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The Impacts of Technology on Corporate Compliance Industry

By February 8, 2022Homepage, Industry, Technology

The corporate compliance industry is changing!

Gone are the days of a visit once a year to the accountant to get your return lodged. These days, we see accountants and corporate services providers having trusted relationships with their clients, assisting them to navigate the ever-changing legislation, ACRA requirements, structuring options, and ultimately growing their business. 

How does technology play a role in this you may ask? Well, the need to be adding value to clients in order to build long-lasting relationships with them, means finding more efficient ways to be completing those tasks that are no longer held with such high regard (certainly not from a value-adding perspective anyway) in order to be spending time on the stuff that gets a client to stick with you.

Firms are finding that whilst there is still a level of importance placed on having their clients’ financial accounts and returns prepared in a timely manner, it’s not as likely to result in a long-sticking relationship. What clients are moving towards now is the insight into the business/group’s position and being able to highlight ways that could potentially lead to higher revenue, greater turnover, or more positive results for them. 

How do you achieve this? Well, firstly by looking at the people you have working for you! As a business, you need people that want to be working with clients, and genuinely want to make a difference in how their business is performing. Secondly, the power of software. Is your software working for you? Is it helping to free you up by using automation, and increasing efficiencies in preparing these less value-adding mundane tasks? The importance of having software in place is vital to free up your time! 

Why it’s important to have powerful and effective software throughout your practice? Because it allows you to seamlessly integrate where you want to, linking your practice management software into your document storage solution, offering the ability to digitally sign documents (fun fact: clients love being able to sign their financials from their sun lounge! – it adds to their experience, with you!). Other key features to look out for are lodgement integration, firm document customisation and branding, the onboarding process, and ongoing support offered. 

While the software is indeed an investment to make, the cheapest option on paper isn’t necessarily the best. ​​So, when it comes to choosing the right effective software, some important factors should be considered such as the services and features offered, the onboarding process, the level of support provided to you and your team through their software onboarding and adoption journey. In addition, be sure to look into or ask how often software updates are being released because you want a provider that is constantly updating, indicating ongoing investment in their product. 

In summary, this is the biggest thing to remember when it comes to choosing your company compliance software: is your software working for you? Or are you having to work for it? You want to make sure that the software you spend a majority of your working week using is not only delivering the outcomes you want and need but also freeing you up to be building those meaningful relationships with your clients, keeping them around.

BGLCorp

Author BGLCorp

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