Each year, Accounting Today surveys the profession’s most successful practices to find out what makes them tick. In a recent webinar, Secrets of Top 100 Firms, host Dan Hood presented the results of this year’s survey, which can also be found in the publication’s Inside the Top 100 Firms special report. The survey uncovered a number of tech trends affecting not just the top 100 firms, but the accounting profession as a whole.
Tech trends come into focus
Tech trends affect firms in a variety of ways, but the major impacts seem to converge in four areas:
- Technology clients. The tech sector is seeing rapid growth, and as a result, technology is a growing vertical that accounting firms should be watching closely.
- Technology consulting. As firm growth has flattened for accounting firms, some firms have found success by adding or acquiring technology consulting practices. Businesses have growing IT and data security needs; therefore, firms that can act as advisors in this area will see growth.
- Technology concerns. Of course it’s true that technology is commoditizing some traditional compliance business. However, firms are more concerned about missing out on growth opportunities that are being enabled by technology.
- Growth strategies. Technology can help firms grow, not just by building efficiency and freeing up time for more valuable work. The latest technologies can actually help firms uncover new business opportunities and create growth.
Beyond the top 100
While the webinar focused on Accounting Today’s Top 100 firms, the results likely point to greater trends affecting all firms. Small and medium sized firms can take valuable lessons from larger firms, which are often at the front of tomorrow’s more mainstream concerns. To hear more about how technology is affecting top 100 firms (and others), listen to the Accounting Today webinar, Secrets of Top 100 Firms. Listen Now