Technology is incredible, but it can also be frustrating when your firm feels as if it just can’t keep pace with all the changes. Those feelings are familiar for about 43% of accounting firms who feel that technology is changing so fast they can’t keep up with client needs, according to the Wolters Kluwer “Technology Hype or Reality?” whitepaper. To help your firm be ready now — and set for future technological change — here are a few tips.
Understand the trends
There are a lot of changes transforming the industry, but they fall into four primary categories. Master the basics of these trends and you won’t get left behind:
- Moving to the cloud. Provides staff and clients with anytime-anywhere access to data.
- Integrated platforms. Allows applications to talk to each other so data flows seamlessly.
- Automation of tasks. Saves your staff from doing mundane data entry so they can spend more time on value-add services.
- Advanced technologies. Smart technology uses innovations such as artificial intelligence and predictive analytics to leverage data proactively for clients’ benefit.
Build your team’s tech skills
Accounting is about more than just numbers. It’s about communicating what the numbers mean. In fact, technology can help your staff make those interpretations if they understand how to leverage it. Firms can fill the skills gap immediately by training existing staff in data analytics and hiring for tech-specific positions, such as experienced data analysts.
Embrace new technology
In addition to prepping your people, your firm can take advantage of new accounting software that uses predictive intelligence and AI to leverage large amounts of both firm data and client data. On the front end, CCH Axcess™ Client Collaboration helps automate the gathering of client data. And AI, through a program like CCH Axcess iQ, sifts through massive tax legislation information to look for anomalies and identify tax savings for clients.
The accounting profession is changing fast. Are you ready? Keep up with technological change and stay competitive by downloading the ebook “Successfully Managing the Pace of Change.”