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Secrets of tech-first firms: Where you should start

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5th Apr 2018
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Being tech-focussed in this volatile marketplace is now an expected attribute of an accountant. That’s why scoping and choosing the right tech for your clients is more important than ever before.

Staying ahead of the competition and meeting clients’ high expectations are just two of the many reasons accountants invest in new software but others have reached this point thanks to legislative and technology disruption.

The start of the tax year offers a blank slate for accountants ready to install new technology. But the sheer number of apps and tech available makes software selection a daunting proposition. 

So where should you start? How can you keep up with tech and know what is beneficial for you and your clients? Ahead of the 'Secrets of tech-first firms​' webcast Accounting Excellence webcast, Olly Evans, director of the 2017 small practice of the year Evans and partners, pulled back the curtain on how his firm implements new software.

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Starting point

The first way Evans suggested may be the easiest route but it’s also the most laborious: research, find the product and then play with it. But collecting these trial subscriptions can have its downfalls.

“I find that doesn't really work because you don't get that engaged and don't put all your effort into it because you're unsure if it'll work for you and you end-up with the subscription trial expiring and don't end up making any progress,” said Evans.

The second option is Evans’ preference: conduct a process workshop with a client. Evans will delve into how you can replicate his client workshops during the Accounting Excellence webcast, but essentially he sits with the client and maps out the business process they’re trying to fix - this defines the client’s software requirement.

Given that time is limited and most of us in practice are quite busy, I wouldn't try every product out there and be the jack of all trades"

Tech champions   

Having a member of staff as the firm’s ‘tech champion’ can also assist with the mapping process. “We'll bring the tech champion into the workshop either from the start or at the end to say how we can use this software to fix some of the problems,” Evans explained.

“They can then articulate that to the client. The client then says, ‘I get that, I've got confidence now that I can see that it'll work for us’. That works well because you're demonstrating that you can fix the problems.”

The market is changing

As a tech-novice accountant looking to sell up recently observed on Any Answers, the market is changing and accountants need to change too. Making Tax Digital means potential buyers of accounting firms in similar situations are less likely to reach deep into their pockets for a practice with a roster of manual clients, which it will then have to convert to MTD against their wishes.

“There are businesses waking up to the idea that they can do things differently with their accountants, explained Evans.

“They can engage with their accountant on a day-to-day basis, they can get advice, they can get support to run their business and it is not about compliance and accounts from nine months ago. It's different. They want this now, and they want support and advice around the technology and their business."

Still time to change

There is still time to change, but as Evans outlined you have to commit time to it. “Given that time is limited and most of us in practice are quite busy, I wouldn't try every product out there and be the jack of all trades,” he recommended.

“I would go for one cloud accounting product and put your weight behind that. Get skilled up, recommend it to your clients, and start to build up some traction.”

A starting point would be to draw up a client list. “Say to yourself: ‘I've got this number of clients and I'm going to try and convert five a month or ten a month’,” Evans said. “Who are they going to be?”

From here, attend conferences and tap the knowledge and experiences of other firms. But above all else, get involved and get started.  

Olly Evans will join AccountingWEB on Thursday 19 April at 11am along with fellow accountants Alex Falcon-Huerta and Mike Hutchinson to share practical tips on how they incorporated tech into every facet of their firms. Click here to register.

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