FINANCE

Accountants: from a traditional ECM to a collaborative ECM

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The reality is that digital technology is constantly evolving and transforming the entire professional industry. The accounting profession is no exception and must, more than ever, assert its role as an advisor and service provider to companies. Although many companies have adopted ECM solutions to increase their productivity, “content management” isn’t enough. A full digital transformation is in order, but that requires accountants to completely rethink their daily work habits. So why should they move to a more comprehensive ECM solution? And what is the future of the accounting profession?  

What is a traditional ECM solution? 💡

The ECM solution or “Enterprise Content Management” is a system for storing, tracking, managing, and processing documents and other content. An ECM also allows for automating document-based processes and fully optimizing document management electronically.  

More and more businesses have become truly “paperless” by eliminating the need to print, store, and share traditional paper documents. As a result, most companies have turned to digital content solutions. A traditional ECM system is perfectly adequate for businesses with simple electronic document needs.  

The ability to manage and process documents electronically, provides many advantages, such as:  

  • Centralized data: all information is available to everyone in the organization in a single place, accessible from any device.
  • A secure space:  an ECM system provides a secure location which prevents data loss and minimizes risk.
  • Optimized costs: the traditional costs related to paper/file storage are dramatically reduced.
  • Increased productivity: less time is spent searching for files.
  • Traceable records.
  • Information is instantly available.
  • Reduced impact on the environment:  an ECM significantly reduces the use of resources such as paper.

How is digitalization transforming the accounting industry? 📲

As we all know, digitalization is everywhere. And the accounting community has not been spared.  

But, what exactly is digital transformation? Simply put, it is “the use of all available digital technologies to improve business performance and contribute to an overall increase in working standards”. 

For Philippe Gattet, Director of Studies at Xerfi: “All the ingredients are gathered for the accountancy profession to be swept by the current technology wave: data is our main fuel and it’s a profession in which processes are being standardised at great speed and where data exchanges with their clients or with social organisations are becoming more and more dematerialised. In brief, the value is gradually being captured by the technology providers.”

What are the challenges of digitalizing the accountancy profession?

  • New processes and workflows: improved efficiency and productivity in order to optimize working time and performance.
  • Changes to the internal organization: to facilitate daily tasks and avoid human errors.
  • Providing more value to the client: increasing the value to the client, such as advice, real-time analysis and faster response times. The business can then spend more time focusing on analysis, management, and client relations.
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All of these changes are driven by digitalization. Yet, even with the advancements that ECM systems have facilitated in the accountancy profession, there is more work to be done to stay competitive. Moving forward, the focus must be on improving the client experience. This is where the Digital Workplace comes in.  

What is the Digital Workplace? It’s a virtual workspace where you can find all of the firm’s internal digital tools, such as job applications, internal social media, and other important data. It enhances collaboration and communication and enables the company to succeed in its digital transformation.  

The Hubshare Digital Workplace can help with the digital transformation of your firm and contributes to a best-in-class digital client experience that promotes optimal efficiency

The Hubshare Digital Workplace consists of 4 solutions:  

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How will the accountancy profession evolve in the future? 🚀

For several years, the profession has been undergoing major transformations. The accounting firm of tomorrow will be different from the one we know today.  

Digitalization allows your firm to meet new client expectations, deal with the various risks that threaten the sector on a daily basis and stay competitive in an ever-evolving industry. Growing business based on word-of-mouth is no longer enough… a company’s “e-reputation” is even more important. This reputation is defined as the image conveyed and/ or experienced by a company, an individual, a brand, a product or a service on the Internet and other digital media.  

In the future, the accounting profession will need to adapt and evolve to cope with the digital developments that are coming.

 

With Hubshare, prepare your accounting firm for the digital and collaborative future today.