Improving efficiency, driving automation, and streamlining internal processes are essential for tax and accounting firms looking to better meet increased client demands and, ultimately, generate greater profitability.
For today’s firms, this is made possible through the rise of application programming interfaces, more commonly known as APIs. API use has surged in recent years and is changing the way tax and accounting professionals work and serve their clients.
Three Benefits of APIs
There are significant benefits to be gained when firms have the flexibility to connect the dots across systems via APIs. The reality is that when data is siloed in separate applications and disconnected systems, or if you’re dependent on manual processes to enter and aggregate it, your firm is likely missing out on opportunities to leverage it between various tools and users. Let’s take a closer look.
1. Drive greater efficiencies
One of the most notable benefits of using APIs is that they can save your firm time and resources, and many tasks can be streamlined or eliminated. This ultimately means greater profitability for your firm, as well as greater accuracy and mitigated risk. Using APIs, firms can enjoy improved data accessibility, process automation opportunities, and the ability to establish fully seamless, end-to-end workflows. For example, APIs integrate with existing business systems to reduce manual data manipulation and allow staff to access the same data across multiple solutions which means only importing data once, saving your staff input time.
2. Bolster your firm’s advisory opportunities
Building a tech stack that efficiently connects the dots across systems via APIs can support a firm’s advisory practice. With an integrated platform, where information from multiple sources is digitally connected, firms save time and resources. It also provides for more accurate, real-time business reporting. Firms can then focus more energy on delivering clients higher-value, higher-margin advisory services that will increase client satisfaction and ultimately boost profitability.
3. Differentiate through specialization
A growing number of firms are embracing industry specialization. Targeting a specific niche or vertical enables firms to differentiate from the competition. Leveraging APIs can help firms more efficiently meet the unique needs of those clients.
Using APIs can improve operational efficiencies, mitigate risk, and, by leveraging data, help firms unlock new growth opportunities, including new products and services. This ultimately means greater profitability for firms and a win-win scenario for firm leaders.
Go deeper with our white paper: How APIs Can Help Transform Your Practice