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Power tools
With the shift towards hybrid and flexible working, the need for collaboration tools has never been greater to ensure smooth workplace operations
Words Jessica Bown
Usage of collaboration tools such as Slack and Microsoft Teams has boomed in recent years, due in no small part to the shift towards hybrid working.
While many businesses have reversed fully remote working policies introduced during the Covid-19 pandemic, a lot of companies still offer employees the opportunity to work from home some of the time.
That makes video calls and online file-sharing a must for millions of businesses around the world.
Accounting firms and divisions are no exception. From tax specialists to auditors, accountants of all kinds have embraced collaboration tools that help to streamline processes, minimise misunderstandings and boost overall productivity.
And while systems such as Slack remain popular, all-in-one accounting tools are gaining traction and look set to be a big part of the profession for years to come.
So, whether you are keen to join a small accounting firm or the finance department of a multinational, collaboration tools are likely to be a big part of your day-to-day working life.
What are collaboration tools?
Collaboration tools are software applications that allow team members to communicate and work together in real time, wherever they are based.
Offering a range of services such as project management systems, file-sharing platforms, communication apps and video conferencing, they are designed to boost productivity and reduce errors.
DID YOU KNOW?
More than a quarter (28%) of working adults in Great Britain were hybrid working between January and March 2025, according to Forbes.
COLLABORATION TOOLS
All-in-one accounting collaboration tools making a splash in the UK finance sector include:
1
Jetpack Workflow
A cloud-based practice management solution that focuses on boosting efficiency. Its features include a handy dashboard showing all ongoing and upcoming tasks.
2
Accountancy Manager
Aimed at small to medium-sized accounting practices, this tool uses features such as automated client onboarding and deadline reminders to lighten the administrative burden, allowing accountants to focus on client care.
3
Smart Vault
This cloud-based document management and file-sharing platform has robust security measures, making it ideal for transmitting sensitive financial data.
4
Liscio
With its mobile-enabled platform, including a built-in scanner, Liscio allows clients to easily complete tasks and respond to requests from their accounting firm.
5
ShareFile
Aimed at businesses that handle sensitive or confidential information, this file-sharing platform offers robust security features such as SSL/TLS encryption and multi-factor authentication.
6
Firm360
This all-in-one practice management solution offers features such as time tracking, project management and workflow automation. It also includes analytical and reporting tools to help firms make data-driven decisions.
7
Aero Workflow
Offering real-time performance reviews and client onboarding, Aero Workflow also integrates with other apps such as QuickBooks Online, QuickBooks Time and Microsoft 365.
8
Canopy
This cloud-based practice management software has a range of features, including document management, time tracking, billing and client communication.
What are the benefits?
The main benefits of accounting collaboration tools include:
- improving communication: effective communication is vital for businesses of all shapes and sizes. Collaboration tools help to ensure that all accounting firm employees and accounts team members are on the same page
- automating mundane tasks: cloud-based tools can automate a wide range of tasks, from data entry to compliance checks. This means accounting teams can spend more time on strategic work, such as financial analysis or advising clients
- enhancing accountability: accountability is critical in accounting, where small mistakes can lead to big problems. Cloud platforms improve accountability by providing transparency around who is responsible for what
- making it easier to monitor progress and productivity: cloud platforms create a transparent working environment where everyone is aware of what needs to be done and by whom. This makes it easier to identify roadblocks and ensure tasks are completed on time
- providing valuable strategic insights: as well as freeing up accountants to focus on more high-value tasks, some accounting collaboration tools also offer analytical features that help businesses to make the right decisions
- allowing teams to work together on shared documents and files: working with outdated information is a waste of time and money. Real-time data-sharing helps to avoid this by ensuring all parties have the most up-to-date information
- increasing security: security is paramount in the accounting industry. Many collaboration tools therefore offer secure platforms for storing and sharing sensitive financial data.
DID YOU KNOW?
According to Statista, the value of the collaboration software market in the UK is expected to exceed £600m in 2025.
Familiarising yourself
Familiarising yourself with one or more of these tools during your studies will therefore improve your chances of being able to hit the ground running when you start your first job in finance – and will also look great on your CV.
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