Key considerations for building a tech-enabled accounting firm

Technology plays such an important role in virtually all modern-day businesses, and the accountancy sector is no different. From the benefits of remote working to the increase in popularity of Artificial Intelligence (AI), modern technology is at the forefront of how businesses around the world operate. Here, we consider how accountants can build a successful tech-enabled accounting firm.

Building a tech-enabled firm

Tech-enabled firms use technology as a tool to enhance their business, rather than to redefine a traditional business model. When implemented successfully, technology helps to boost operational efficiency, streamline services and improve customer experience.

In order to successfully build a tech-enabled firm, digital tools must be employed to streamline operations whilst aiding in the preservation of the core essence of the business.

Accountants should ensure their firm is tech-enabled in order to help futureproof it. A technology-enabled business transformation should involve finding and implementing the technology solution that best meets your firm’s requirements. Continual assessment of existing systems and processes is essential in a fast-paced business environment, and investing in the correct technology for your business needs makes processes more efficient.

Remote working and cloud computing

Remote working has undeniably risen in popularity since the beginning of the coronavirus (COVID-19) pandemic. Working remotely is aided by a wide range of technology, including cloud computing, which permits employees to access the information they require seamlessly. No matter where they are, files, applications and data can be accessed, as long as a secure internet connection is present.

Cloud-based tools also enable workers to collaborate on a piece of work in real-time. Files can be shared effortlessly and cloud services are secure and easy to access.  

Cloud computing also offers accountancy firms scalability and cost-efficiency: resources can be scaled as and when they need to be and firms can boost their software and digital storage requirements without having to invest in additional hardware. Cloud computing also helps to minimise the need for software updates – patches are typically rolled out by the cloud service provider.

Cloud services provide environmental sustainability, aiding in reducing a firm’s carbon footprint, which is typically associated with the infrastructure found in offices and workspaces. Cloud tools help in streamlining workflows and can even aid in the automation of everyday tasks.

Remote working is intrinsically linked to cloud computing, and enables employees to work at a time and in a place that suits them. As outlined above, it has many advantages and allows firms to enhance their productivity.

Mercia can help you in building a tech-enabled accountancy firm

Our course is part of a series in which Daniel Clark helps firms and professionals understand and develop the skillsets that will enable them to thrive in a world shaped by rapidly changing technology.

This course will look at factors to consider at organisational level to make the best use of technology. Find out more here.