Why it's critical for accounting firms to invest in technology NOW

Nov 29, 2020 11:53:27 AM | 22 min read

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Bob Dylan once said (or sang), “The times they are a-changin.’” And that has never been more true. Technology continues to expand and innovate at ever-increasing speeds. And while some technology seems to be more smoke and mirrors than substance, there is a real case to be made for being on the cutting edge of technology adoption.

Firms that implement technology—to gather and deliver client data—are the firms that will thrive through difficult times. There are a number of reasons technology will be so critical moving forward. 

First, the general consensus is that the market, industry, and business won’t go back to the way things were—either in terms of the way we work or where we work. In terms of the way firms work, there will be constant pressure to increase efficiency in a competitive economic climate. As bottlenecks to efficiency are identified, smart firms will immediately look for solutions to alleviate those bottlenecks, and a majority of the time, technology will be the answer. 

Secondly, technology adoption will be a leading indicator of success for firms. Beyond the efficiency gains, a commitment to new technology shows a firm’s mindset. Is your firm committed to growth and innovation, or is it more interested in maintaining the status quo? 

Finally, the technology is worth the investment. In a recent article from Boomer Consulting, Amanda Wilkie said: 

“Cloud-based technology investments are paying off ... In many cases, these tools were implemented in the last several years, but many firms haven't had wide-scale adoption. Now they're really seeing the benefits of those investments as these technologies allow them to stay connected and support collaboration while working remotely."

The ROI is clear. The firms that invest in technology will move further and faster and the gap between those firms that understand the importance of tech and those that don’t will continue to widen.