Real-time customer collaboration is a new software must

Collaborative software is growing in popularity for both accountants and clients. Groupware, as it’s also known, helps people work together on a common task to achieve their goals regardless of their physical location. It’s improving teamwork and productivity in an interconnected world when we now have so many ways to communicate. 

A poll I conducted on LinkedIn showed that 44% of people prefer using a collaborative portal within their cloud accounting and finance software to communicate with clients. I also asked how they prefer to communicate with clients and only 33% want in-person meetings. That means accountants are more open than ever before to different communication channels. Couple this with clients who want their accountants to be more technologically savvy, and you can see the tides are changing. 

At its core, collaborative software integrates various communication and organizational functions — such as messaging, file sharing and task management — into a single platform. This unification of tools helps streamline workflows and fosters more effective collaboration between employees, partners and clients. Some of the collaborative tools we’re seeing in software today include:

• Communication tools. These include messaging platforms and email systems that facilitate communication among team members.
• Coordination tools. These help with scheduling, task management and project management, ensuring the team is aligned and working toward the same goal.
• Collaboration tools. These include document sharing and editing platforms, whiteboards and other tools that enable a team to work together on a shared task. 

Real-time communications like chat and discussion boards make it easy for teams to stay connected. 

“When your financial software connects to your customers, they can use it to ask questions, send documents and provide feedback in real-time, greatly reducing the time required to address issues,” said George Mahowald, CAS accounting practice leader at Bill360. “This helps you build lasting trust and improve the customer experience.”

Bill360 is an AR automation platform with collaboration at its core. They are just one sample of the growing collaboration tools firms are using. Others include:

• Google Sheets can be used for real-time editing, comments, version history and more.
• Slack is a work management and productivity tool that aims to be the central platform through which teams communicate. It also helps bring every piece of a project together from start to finish. 
• Client portals like ShareFile bring automation, e-signing and document sharing together with dedicated spaces for collaboration.
• Many accounting software solutions like QuickBooks Online, Xero and Zoho Books, to name a few, contain collaboration features. It’s so integral to FreshBooks that they trademarked the phrase “collaborative accounting.”
• Practice management tools like Keeper bring communications, file reviews, tasks and reporting all in one place.

With collaboration software, clients become active participants in the workflow. Truly, accountants and their clients can work as a team, enhancing productivity for everyone. 

Why you want to use collaborative software

Accountants are relying more on collaborative software so teams work together efficiently and effectively. When everyone has 24/7 access to the same data, team performance and business success will be improved. Here are some key benefits firms see when using collaborative software:

1. Enhanced communication. Real-time communication makes it easier for team members to exchange ideas, ask questions and provide updates. It eliminates long email chains and is a central hub for conversation both internally and externally. “It’s what really lets you meet your customers right where and when they need you most,” said Mahowald.
2. Improved efficiency. Teams can save time by having all the necessary tools and information in one place. By allowing multiple team members to access and edit the same document simultaneously, collaborative software eliminates the need for back-and-forth email exchanges. This increases efficiency and improves version control, ensuring everyone has access to the most up-to-date information.
3. Remote work capabilities. Collaborative software is critical to maintaining team cohesion and productivity. Employees can work from any location, with access to the same files and resources, ensuring seamless collaboration across different time zones or regions. It allows remote teams to collaborate as if they were in the same room.
4. Streamlined project management. Collaborative software often includes project management capabilities, allowing team leaders to assign tasks, set deadlines and track progress. This helps ensure that everyone is on the same page, reducing the risk of miscommunication and missed deadlines.
5. Stronger team relationships. Collaboration helps build relationships and trust among team members, contributing to a supportive work atmosphere where everyone feels valued and motivated to contribute their best.
6. Knowledge sharing and innovation. Collaborative software provides a centralized space for team members to exchange ideas, offer feedback and collaborate on solutions. This enhances knowledge sharing within the organization, encourages innovation and ensures that the best ideas rise to the top.

Collaborative teams can make more informed decisions by pooling their collective knowledge and focusing on customer needs. 

Collaborative software leads to a better CX

Collaborative software significantly enhances the client experience by improving communication, increasing transparency and fostering a more streamlined working relationship between clients and businesses. 

Improved communication is something clients will experience right away. Clients can interact with your firm quickly and efficiently. But they will also get visibility into ongoing projects. They can track their work’s progress, see updates in real-time and provide feedback directly through the platform. This transparency builds trust and strengthens client relationships.

“When you can actively respond and act on customer feedback, you are building trust and improving the customer experience,” Mahowald said.

In addition, clients appreciate: 
1. Faster delivery times. Decision-making is sped up and bottlenecks are reduced. Clients can approve work, provide feedback or request changes instantly. Miscommunication can be quickly cleared up and multiple team members can work on the same project at the same time. 
2. Tailored advisory solutions. By allowing clients to be part of the collaboration process, you can better understand their needs and deliver solutions tailored to their preferences. You know you need to provide more advisory services and this collaboration makes it easier to identify them. Whether it’s adjusting a project in real-time or gathering feedback during different stages, clients have more control over the outcome.
3. Enhanced problem solving. When issues arise, both teams and clients can address them quickly by working together on the same platform. Immediate access to all relevant project data allows for swift resolution of concerns and improved service delivery. “With an audit trail, you can remember and prove what was agreed on,” Mahowald said, “In the rare case it’s needed, you can use it for dispute resolution, too.”

Collaborative software aims to simplify

As with all software, anything with a collaborative component must align with the specific needs of your firm and your team dynamics. It should enhance productivity without adding complexity.

Collaborative software is essential for new firms looking to boost productivity, streamline communication and enhance both internal operations and client relationships. Its versatility and adaptability make it a powerful tool for improving project outcomes, fostering innovation and driving long-term success for you and your clients alike.