3 ways accounting firms can keep up with technological change

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:

  1. Moving to the cloud. Provides staff and clients with anytime-anywhere access to data.
  2. Integrated platforms. Allows applications to talk to each other so data flows seamlessly.
  3. Automation of tasks. Saves your staff from doing mundane data entry so they can spend more time on value-add services.
  4. 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.”

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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