Accountancy firms are always on the lookout for new technologies that can optimise their operations and improve client satisfaction.
However, investing in and implementing new technology can sometimes be challenging, with some firms falling foul of common mistakes when introducing new technology.
But what are the pitfalls that accountancy firms should be aware of:
Mistake #1: Insufficient research and planning
Before investing in any new technology, it’s essential to conduct thorough research and planning to understand how the platform works and whether it fits in well with your existing infrastructure.
Many accountancy firms fail to do so, which can lead to costly mistakes and inefficient implementation, as well as underutilisation of the software they invest in.
- Identify your firm’s specific needs and goals before researching technology solutions.
- Evaluate multiple options and compare their features, pricing, and customer support.
- Don’t be afraid to invest more into a solution that helps you achieve more.
- Seek recommendations from peers and industry experts.
Mistake #2: Overlooking employee training and support
New technology is only as effective as the people using it. Many accountancy firms neglect to invest in proper training and support, resulting in frustrated employees and poor use of the systems implemented.
- Allocate resources for comprehensive employee training.
- Customise training to meet your teams’ requirements.
- Work with software companies to implement a success plan.
- Create an ongoing support system to address questions and concerns.
- Encourage employee feedback to identify areas for improvement.
Mistake #3: ignoring integration with existing systems
Integrating new technology with your firm’s existing systems is critical for seamless operation. However, many firms fail to consider this aspect when investing in new technology, leading to compatibility issues and reduced efficiency.
- Evaluate how the new technology will integrate with your current systems.
- Ensure the new technology is compatible with your existing software and hardware.
- Consult with IT professionals or vendors to address potential integration challenges.
- Find platforms that have higher levels of integration with a variety of other platforms on the market.
Mistake #4: Focusing solely on price
While cost is important, it should not be the only factor when choosing new technology. Focusing solely on price can lead to inadequate solutions that fail to meet your firm’s needs.
The cost of platforms is often reflected in the features and integrations that they offer, as well as the level of efficiency they generate.
- Consider the long-term value of the technology, including potential cost savings and productivity gains.
- Assess the technology’s scalability to accommodate future growth.
- Review the solutions roadmap for new features to ensure the platform is continually improving.
- Take into account the quality of customer support and the vendor’s reputation.
Mistake #5: Inadequate change management
Change can be challenging for any organisation, and the introduction of new technology is no exception.
Accountancy firms sometimes underestimate the importance of effective change management, leading to resistance and slow adoption of new systems by experienced team members.
- Develop a clear communication plan to explain the benefits and timeline of the new technology.
- Involve employees in the decision-making process to foster a sense of ownership.
- Implement the new technology in stages to allow for gradual adjustment.
How to successfully invest in and implement new accounting technology
Investing in and implementing new technology can greatly benefit accountancy firms, but it is essential to avoid common pitfalls to ensure success.
By conducting thorough research, prioritising employee training, focusing on integration, considering value over price, and effectively managing change, accountancy firms can make the most of their technology investments and stay ahead in a competitive industry.
We have helped hundreds of firms to implement our cloud-based, digital working papers into their practice – training staff, customising files and conducting a smooth transition to a better way of working.
If you want to learn more about the firms we have supported, read our case studies.