Most firms have some sort of strategic plan for the future, but oftentimes, the steps they will need to take to get there are left to chance. It’s not enough to know where you want to go – you must also think about how you will get there. So with a lot of talk about “the future ready firm” many firm managers ask themselves, “What is a future ready firm?”
A Wolters Kluwer whitepaper, titled “The Way Forward: Firm Management in the Cloud” looks at five major trends that affect all accounting firms as well as how a future ready firm will tackle these challenges. Furthermore, many of the strategies needed to become a future ready firm depend on leveraging technology more effectively.
In fact, comparing a traditional firm to a future-ready firm, the whitepaper paints a clear picture of why firms need to be updating their technology. Because staying ahead of these challenges is key to strong growth and higher efficiency.
Traditional Firm vs. Future Ready Firm
|Traditional Firm||Future Ready Firm|
|Many paper-based processes.||Zero paper-based processes.|
|Client-server technology.||Cloud-based technology.|
|Inefficient, resource-intensive tax workflow||All-digital, automated workflows.|
|Access to client information only (or mostly) at the office.||Instant, secure access to client information from any connected computer or device.|
|Client information spread across multiple databases and perhaps even paper files.||One common database for all client data.|
|IT staff engaged primarily in troubleshooting software problems and installing software updates.||No dedicated IT staff needed, or IT staff engaged in strategic technology initiatives.|
|Different software solutions for tax prep, audit, time and billing, and document management, each with its own interface and learning curve.||A single, all-in-one software solution with a common interface that is intuitive and easy to learn.|
To learn more about how to become a future ready firm, read the full whitepaper.