The idea of a technology platform is not new, but the concept is only recently working its way into mainstream accounting firms. This is not necessarily because accountants are slow to adopt new technology. In fact, it’s more likely due to the unique, highly-specialized software that accounting firms need to do their jobs. Put simply, an integrated platform for accounting firm technology needs to be developed with accounting firms in mind.
A recent whitepaper, Technology Hype or Reality? surveyed over 700 professionals about technology use and outcomes in their firms. What they found might surprise you. In fact, firms with integrated platform solutions reported benefits in a number of areas.
Overall, the study found only 25% of firms feel extremely confident in their ability to keep pace in the current environment of change. However, for firms that reported using an integrated platform of solutions, 34% felt extremely confident. Technology enables these firms to focus on what is truly important, freeing them up to respond more effectively to change.
Pace of technology
When the study looked at specifically what type of changes made accountants feel confident or not confident, one area that stood out was related to technology utilization. Only 24% of firms overall felt confident that they were fully utilizing technology. While these firms struggle to effectively use their technology, a full 55% percent of firms using integrated platforms felt extremely confident in their technology utilization. That’s especially critical considering nearly half of surveyed firms think that the pace of technology is moving too fast for their firms to keep up with client needs.
Best in class firms
Technology utilization isn’t the only area in which firms using integrated platform technology excel, though. These best-in-class firms also are 36% more confident that their firms have efficient processes in place to help clients meet their growth goals, and 20% more confident that they are staying on top of regulatory and compliance changes.
Firms that want to achieve high growth in the coming years will have plenty of paths to consider. Creating more effective operations and eliminating inefficiencies is the goal of 42% of firms. And while completing more work in less time is certainly one way to achieve growth, 47% of firms are planning to get there by improving client experiences. Integrated platform technologies can help in both of these approaches. First, integrated technology can help firms work more efficiently. And secondly, it can enable more proactive client service.
Take the next step
Taking an integrated platform approach to your technology is a long journey. It won’t happen overnight, but it’s not too early to start the process. To learn more about the benefits of integrated solutions, download Technology Hype or Reality: What firms really need to know to thrive in a world of change. Request your copy today: