Is digital transforming accountancy?
The digital revolution is disrupting entire industries. Are you ready for the future? Ensuring success means harnessing technology says one entrepreneur - its all about connecting business and digital strategy, and embracing the disruption.
"I started my own practice, DNS Accountants, from my bedroom in 2005," says Sumit Agarwal, accountant, tech entrepreneur, and managing director of Nomisma Solution.
"It started oﬀ as something more traditional than it is now, but I always wanted to grow it into a small ﬁrm to be proud of. Within two years, I had an oﬃce and two staﬀ – a huge milestone for me. But my practice didn’t really take oﬀ until I started thinking about technology. Rather than using an existing software package to modernise my practice, I decided to create my own."
Sumit's practice grew when he created his own cloud software - now he sells the beneﬁts of tech to other accountants. Sumit said: "I wanted us to spend less time on bookkeeping and compliance, and more time on adding value and setting ourselves up to grow. The results were beyond my expectations.
"We started using our own cloud software in 2010. By 2013, our productivity had signiﬁcantly increased, client retention and referrals went up, and year-on-year proﬁts started soaring. My staﬀ were happier too, having ditched relatively tedious tasks in favour of more engaging advisory work."
At the end of that three-year period, DNS Accountants won Online Accountant of the Year at the British Accountancy Awards. "It was an extremely proud moment, and we couldn’t have done it without technology," said Sumit.
Technology can benefit accountants
Sumit believes that any business will experience conﬂicts when trying to manage all the tasks involved in running a proﬁtable company eﬃciently and with integrity.
This is where technology can play a powerful strategic role.
"If you ask most business owners what their number-one priority is, it will probably be providing the best possible service. In reality, it’s not always that simple. Company law, the market, the competition, compliance, shareholders– all of these things take time away from improving your service and growing your client base," Sumit explains.
"What technology provides is a cost-eﬀective way to essentially outsource these basic business functions, freeing you up to plan ahead, upskill your staﬀ and provide better advice to your clients."
Technology equals agility
How we respond to technology will make disruption meaningful and beneficial for the financial services sector. Sumit said: "It also speeds up these processes, allowing you and your practice to be more agile, and to react quickly if your client has a problem. This is incredibly valuable to clients. Suddenly, your services are a lot more valuable."
For Sumit, it’s important that the tech he uses delivers everything the business needs from a practice-management perspective. "You don’t want to be worrying about data security, for example, or experienced, qualiﬁed accountants to be wasting time on admin. Make a list of all the tasks you want to get oﬀ your plate, and source software and technology that take away the tedious jobs and give you the tools and information to build on your client services.
"Cloud software is allowing accounting practices to do more for their clients without costing them the earth. As hyperbolic as it sounds, it is genuinely revolutionary. Embracing technology in my practice changed my life. It could change yours, too."
Discover: how Nomisma can help you navigate the digital revolution. Contact Nomisma today.
About entrepreneur Sumit Agarwal
Sumit Agarwal is the Managing Director of Nomisma Solution and the Managing Partner of award winning DNS Accountants. He started the DNS practice from his home in 2005 and it has now grown to six offices across the UK and employing over 120 staff.
This blog is one of a series of articles from our commercial advertisers.
The views expressed are those of the commercial advertiser and not necessarily those of ICAS.