The whole world is transforming before our eyes and behind our screens, and new technology is playing a huge role in creating and supporting many of those changes. In the accounting world, the pace of changing technology has been breakneck for a few years, and nearly half of firms feel like it’s too fast for them to keep up with client needs.
Your firm can get — and keep — up to speed by tapping the brakes and tapping into the right technology trends. Buckle up! Here are four to follow.
TREND 1: Cloud Access
Technological change isn’t a linear process. If you get behind on making updates, it can be hard to catch up. One way to get ahead: Get into the cloud. If your firm isn’t already in a cloud environment, future technologies that help you leverage large amounts of firm and client data could be out of reach. The cloud makes the flow of information seamless and secure, which improves communication, efficiency, and client satisfaction. Plus, it makes it possible for staff to work from anywhere, anytime.
TREND 2: Integrated platforms
Integrated cloud-based platforms save your firm time and save you from mistakes. At their core is a common database that’s shared across all software in the firm. If you update data, like a client address, in one place, that change is automatically updated everywhere else. When data flows seamlessly, you can worry less about the details and think more about the higher-value advisory services your firm could be offering.
TREND 3: Automation of tasks
The right tech solutions will take mundane tasks off your to do list — especially if you choose one with automation features that pull data from source documents or other software to populate and update from end to end in your system. Less data entry means more time for everyone in your firm to focus on providing more value for your clients.
TREND 4: Advanced technologies
Artificial intelligence (AI) and predictive analytics may sound futuristic, but they are very much a part of the technology helping firms get ahead today. They simplify and automate tasks, but no, they’re not taking jobs. In fact, AI and other advanced technologies are actually helping create jobs and evolving the role of accountants. For example, CCH Axcess™ iQ can quickly and accurately sort through client data and compare it to tax legislation changes, making you look like a tax savings superhero.
Don’t get left behind in the technology transformation. Learn more about “Successfully Managing the Pace of Change” by downloading our ebook.