Why should CA and CPA firms adopt BPM softwares?

Accounting firms across the world handle a large amount of data – client confidential data using conventional means along with reams and reams of paper. Besides converting information into data, day in and day out they are also expected to follow stringent archival and retrieval guidelines that vary from country to country.

With clients and regulators across the world expecting better service around data management, control, and archival practices, leveraging technology for these firms is more than a necessity. From an accounting firms’ stand-point it certainly would help scale up towards better standards across the world.

Automated tools like the Business Process Management (BPM) software streamline the process way better than the conventional methods. Let us look at some of the key reasons why CA / CPA firms should adopt a Business Process Management Software.

1. Data and Cyber Security

Data and Cyber Security is the biggest concern across sectors especially in highly regulated sectors such as Financial Services. Simply put, wherever customer data is sought and used, it is prudent to adopt stringent data management practices. Conventional methods of business process management are not sufficient to cater to the needs of today’s security requirements. BPM software have built in stringent access control and strategic regulatory compliance providing world class, military-level security to your data.

Firms that have leveraged such Business process management tools would ensure zero percent security breach. They are also audited for their security processes and practices at the enterprise level periodically as required by regulators across the globe.

2. Cost-Effectiveness

This is a big one – While streamlining complex processes a BPM software lower transaction costs along with increasing employee productivity. Lower customer service costs along with increasing customer satisfaction is a natural consequence.

Digitization also provides for enhanced service possibilities across analytics helping the firm go up the value chain.

3. Operational Efficiency

BPM software help a firm build reliable, repeatable, and standardized processes. Every sector leverages technology to the hilt to scale up and improve on the services provided. Clients tend to expect much more from their service providers – Quick, reliable, and accurate responses to start with. Implementing a BPM software can help you manage macro-level processes and bridge the process execution gap. As a result, the response becomes quicker, accurate and reliable.

4. Customer Delight

Every customer wants Delight, every interaction, every time. Competition among CA / CPA firms is increasing and the ones that leverage technology are preferred.

With Customer acquisition costs going up leveraging technology not only helps you retain your existing customers but also helps you acquire new ones  Improving customer retention by about 5% can approximately improve profitability by 25%.

In Conclusion

In these uncertain times leveraging technology helps you acquire customers and retain existing ones. Standard practices help you provide a standard customer experience building reliability by reducing costs.

Business Process Management tools help you manage threat perceptions better with better data security, storage, and archival practices.

It is not a luxury but a necessity.