Practice barrier #9: selecting the right technology for your team & clients

It’s an exciting time to be an accountant. Led by cloud accounting, the industry is being transformed by advancements in technology. Ten years ago it would have been almost impossible to predict what a day in the life of an accountant looks like today—who knows what the next decade will bring.

The journey to the cloud is the mother trend in accounting right now—shaping what is happening not only for you, but also for your clients. Cloud adoption has led to a massive increase in the tools and systems at your disposal. You now rely on many of these to do your job, and they have simplified and advanced many of your processes—technology has become as essential to you as a brush is to a painter.

But for all the opportunity this increase brings, it also creates a whole new set of complications. It can be easy to get overwhelmed by the sheer number of options available, making it extremely difficult to know what is the right technology to choose. And when you decide to adopt a new system, it’s vital that you introduce it smartly, or you’ll risk complicating your existing processes.

How does it impact you?

You should always be looking to grow your firm, not only through acquiring new clients but also by finding ways to improve its efficiency and scalability. To do this, you can look for opportunities presented by new, tailored technologies—including apps created specifically for accountants.

The industry is changing rapidly (and it’s not going to slow down), making it near impossible to stay on top of everything. With so many tools out there, how do you know what is best to use for your team? How do you make sure you are using the very best systems to service and recommend to your clients?

For any new technology added to your stack—it needs to integrate with your other processes, or at least bring together processes that were previously siloed. Accountants now find themselves using anywhere from 5 to 40 apps between their practice and their clients, so the way these apps talk to each other has become a major consideration. The efficiencies gained from using super-powered, specialized ‘best of breed’ apps are lost if you have to navigate through all of them individually.

When you decide to introduce new technology, you can hit a roadblock if staff aren’t prepared to adapt and learn a new way of completing a process. Without a clear strategy and a mindset that is always looking to innovate, you will find your firm left behind as the rest of the industry advances with swift speed.