The Top 3 Challenges Facing Mid-Tier Accounting Firms and How Clever Tech Can Solve Them

The digital tech that has top tier accounting firms changing their ways in line with mid-tier firms to take advantage of major practice management efficiency. 

It’s hard to believe that Top 100 accounting firms have more to learn. You’d expect they’d have everything covered.

New practice management tech made for mid-tier firms though is making the top 100 accounting firms look up and pay attention. 

Here Pixie explains the latest moves from our practice management software launched in May 2023, that will see mid-tier firms rising the ladder of industry influence, taking on the big players.

Going beyond streamlining workflows, this new accounting software taps into the deepest challenges facing firms of 50+ staff and how they want these problems solved. 

1. Competition with Big 4: Fight off competition with AI tech that creates a personalised service.

The Big 4 fight tough. But mid-tier firms have got an ace in the hole with new AI technology.

To compete, AI firms need to be agile and quick to meet client needs. AI tech has now been introduced, called Pixie Co-Pilot, that puts mid-tier firms in the front seat for fast and efficient service.

When clients send requests, Co-Pilot jumps in, reads the email and creates a plan behind the scenes. It searches for relevant documents in Pixie or integrates with external systems accompanying your Pixie software, then suggests a draft response. 

2. Keeping good staff: Enable them with a more transparent workflow.

Finding and retaining top talent is an ongoing challenge for mid-tier accounting firms. Among other things, making the day-to-day more efficient does wonders for employee morale. 

Less frustration and mundane repetition can free up other time for more meaningful client interactions. Doesn’t that sound good?

Practice management software like Pixie plays a crucial role in managing various aspects of an accounting practice, including client relationships, project management, time tracking, billing, and resource allocation.

Related: Creating the Right Culture and Environment at Your Accounting Firm

3. Adapting to change: Meet regulatory requirements with template workflows.

It’s never been harder to keep up to speed with regulatory changes. From tougher tax laws, Anti-Money Laundering (AML), privacy, and accounting standards.

Accounting firms need to work smarter to meet these changes. There are a few things involved to achieve this, which include:

• All staff must work from the same instructions – With new rules are sometimes misinterpreted, staff need guidance. 
• Accuracy and efficiency matters – Clients depend on more accurate records and simpler auditing procedures.
• Privacy – Greater scrutiny on cyber security and protecting client data. 

Accounting software Pixie works to streamline practice management efficiency with features like templates used for performing duties. These include how to meet compliance requirements. This presents a relief for managers with the opportunity to standardise and scale. 

Practice management software like Pixie, also helps maintain client confidentiality and adhere to regulatory standards, with features such as access controls and policies to protect sensitive information.

Related: 5 Strategies for Helping Accounting Teams Stick to Best Practices

Join the Pixie Community.

With efficiencies to compete, keep staff and meet the changing regulatory environment, Pixie offers a well-rounded go-to.

Whether you're managing a team of 3 or 300, it's worth taking a closer look at Pixie.

When was the last time you took a moment to assess your business and confidently declare, "Yep, I've got this covered"?

Pixie is here to empower you, provide the tools and support you need to streamline your operations, enhance collaboration, and achieve greater peace of mind.

With Pixie by your side, you can focus on what truly matters – driving your business forward and embracing the good times that lie ahead.

So go ahead, explore Pixie, and experience the transformative difference it can make for your practice.