Don’t be fooled by these 5 technology myths

With new technologies finding their way into everyday accounting firms, accountants need to clearly understand what is possible and what is hype.  In a recent whitepaper, “Technology Hype or Reality? What firms really need to know to thrive in a world of change,” surveyed firms reported uneasiness related to the pace of change, especially with regard to technology. As a result, the whitepaper explores several technology  myths, as well as outlines the benefits of seeing through the hype.

Busting the top 5 technology myths

Hype Reality
Artificial intelligence will destroy the industry by automating tax and accounting until businesses no longer want or need a CPA. CPAs must take advantage of automation to improve workflow efficiency now so they can focus on strategic advisory services.
Firms cannot ensure the security of clients’ sensitive financial or proprietary data in the cloud. Today’s cloud solutions provide greater security than most firms can afford for internal servers. That’s part of why 96% of organizations now use some form of cloud computing.
Artificial intelligence is the stuff of robots and science fiction -my firm is nowhere near ready for that. Firms can benefit from AI-driven automation to save time and money today.
Predictive analytics are only found in expensive, enterprise-level business intelligence solutions. May solutions designed for tax and accounting firms already include analytics.
Blockchain will soon automate the entire audit cycle and create transparent, traceable audit trails. Blockchain has huge future potential, but solutions are still a few years away. Firms should leverage solutions to improve audit quality now.

Beyond the hype

Rather than threatening firms’ well-being, technology offers new tools to serve clients better and more efficiently. However, as firms seek new growth opportunities and continued profitability, they need to be able to leverage technology effectively. In fact, in order to benefit from these technologies, firm leaders need to take steps to understand them. According to the Technology Hype or Reality whitepaper, for example, while 60% of firms want the benefit of artificial intelligence, only 17% reported that they completely understand the impact of such technology. This gap in understanding holds critical importance, and firms will, of course, need to address it.

Take the next step

To learn more, download Technology Hype or Reality: What firms really need to know to thrive in a world of change. Request your copy today:

AUTHOR

Aimee Hall

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Aimee Hall