Knowledge Management in Accounting

Knowledge management systems in accounting help professionals manage an array of challenges associated with accurately and securely performing financial recording and reporting functions. By helping accounting firms and CPAs manage and protect their intellectual capital, which includes processes and information, knowledge management systems ensure that accounting professionals deliver quality services to their clients. This helps distinguish their work from competitors.
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How are knowledge management systems used in accounting?

Knowledge management systems help accounting firms create, capture, and use knowledge to support superior organizational performance. This includes enhancing internal decision-making and strengthening client services. Knowledge management software delivers multiple benefits to accounting practices, including:

Simplifying knowledge acquisition

Accountants and accounting firms collect and manage a vast amount of information from a wide array of sources including formal training, education, research, and experience. 

For accountants who work within a firm, it is not usual for them to be unaware of work and knowledge possessed by their colleagues outside of their immediate teams. Firms that operate in information silos lack the ability to effectively collaborate, which bogs down efficiency. 

Knowledge management software makes it easier to capture and organize information about specific clients, industries, service sectors, and processes so the entire organization can access and use that information.

Increasing effectiveness and productivity

Because knowledge management systems simplify how knowledge is captured, they make it easier for accounting professionals to search for and retrieve this information. Application of a knowledge management system in an accounting organization can broaden access to collective expertise and help ensure that knowledge and expertise is evenly distributed. This helps increase effectiveness and productivity across the organization.

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As accounting firms begin to lose senior leadership and long-term employees due to retirement, your firm’s intellectual capital will be lost. A knowledge management system can effectively be used by accounting firms to preserve that intellectual capital and ensure it stays with the organization, regardless of employee turnover.

Ensuring knowledge is current and accurate

Knowledge management systems not only simplify the acquisition of knowledge and promote the generation and sharing of that knowledge, but they work to ensure that knowledge is current and accurate. 

A robust knowledge management system automates reminding subject matter experts to periodically review and update knowledge housed in the system. This re-verification promotes dynamic engagement between subject matter experts and employees and ensures a longer lifespan of accurate knowledge available throughout the organization.

“Guru is a great tool we use for documenting our internal processes. This ensures that everyone knows how they need to do things. We review it regularly to ensure it’s as efficient as possible and the same process is performed consistently by all team members.”

Paul Sweeney
Pretium Solutions

Knowledge management is also prioritized in the overall financial industry as well; find out more about how different industries prioritize a KMS.

See for yourself how your accounting firm can benefit from a knowledge management system

Invest in a knowledge management system that delivers your accounting organization’s intellectual capital to your employees – whenever they need it. Get started with your accounting knowledge management system for free with Guru.