How to survive disruption in the profession

2nd Jul 2020
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What does the future of accountancy look like? There is a lot of speculation, but there are some things we can be sure about. One of them is the importance that technology is going to have in the transformation of the profession. To be ahead of the competition, your firm will need to use the benefits of technology to its advantage.

We are living at a time of change. The disruption we’re seeing in the profession means there will be winners and losers in the next few months and years. To be among the survivors, you will have to bring technology and people together into a streamlined process that will better serve your clients.

People and technology

To start this process, you might need to adopt new systems if yours are outdated. However, when leaving legacy systems behind, you might find the resistance of some people in the team who are not willing to accept change. Helping them see the advantages of new technology will be essential to the success of your firm. 

Sometimes it feels easier to keep the systems you have just because you are used to them, but fighting the “initiative fatigue” and trying more efficient technology will pay off in the end. Training staff and clients on how to use technology tools will help them understand the benefits and see them by themselves. 

Moving to the cloud is one of the easiest ways to streamline your processes and achieve better and more collaborative relationships with clients, offering them easier access to information. 

Cloud systems also enhance accuracy, eliminating errors in data entry and processing and making it easier to know where to find certain information.

Besides making your practice effective and helping you provide the best possible service to your clients, the right technology will help you attract the right people. Younger employees look for a good technology experience. Paying attention to this generational change is important since by 2025, 75% of the global workforce will be millennials.

Helping your clients 

Billing by the hour is not the norm anymore. Using technology and the cloud smartly and adopting new characteristics is making this possible for accountants, who are not just thinking about producing tax returns and financial statements.

Clients want their accountants to solve their pain points, and practitioners are in the best position to guide their clients with their knowledge and judgment.

Some accountants consider that technology is putting their jobs at risk. However, technology is actually making compliance easier so that you can focus on offering more strategic and analytical solutions to your clients.

Another factor to take into account is the fact that online services are reducing geographical barriers. You can now help clients remotely, from any location, whilst keeping your firm and clients’ data safe with security and multiple levels of protection.

The special report Accountancy on demand: Optimising the customer experience analyses the challenges of the current digital disruption and how your firm can succeed by bringing technology and people together to better serve your clients.