CPA_Practice_Advisor_November_2020 - 27

BRIDGING THE GAP

Digital Transformation Beats
Paperless Processes
FOR YEARS, THE trend in firms has been to be " paperless. " In most cases, paperless doesn't
ARIANNA CAMPBELL

Director, Boomer Consulting, Inc.
arianna.campbell@cpapracticeadvisor.com

mean paper-free. It simply means less paper. Clients still deliver piles of documents, and
desks are still buried in stacks of paperwork, but firms have realized significant benefits
from scanning workpapers: they got rid of their storage rooms full of physical files and
overflowing file cabinets. Now it's time to take paperless a step further and go truly digital.
WHY DIGITAL?
When firms were forced to
work remotely in March of
this year, the pandemic
exposed the places
where " paperless "
processes were just
" less paper. " Many
firms were still
sending employees into the office
to open mail,
scan documents,
send invoices and
deposit checks.
Some firms even
had their lobbies
set up with chutes,
allowing clients to
come in from one
direction and leave via
another to drop off and
pick up documents during
the busy season.
Clearly, paperless doesn't mean
seamless - especially amid a pandemic. And firms are missing out on
the advantages of completely digital
processes, including:
■ Data t hat is easier to search,
retrieve and assemble
■ Processes that are more straightforward to implement
■ More cost-effective processes
■ Increased productivity
■ Better security
■ Improved client experience
■ More effective remote work

IMPLEMENTING DIGITAL
PROCESSES
Implementing truly digital processes will look different for every
firm, and it won't happen overnight.
However, it begins by thinking about
ways to digitize your " paper-less "
processes - especially on the front
and back end. For example, if your
clients are printing out bank and
brokerage statements, only to have
them scanned in at your firm, look
for ways to access those digitally in
the first place.
Digital processes don't just apply
to compliance services. Your firm
can benefit from digitizing billing,
collecting payments, and other
administrative and operational
functions as well.

GETTING CLIENTS
ONBOARD
For your firm to be truly digital,
your clients need to become digital
as well. This is where many firms
give up. Even those that embrace
digital processes internally sometimes claim their clients can't or
won't send and receive documents
electronically. However, the pandemic has shown us that they can.
Many clients that previously
resisted technology have been
willing and able to try electronic
options this year. For those clients
who are still resistant, it's time
to ask whether they are the right

NOVEMBER 2020 ■

clients for your firm. Clients who are
truly unwilling to adopt technology
or electronically sign documents
are putting your firm in jeopardy.
As long as your firm depends on
inefficient, paper-based processes,
you won't be able to truly adopt the
technology that will carry your firm
into the future. Clients that put your
firm at risk may not be the right
clients for the firm.

GIVE DIGITAL A (SECOND)
CHANCE
Another argument we sometimes
hear against implementing digital
processes is that the firm tried them
in the past, and it didn't work out.
Yet a lot has changed in technology
in the past few years. You can't base
your feelings about tech on experiences you had three years ago. At
that time, the tech may not have
been fully developed or you may
not have had proper training and
execution. Now is a great time to
try again.
There is no one perfect solution
to digital processes, but don't let
perfection get in the way of progress. Start looking for ways your
firm can transform for the future
while improving the present. What
technology do you need? How do
your processes need to change?
Ultimately, making progress in this
area will allow your firm to grow. ■

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