The Digital Revolution
don't fall Behind.
At Waite Financial, we focus on digital technology to offer the most efficient and secure service for our clients. We see embracing the digital revolution as a key competitive advantage for our firm
Accounting and tax compliance was not the same 10 years ago…
… from accounting systems and filing technology, to HRMC services and digital compliance standards, the accounting landscape is very different today – just as we saw the industrial revolution many years ago, we find ourselves today, in the middle of the digital revolution.
Why is this important?
Despite the evolution of digital technologies, many high-street accounting firms still operate in their old ways – with manual transmission and storage of files, hard-copy review of documents and huge spools of paper printing to produce their deliverables.
Whilst many high-street firms may find it hard to break their traditional ways of working, as a modern firm – Waite Financial embraces digital technology and we identify several key advantages by doing so:
Cost reduction
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Physically storing client documents costs a lot of money – you need much more office space (at ever increasing high-street rent and rates) or secure out-sourced storage solutions - and the manual process of archiving and meeting legal retention requirements is a huge drain on human resource. By storing all documentation electronically (and using encrypted back-up), data storage becomes much cheaper.
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Transmitting hardcopy documents (i.e. by courier or post) is much more expensive than electronic transmission (via encrypted email or portal, which is free!). By avoiding paper-transmission wherever possible, we keep unnecessary communication costs to a minimum.
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Using ‘dated’ accounts preparation technology or bookkeeping software invariably increases the time it takes to complete the work. Since most accountants will charge fees by the hour, using out-of-date systems, will result in higher operating costs – which usually means higher fees for you. At Waite Financial, we utilise the latest bookkeeping, accounts preparation, payroll, company secretarial and tax software’s. This allows for seamless integration with all aspects of the workflow we complete for you – be it corporation tax, management accounting, or personal taxation.
By reducing our costs as much as possible by embracing modern technology, we are able to offer an end-to-end accounting solution at competitive prices.
Security & organisation
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The organisation of paper files is a challenge, as the process is always limited by the filing system you have in place. Any changes or amendments to documents will require additional filing, space and human resource.
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Keeping physical documents requires physical security measures. Back-ups (or copies) are required, and there is also risk of damage and destruction e.g. in the event of a fire. By digitally storing information and backing-up 'in the cloud', we mitigate the risks of loss or theft of information.
Communication
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Physical transmission of documents takes much longer than electronic transmission. It is also possible to monitor exactly when documents have been sent and received when communicating digitally - the only way to ensure this when physically posting documents, is to pay for tracked/recorded services (which aren't 100% reliable).
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Physically sending confidential documents is actually less secure than sending digital methods, in today's world - we operate a GDPR-compliant (encrypted) client portal which ensures the safe transmission of information. Sending paper documents will always result in reliance on third-parties to safely delivery your confidential information and there is always the risk of losing important documents when manually posting vs. transmission via encrypted email or secure portal.
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Digital communication keeps everything in one place. Data is transmitted as part of the same conversation/thread, allowing an easy and visible audit trial.
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