Why Collaboration Tools are Essential for the Modern Mid-sized Accounting Firm

by | Oct 20, 2023

Why Collaboration Tools are Essential for the Modern Mid-sized Accounting Firm


In the ever-evolving world of accounting, traditional methods are getting less airtime than an outdated sitcom, and cutting-edge Collaboration Tools are stealing the show.

Gone are the days when accountants were buried under piles of paper taller than their desk lamps. Today, they’re more likely buried in browser tabs. But thanks to the digital transformation, today’s accounting pros are working hard to maximize tech to minimize headaches.

So forget the idea that collaboration tools are just a ‘nice-to-have’ in the accounting world. These tools are now the backbone of efficient workflow and client relations. Let’s delve into how they’re changing the game for accountants everywhere.

The Rise of Collaboration Tools: A New Era for Accounting

So, what exactly are these collaboration tools, and why are they so essential in modern accounting practices? Let’s break it down.

Collaboration tools are software applications designed to facilitate real-time communication and cooperation among team members. They can range from project management systems, file sharing platforms, communication apps, to video conferencing software. These tools significantly enhance the way accountants work, fostering a collaborative environment where information is freely shared, tasks are effectively managed, and productivity is maximized.

In essence, collaboration tools are transforming the face of accounting, shifting it from a traditionally isolated and individualistic sector to a highly collaborative and interconnected one. This shift is not just beneficial but also essential in today’s fast-paced, digital-driven business landscape.

Benefits of Collaboration Tools in Accounting

Why Collaboration Tools Are Essential: The Key Benefits

Now that we understand what collaboration tools are and their role in modern accounting, let’s delve into why they are so essential. Here are some key benefits:

Enhanced Communication

Effective communication is the bedrock of any successful accounting firm. Collaboration tools provide platforms for real-time communication, ensuring that all team members are on the same page. Tools like Slack, Microsoft Teams, and Google Hangouts offer instant messaging, video conferencing, and file sharing functionalities, facilitating seamless and efficient communication.

Real-Time Data Sharing

In the world of accounting, data is king. Collaboration tools enable real-time data sharing, ensuring that all team members have access to the most up-to-date and accurate information. This not only improves decision-making but also enhances client service, as clients can be provided with real-time financial data and insights.

Improved Efficiency and Productivity

Collaboration tools automate various manual and repetitive tasks, freeing up accountants to focus on more strategic and high-value tasks. This not only boosts efficiency but also enhances productivity, as accountants can work smarter and achieve more in less time.

Secure File Storage and Sharing

Security is paramount in the accounting industry. Collaboration tools offer secure platforms for storing and sharing sensitive financial data. With robust security measures like encryption and two-factor authentication, these tools ensure that client data is safe and secure from cyber threats.


Top tools to add to your tech toolbox

Top Collaboration Tools for Modern Accounting Firms

Now that we’ve established the importance of collaboration tools in modern accounting practices, let’s explore some of the top tools that leading accounting firms are using.


Jetpack Workflow

Jetpack Workflow is a cloud-based practice management solution specifically designed for accounting and professional services firms. It focuses on automating and streamlining recurring work processes, helping teams manage client work, deadlines, and tasks with ease. The platform allows users to create customized workflows for different types of jobs and offers features like automated reminders, real-time tracking, and detailed reporting. Its intuitive dashboard gives an overview of all ongoing and upcoming tasks, ensuring that nothing falls through the cracks. Overall, Jetpack Workflow aims to improve operational efficiency and accountability within accounting firms by providing a centralized system for task management and collaboration.


Keeper.app is a collaboration dashboard for tracking bookkeeping tasks and delegating Close workflows. It has a client portal for secure communication and document storage. It integrates fully with QBO.


SmartVault is a secure, cloud-based document management and file sharing platform tailored specifically for the needs of accounting and finance professionals. It offers features like client portals, custom branded templates, and advanced file search capabilities to streamline document workflow. One of the standout features is its robust security measures, which include encryption and secure links for file sharing, making it a trusted choice for transmitting sensitive financial data. It also integrates seamlessly with popular accounting software like QuickBooks, allowing for a more cohesive and efficient work process. With SmartVault, accountants can not only securely store their files but also collaborate on them in real-time with team members and clients.


Firm360 offers an all-in-one practice management solution specifically designed for accounting firms. The platform provides an array of features such as time tracking, project management, and workflow automation, all tailored to meet the unique needs of accountants. One of its standout features is its business intelligence capabilities, which offer robust analytics and reporting tools to help firms make data-driven decisions. Its cloud-based nature allows for real-time collaboration among team members, making it easier to manage projects and client engagements efficiently. With Firm360, accounting firms can consolidate multiple tools into a single, integrated platform, streamlining operations and improving productivity.

Aero Workflow

Aero Workflow is a software service that helps accounting and bookkeeping firms organize and standardize their processes. It provides detailed procedure guides for accounting and bookkeeping tasks, which are included with every Aero account. Aero Workflow allows firms to easily scale their operations by having ready-to-go processes, making adding new clients a breeze. It also enables firms to schedule one-time or recurring tasks, track the status of all open work, and view staff performance in real-time. Aero Workflow integrates with other apps like QuickBooks Online, QuickBooks Time, Office 365, and Zapier, and provides over 20 customizable reports to provide deep insight into a firm’s profitability, productivity, and efficiency. Additionally, Aero Workflow offers checklists for client onboarding and provides valuable process advice to clients without having to be there in person.


Canopy is Canopy is a cloud-based practice management software designed for accounting and tax firms. It offers a range of features to help firms manage their workflow, including document management, time tracking, billing, and client communication. Canopy provides smart recommendations and templates to help firms resolve post-filing cases such as Penalty Abatement, Trust Fund Recovery, and Innocent Spouse more efficiently. The software is modular, allowing firms to choose the features that best fit their needs. Canopy offers a world-class support experience, including a support team, knowledge base articles, in-app guides, and entertaining video tutorials.

Practice Ignition

Practice Ignition is designed to automate the client engagement process for accounting firms, streamlining onboarding and proposal management. It allows professionals to create customized, digital proposals that can be sent to clients for electronic approval. Once accepted, the platform automatically generates recurring invoices and schedules work, reducing administrative overhead. Practice Ignition also integrates seamlessly with popular accounting software like Xero and QuickBooks Online, making it easier to align invoicing and workflow processes. By automating these aspects of client management, it enables accountants to focus more on value-added services and less on administrative tasks.


Karbon is a work management platform tailored specifically for accounting firms and professional services. It centralizes email conversations, client work, internal processes, and external workflows all in one place, making it easier for team members to collaborate and manage their tasks efficiently. One of the standout features is its “To-Do” lists, which automatically aggregate tasks from various client projects, emails, and team conversations. This allows accountants to prioritize their work in a more streamlined manner. Additionally, Karbon offers robust client task features and job roles, so you can assign specific tasks to appropriate team members or even clients, ensuring everyone is on the same page. Its seamless integration with popular email platforms and accounting software makes it a versatile tool for firms looking to improve productivity and client service.


Liscio is a software-as-a-service solution that helps accounting firms and their clients communicate and collaborate more efficiently. It provides a mobile-enabled platform that allows clients to easily complete tasks and respond to requests from their accounting firm. Liscio includes a to-do list feature, automatic text reminders, a built-in mobile scanner, integrated payments, and biometric login to make it easy for clients to complete tasks in one place. The platform is modular and customizable, allowing firms to choose the features that best fit their needs.


ShareFile, owned by Citrix, is a secure file sharing and collaboration platform specifically designed for businesses that handle sensitive or confidential information. It offers robust security features such as SSL/TLS encryption, multi-factor authentication, and customizable access permissions. ShareFile allows accounting firms to securely exchange files with clients, including tax forms, financial statements, and audit reports. The platform also integrates well with other tools commonly used in the accounting industry, such as Microsoft Outlook and various Document Management Systems (DMS), making it a versatile solution for enhancing collaboration while ensuring data security.


TeamingWay is a cloud-based collaboration platform specifically designed for accounting firms. It offers a host of features including project management, time tracking, and invoicing, helping accountants manage their work efficiently and effectively.


Smartsheet is a versatile project management and collaboration tool that allows teams to plan, capture, manage, automate, and report on work at scale. Designed with a spreadsheet-like interface, Smartsheet offers more than just project tracking; it comes with advanced features like automated workflows, Gantt charts, Kanban boards, and real-time dashboards. It’s particularly useful for accounting firms that require robust reporting and project oversight, enabling professionals to keep tabs on multiple client engagements, deadlines, and budgets. The platform also supports secure data sharing, which is critical for handling sensitive financial information. With its extensive range of features and customizable options, Smartsheet has gained popularity for its ability to adapt to the complex and varied needs of the accounting industry.


Teamwork is a collaboration software designed to help accounting firms streamline their workflows and collaborate effectively. Beyond its core capabilities in project management, it offers specialized features like time tracking, invoicing, and even customer relationship management (CRM) integration. This holistic approach allows accounting professionals to keep all essential tasks—from client communications to billing—in one centralized location. The platform’s robust reporting tools also provide valuable insights into project performance, team productivity, and budget utilization. Its scalability makes it suitable for both small firms and larger enterprises, and the intuitive user interface ensures that the learning curve is minimal. With its diverse suite of functionalities, Teamwork aims to be a one-stop solution for improving productivity and efficiency in the accounting sector.


AccountancyManager is a UK-based practice management software specifically designed for accountants and accounting firms. The platform streamlines various administrative and client management tasks by offering features like automated client onboarding, task lists, and workflow management. It aims to alleviate the administrative burden on accountants, allowing them to focus more on client service and value-added activities. With built-in CRM capabilities, time tracking, and deadline reminders, AccountancyManager provides a comprehensive suite of tools aimed at optimizing efficiency and productivity for small to medium-sized accounting practices.

QuickBooks Online (QBO)

Though not strictly a collaboration tool, QuickBooks Online‘s collaboration features allow multiple users to work on the same files in real-time. Its multi-user mode that enables accountants, business owners, and staff to collaborate seamlessly. With customizable user permissions, team members can access only the parts of QuickBooks that are relevant to their role, ensuring data integrity and security. The software also integrates with various third-party apps and can be accessed from multiple devices, making it easier to share data, generate reports, and maintain a cohesive financial picture without being tied to a single location.


In the modern accounting landscape, collaboration tools are not just a nice-to-have; they are a must-have. They enable accounting firms to streamline their workflows, improve communication, enhance productivity, and deliver superior service to clients. So, if you’re still relying on traditional methods, it’s high time to embrace these tools and usher your accounting firm into the digital age. Remember, in the world of accounting, collaboration is the name of the game, and these tools are your winning strategy.

The Future is Now

The future of accounting is undeniably digital. By leveraging collaboration tools, accounting firms can stay ahead of the curve, meeting the evolving needs of their clients while maximizing their own productivity and efficiency. So, whether you’re a small firm looking to scale or a large firm seeking to streamline your operations, collaboration tools can offer the solutions you need.

And with the right collaboration tools at your disposal, the future of your accounting firm looks bright indeed. So, embrace these tools today, and get ready to take your accounting firm to new heights.

Don’t let the future catch you off guard. Grab these tools and make them work for you. Trust me, you’ll wonder how you ever got by without them.

Take the Next Step: Mastering QuickBooks Online with Q.U.E.S.T.

So, you’re on board with the whole digital transformation thing, and you’re jazzed about these amazing collaboration tools. But let’s face it, none of that matters if your team isn’t well-versed in QuickBooks Online—the backbone of so many accounting firms’ operations. That’s where Royalwise’s Q.U.E.S.T. training portal fits right in.

Q.U.E.S.T. is tailored to teach your team the ins and outs of QuickBooks Online, empowering you to use those collaboration tools to their fullest extent. Sure, you’ve got the technology, but Q.U.E.S.T. gives you the know-how to leverage it for all it’s worth. It’s like having a digital toolbox and finally knowing how to use each and every tool effectively.

You’re not just investing in software; you’re investing in your team’s education, reducing turnover and boosting productivity. And let’s be real, a well-trained team is the ultimate collaboration tool.

Interested? Reach out, and let’s explore how Q.U.E.S.T. can supercharge your team’s QuickBooks skills, making your firm not just digitally savvy, but digitally superior.

Ready To Upskill Your Work Force?

Your Q.U.E.S.T. Portal Awaits—Let’s Connect!

Click the button below to take the first step.




About Payden Miller

As the Director of Marketing at Royalwise since early 2021, Payden Miller combines a formal education in Marketing from the University of Kansas (Rock Chalk!) with real-world business experience. Before joining Royalwise, he founded a startup aiming to create a text-to-speech reading pen for students with dyslexia, showcasing his innovative mindset. He is the creative force behind Royalwise's online look & feel, crafting blogs, editing videos, & shaping the brand to build trust & rapport with clients. Outside of Royalwise, Payden extends his adventurous spirit to high-power amateur rocketry. His varied interests make him a well-rounded & dependable professional, fully committed to making Royalwise a brand people can rely on.



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