The Future Accountant is Now
How Technology Makes Financial Advice Easier For Accountants
Technology says a lot about a business. Imagine how you would feel walking into a business meeting and seeing an old fashioned computer monitor and a rotary phone on the employee’s desk. Learn to embrace technology for what it can be, which is adding value to your business. It can set you a part from everyone else.
At FFP Wealth Management, our team of experienced financial advisors take pride in assisting CPAs in their quest to break free from the status quo. With over three decades of practice in the financial industry and numerous success stories, John and Joseph Graziano realize the importance of evolving your accounting firm to efficiently add greater value to the service you offer your clients. In return, the payoff comes from incorporating updated services into your practice not only makes financial advice easier for the clients but for the accountants as well. How does technology make offering financial advice easier for accountants?
Change is the nature of business. As clients grow and develop new consumer habits, it is important for a company to explore newer business tactics in order to retain their customers. In their book, “Planning the Transition: How Accountants Can Thrive as Financial Advisors,” John and Joseph Graziano state that, “It is imperative that accountants remember that change is inevitable. Conversely, deciding to remain with older equipment can leave accounting practices with comparatively lower capability and capacity levels than competing firms utilizing the latest technology.” If there ever was a period when accounting was about simple bookkeeping, those days are over. But what does the innovation of technology mean for the future accountant?
When the COVID-19 pandemic forced most brick-and-mortar accounting practices to find new ways to function in order to keep the public safe, our firm turned to technology for continuity.
By implementing video conferencing software such as Zoom into FFP’s business model, our team of advisors and accountants were able to virtually assist our clients until we were able to gather safely in-person. The switch to video conferencing also allows the FFP Wealth Management team to work soundly together until we are able to gather together in our conference room for our weekly meetings.
Being a trusted accountant that also offers financial advice is all about making the right informed decisions for your clients. Having the appropriate technological tools can help your accounting practice accurately track client data to guide decision-making, while also helping your business ensure it is operating in accordance with industry standards and regulations.
For instance, at FFP Wealth Management, we leverage the CRM software Redtail which allows our firm to utilize their comprehensive resources to expedite decision-making and boost reporting accuracy for our clients. Redtail CRM assists our team daily by maintaining client relationships through data. An example of how Redtail CRM effectively maintains our firm’s client relationships is by retaining an organized file of each of our clients so that our advisors can provide the personalized financial advice that they are familiar with. In one of these profiles, you can find everything you need, from asset information and documents you have scanned, to something as simple as their likes and interests. The more information you retain and take note of while speaking with your clients, the better. When a client’s birthday comes up, you will know exactly what type of gift to WOW them with based on the notes you have left in their Redtail profile.
In addition to assisting FFP Wealth Management with our clients, Redtail Workflows also make the work environment of our team run more efficiently. Created to keep each team member on task, Workflows are an automated process that can be designed within Redtail to match the processes you already use in your practice. Through Redtail, a department manager can designate different team members to complete different tasks within a specific workflow to more efficiently complete a project. In result, each team member in our practice is able to work more productively due to the clear chain of communication.
A new feature we have recently integrated with Redtail that makes offering financial advice easier for our firm is Calendly. Calendly is an auto-scheduling software that assists our advisors at FFP Wealth Management with arranging appointments with our clients. You will no longer have to go back and forth with a client asking, “what time works best for you?”. Through this integration with Redtail, Calendly allows our clients to view an advisor’s regularly updated schedule just by clicking on a provided link. The client can then choose an appointment time that is best suited for them without contacting an advisor.
Calendly’s automated scheduling software then sends our advisors a notification through Retail that informs them of the clients’ chosen availability. In addition, instead of having a supervisor assigned to keep track of confirmation calls, there is an option to send the invitees an automated text and/or email to remind them of their appointment for our advisors. Calendly harnesses all the flexibility to make scheduling work for our team at FFP simple and efficient.
At FFP Wealth Management, our team of advisors and accountants are always thinking of our clients’ present and future plans. By taking the time to understand the financial goals of our trusting clients, we are able to develop personalized financial strategies designed to help them achieve their financial needs and interests. Technology has provided a great number of benefits within our practice.
As new innovations continue to shape the accounting industry, it is certain that the entire FFP Wealth Management team will be open to adapt to the ever- changing technological environment. By implementing technology such as video conferencing tools, CRM software, and auto-scheduling services into our firm’s business model, not only does FFP make it easier for our team of accountants to offer financial advice but we continue to add value to the lives of our clients.
