolve at a rapid pace. The last few years has seen several significant changes. Technology enhancement has driven change across both the Practice and Client landscapes. SME adoption of cloud-based Finance Software has created new opportunity for firms to automate their service delivery to clients whilst at the same time creating both the opportunity, and imperitive, to adapt their business model to providing differentiated Advisory services rather than a sole focus on Tax and Compliance. Accounting Firms are typically “people dependent” businesses. For mid size firms staff costs typically run at over 50% of total costs. Societal changes, exacerbated by the Pandemic have resulted in this being one of the most challenging periods in the history of the Accounting Industry to attract and retain talent. There are strategic decisions to be made and a myriad of technology options for Firms to consider: to remain relevant to their clients; to be an attractive career option to their staff; and to accelerate profitable growth.

Finance-review

The Accounting Industry and Valenta

There is an opportunity for Accounting firms to adapt and thrive in the current environment. Those that make the right strategic and technological decisions will attract both clients and staff and fuel profitability. For years Valenta has helped Accounting Firms of all sizes leverage offshore talent to service their clients and this remains a relevant approach to increase productivity and profit. However the next frontier of Robot Automation is upon us and, as ever, the early adopters will benefit most.

The “Big 4” Accounting firms have fueled Robotic Process Automation (RPA) to become the fastest growing element of the Enterprise Software sector. They have been using RPA extensively to drive processes that exist in all accounting firms, achieving an average 80% reduction* in start to completion processing time and millions of human hours work saved* across the hundreds of internal processes to which they have applied it (* Study SSRN). Valenta have built a managed service and commercial model that brings this capability of RPA to mainstream Accounting firms. We have deployed robots in Accounting firms to complete BAS, SMSF Admin, Return Completion, ATO Download, ASIC notifications to name a few. As well as transforming the back office by supplementing with both Real and Digital workers we help Accounting Firms win and retain clients with our Digital Marketing services to ensure more prospective clients can take advantage of the increased “advisory capacity” your staff now have. We can also assist you in taking RPA and our other service lines to your client base, elevating the value you deliver. Learn more at: 

Top Challenges for the Accounting Industry

Based on our experience and conversations with clients in the space the below are some of the top challenges faced by todays Accounting Firms. Valenta can assist with all of these challenges through a combination of Digital Transformation (RPA and AI) Staff Augmentation and Consulting
support-services, management

Attracting and retaining the quality staff

Time-diff

Creating the time to provide differentiated Advisory services

IT, Technical, Lead Generation

Limitations of existing Software platform

Repetitive-tasks

Staff time consumed by high volume repetitive computer-based tasks such as BAS, SMSF Admin, Return Completion, ATO Download, ASIC notifications

Target

Lack of interoperability requiring human effort to link systems and applications

customer-service

Attracting new clients

Training

Standardising Process compounded by staff training challenges

Data-science

Maintaining data accuracy and removing duplications and inconsistencies

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