accounting it

5 ways Microsoft 365 will improve your accounting firm

When it comes to keeping track of your firm’s finances, you’ve got your work cut out for you. It’s a challenging field; it seems like you’re always trying to find different ways to streamline your daily processes. Fortunately, that’s where Microsoft 365 comes into play. 

With cloud-based software like Microsoft 365, you can leverage the cloud to improve your accounting practice without having to change your workflow or software.

The benefits of using Microsoft 365 for accountants

Microsoft 365 has a lot to offer accountants. It allows you to be more efficient, improve communications between partners and clients, and bolster your overall business process. 

The biggest benefit of using Microsoft 365 for your accounting practice is that it allows your team to collaborate and communicate more effectively. You can talk with your clients, prospects, and other partners at any time and from anywhere, using the tools and apps that Microsoft offers. 

Plus, all your sensitive information is secure with Microsoft 365’s robust security features – a serious consideration in this digital age, particularly as Australian accounting firms are one of the most targeted businesses for cyber threats.

Improved communications from any location

Microsoft 365 promotes communication and collaboration between partners and clients in real-time. Apps like the Microsoft Teams collaboration platform can help your accounting firm communicate more effectively with different groups via text, voice, or video chats. 

It also uses screen sharing so you can hold business meetings from any location without being impeded by a lack of visual information.

Enhanced productivity and efficiency

One of the biggest challenges faced by accountants is their traditional work workflow. The software, processes, and processes in accounting firms can be difficult to change. That’s why adopting new technology that integrates with your current system is so important. That’s why you should use Microsoft 365 to improve your productivity and efficiency.

Some of the key features of business process management include project management, document management, and task management. 

Microsoft 365 integrates with your accounting software like Dynamics 365. That way, you can manage a client’s accounts from one central location, see everything from a single dashboard, and save time by not having to jump between different applications to find relevant information. It also allows you to be more efficient by doing one task at a time.

Using Microsoft’s business process management features, organisations can create customised workflows that automate routine tasks.

Power BI for greater business insights

One of the biggest challenges faced by accountants is managing information. You have to find a way to track everything and keep up with new technology. Microsoft 365 offers a secure, powerful tool to improve your business insights: Power BI. 

Power BI is a visualisation tool that offers your accounting firm more business insights than ever before. You can use Power BI to visualise information like client data, sales data, and expenses.

intelligence and reporting tools can be valuable tools for accounting firms. With business insights and reporting, accounting firms can create detailed reports to help them track their firm’s finances, identify internal processes that could be improved, and manage their staff. 

Power BI enables accounting firms to create detailed reports to help them track their firm’s finances, identify internal processes that could be improved, and manage their staff.

Dynamics 365 for streamlined workflows

Dynamics 365 is a cloud-based accounting and business management solution that lets you track everything from your firm’s finances to internal processes. It includes CRM, customer service, sales, finance and marketing modules to help businesses manage their operations.

Dynamics allows you to track your time and expense information in real time, monitor your cash flow, and create reports to analyse your business performance. Because of the native integration with Microsoft 365, you can take advantage of artificial intelligence and machine learning to better analyse your business data and make your accounting process more efficient.

For example, if you use the cloud-based accounting software, you can automatically import transaction data from your accounting software.

Strong security for sensitive data

Security is a top priority for accounting firms. They handle a lot of private data – customer financial records and contact details, for instance. Accounting firms are a major target for cyber criminals, and their data is often not encrypted. This makes them a prime target to have their data stolen.

Therefore, cyber security is something that should be taken very seriously. Microsoft 365 was developed with strong security features at its core, designed to protect your data.

Microsoft 365 security features:

  • Advanced Threat Protection
  • Data loss prevention
  • Advanced Threat Analytics
  • Information protection
  • Multi-factor authentication
  • Threat and Vulnerability Management
  • Endpoint protection and response
  • Firewall protection
  • Microsoft Defender for Business
  • File and email encryption
  • Identity and access management

Some Microsoft 365 security features are built-in and automated, while others need to be manually enabled or handled via a Microsoft portal. 

Streamline your workflows with Microsoft 365

Microsoft 365 will help your firm improve communication and collaboration, become more productive and efficient, and have better business insights. And it can do all of that by improving your workflow and integrating with your current system.

The Microsoft 365 specialists at Steadfast Solutions will help you implement the productivity suite into your accounting firm, and guide you and your team on its best uses.