Accounting weekly

How accounting firms can streamline their tech adoption goals with proposal software  

By Ray Meiring, CEO and co-founder of QorusDocs 

The COVID-19 pandemic changed many aspects of everyday life, including how business professionals structure their workdays and tackle workloads. For accounting firms especially, adopting remote workdays and utilizing new technology to streamline operations have become standard practices in this new age of distributed workforces. 

In fact, almost 90% of accounting firms report that the cultural shift in this profession is leading to an increase in the need for updated technology to assist with traditionally lengthy tasks like business proposal development. However, despite this push for modern technology adoption, only 7% of small firms and 2% of large firms believe they are 100% maximizing the value of their technology. Due to this, many firm leaders are looking to expedite their digital transformation strategy to improve efficiency and meet operational needs. 

Technology such as proposal management software can be an essential tool for an accounting firm’s digital transformation, helping to decrease non-billable hours spent on proposals, encourage client-centered team collaboration, and access key data analytics to gain insight on what content most frequently secures new business opportunities. 

Automation capabilities 

It’s no secret that non-billable tasks take up a large amount of firms’ time and resources, and while necessary, these tasks don’t always lead to revenue-generating new business opportunities. In fact, recent research found that 45% of accounting firms intend to incorporate new solutions to automate repetitive, time-consuming tasks such as data entry and request for proposal (RFP) development. 

Technology such as proposal management software enables companies to efficiently create high-quality proposals with auto-fill capabilities, intuitive integrations, and up-to-date content libraries that produce personalized responses, leading to increased client engagement.  

Proposal software streamlines proposal development by leveraging artificial intelligence (AI) and automation tools that suggest the most engaging content, allowing firms to produce high-quality, personalized RFPs that attract new clients and edge out competitors.  

With its automation capabilities, proposal software can reduce the amount of time and resources dedicated to the proposal development process. In fact, recent research found that 70% of companies can process higher volumes of RFPs per year with proposal automation software, further increasing their chances of winning business from new and existing clients. 

Along with this, 91% of accounting firms state that modern technology allows them to focus more on their clients and simply be more productive. By implementing proposal software, firms can maximize their billable hours, dedicating more time to satisfying clients, attracting new business, and saving valuable time and resources.  

Streamlined client-centered team collaboration

For firms managing remote and hybrid workforces, cloud-based technology is imperative for business success due to its accessibility and collaboration capabilities. Implementing cloud-based technology such as proposal automation software into the proposal development process offers numerous benefits including supporting client-centered collaboration across team members. 

According to a recent study, 50% of accounting firms have incorporated cloud-based technology into everyday operations because it provides easier collaboration and reduces errors through standardizations of processes and tasks.  

With proposal management software, distributed employees can easily access important documents in one place. They can seamlessly collaborate across various applications and with numerous team members, no matter where they are. As a result, employees can co-author proposals, allowing them to keep the process moving without waiting for stakeholder feedback and avoiding operational bottlenecks. 

On average, 76% of teams working on proposals feel that proposal management software has helped them decrease the average amount of time spent completing an RFP by 53%. During this challenging time where employee support is limited and firms’ workforces are spread out, proposal creation software can significantly support the proposal process.  

The cloud-based software enables firms to efficiently manage a high volume of proposals, allowing them to craft high-quality, personalized proposals without exhausting resources or time. 

Data analysis and immediate insights  

Data analysis plays a critical role in accounting firms’ ability to keep up with service demand and remain competitive in the market. With modern technology, firms can seamlessly analyze data without the hassle and better understand what operational areas need more focus.  

For the proposal development process, it’s critical that accounting firms have insight into what content is and is not resonating with clients. To help pull back the curtain, proposal automation software features detailed tracking information that shows what proposal content is getting the most attention.  

The measurement tools highlight engagement statistics like clicks and shares, allowing firms to better understand what clients are paying the closest attention to. All of this enables accounting firms’ competitive edge, allowing them to have a firmer grasp of their client’s biggest areas of concern and how to address these problems.  

Proposal software seamlessly stores this information in one place so it’s readily available at any point during the proposal development process. As a result, these immediate insights enable firms to refine their proposal tactics, increasing their chances of attracting new clients, edging out competitors, and better understanding their clients’ needs and concerns. This is incredibly important considering 82% of firms feel clients are more demanding than ever regarding accounting services.  

Digital transformation starts now 

Digital transformation is essential for any company wanting to remain competitive in the market. Since the COVID-19 shifted so many priorities and needs for organizations over the past two years, it’s no surprise that 43% of business leaders plan to pursue digital transformation initiatives in 2022. 

For accounting firms, cloud-based technology like proposal management software can truly add both value and competitiveness to everyday operations. By streamlining the proposal management process and other non-billable activities, accounting firms can save valuable time and resources while fostering successful employee collaboration and gaining business-boosting data analytics, all of which will put them on the path to success in the present and future.  

Ray Meiring 

As CEO and co-founder of QorusDocs, Ray Meiring leads an award-winning team of passionate problem-solvers to create the absolute best customer experience possible. Under Ray’s leadership, QorusDocs has established partnerships with Highspot, Intapp, Microsoft, Salesforce, and many others and supported more than 140 customers in creating tens of thousands of proposals and counting. QorusDocs helps sales, marketing, and bid teams craft visually compelling, accurate, and secure proposals and RFP responses more efficiently.  With more than 20 years of industry experience, Ray is a frequent speaker, author, and webinar host on a wide variety of topics including leadership, market strategy, automation and the application of AI, business development, and proposal automation for professional sales and bid teams.