Even for the most efficient firms, tax season brings busy days and longer-than-usual nights. But just because the firm is heads-down in tax work doesn’t mean technology planning should take a back seat. Many firms begin technology planning as soon as tax season ends. But why wait? It’s never too early to start planning for your future. Here are three recent articles about technology planning that you might have missed while you’ve been busy with tax season.
In this post for Accounting Today, Daniel Hood speculates about the evolution of accounting firms. In it, he prompts accountants to think about the future and their place in it. Although the changes won’t take place overnight, accountants need to think about the future now, so they can plan a path forward. The truth is that artificial intelligence will take over many of the tasks you currently perform. How you respond to the changes will ultimately decide the fate of your firm.
If the looming shadow of artificial intelligence isn’t enough to get you to take a close look at your firm’s technology, there are plenty of other reasons. A recent CPA Practice Advisor article looks at two main drivers of increased technology adoption. First, client expectations are changing. Firms that don’t keep up with changing expectations will quickly lose clients faster than they can attract new ones. Secondly, infrastructure changes have made technological innovation faster and easier. The barriers that once stood in the way are now much lower. There’s simply no reason NOT to evolve.
Regardless of your firm’s appetite for technological innovation, all firms must remain vigilant about information security. Client financial data is extremely attractive to hackers and thieves, but most firms have not conducted a full security audit. And when firms do put security measures in place, they often overlook internal threats from within the firm. This AccountingWeb article outlines the top three security priorities for firms that want to ensure their client and firm data is safe.