What makes your firm unique? Perhaps it’s your approach to client management, quicker turnaround time than average, or maybe even your affordable pricing options. However, while many firms are able to define at least a few key qualities that make them unique, what about on an industry-wide level? Is it possible for a small to medium-size firm to provide the same value that a larger firm can? In the past, the chances were slim to none that a smaller firm could achieve the same level of success, at least without a significant amount of capital at their disposal. However, thanks to technology, we’ve seen some incredible changes take place.
Tackling this topic head on, Accounting Today’s featured speaker, Mark Ryburn, Product Line Manager at Wolters Kluwer, discusses how small firms are leveraging technology to achieve large firm productivity in a live webinar, hosted on May 19, 2015. Sponsored by Wolters Kluwer and hosted by Accounting Today, this webinar includes vital information for firms looking to leverage technology-based solutions to improve efficiency and productivity within their operations.
Current Small to Medium-Sized Firm Challenges
While all firms regardless of size face challenges, smaller firms can be at a disadvantage to larger firms. Lacking the resources, staff, and tools that larger firms are often equipped with, small firms are challenged when it comes to achieving large-scale productivity and efficiency. In fact, these are some of the most common issues that small to medium-sized firms face.
Minimal Brand Equity
In comparison with larger firms, the vast majority of small to medium-sized firms are not well equipped to effectively build brand equity. Large firms are often able to leverage this equity to increase profitability. However, this is seldom the case for smaller firms who typically lack the resources to do so.
Reduced Service Offerings
A smaller firm has fewer employees on hand—while this may seem like an obvious statement, it can have several implications. First, a smaller staff often results in a less specialized staff, reducing firm value. Secondly, a smaller staff can also mean more data entry and documentation management for employees.
High Employee Workload
While this is not always the case, it seems to be a common occurrence for small to medium-sized firms. Come tax time, the employee workload nearly doubles. While every firm is busy during tax season, it can be an especially hectic time for firms without access to large-scale resources.
How Cloud Computing Levels the Playing Field
So, are small to medium-sized firms simply doomed from the get-go? Actually, quite the contrary: while smaller firms may not be able to have access to large-firm physical resources, that doesn’t mean they are unable to leverage the same technological resources.
Thanks to the advancement of Cloud computing, smaller firms can easily achieve large firm productivity. Equipped with disaster recovery, Cloud storage and backup, and instant accessibility, Cloud computing is revolutionizing the industry. Whether a 10-person firm or a 10,000-person firm, Cloud technology can be effective.
Enhanced Client Communication
Client communication has proven to be a challenge for firms since it seems since the dawn of time. However, the Cloud makes client communication a breeze. No need to rely on a multitude of resources—unanimous access is all controlled through the Cloud.
Instant Mobile Accessibility
Cloud computing provides instant accessibility. For example, let’s say a firm needs to track down documents relating to audit trails. Rather than trying to locate this information from a file cabinet in the office, it can be instantly accessed on the go, securely from any mobile device. With custom security and control settings available through eFileCabinet, firms can have access to their information anytime, anywhere.
Provides Competitive Advantage
What has given so many larger firms in the past a competitive advantage is their vast access to resources. However, this does not have to be the case anymore. Today, smaller firms can adopt value-enhancing technology just as easily as a larger firm can. By implementing integrative cloud-based solutions into their operations, small and medium-sized firms can develop a competitive advantage.
Cloud-based computing is one of the most valuable tools for firms to leverage. Not only does Cloud computing reduce paper consumption and filing, it also frees employee time, allowing for focus on more important tasks such as client relationships and creative problem-solving. With numerous Cloud-based solutions available, eFileCabinet has the right system to fit your firm’s needs. Offering an Advanced Document Management Workflow Module, eFileCabinet has the software solutions to help your firm succeed.
Don’t delay—put eFileCabinet to work for your firm today. Sign up now for a 15-minute demo.