How to Implement New Technology in Your Firm

by

General Ledger

Adopting new technology and implementing it into their firm is something that I see many accountants struggle with. If your systems “work,” it’s easy to fall behind on technology and overlook the potential that new solutions offer. The thought of choosing and implementing new technology is often overwhelming.

Yet, it's crucial to recognize the industry's shift: over 90%1 of firms believe that technology has impacted the industry greatly, and 80%2 of accountants are very likely to ask about your tech during an interview. Understanding this shift is just the starting point. The real challenge lies in actively responding to these trends by effectively implementing new technology.

Firms need to take a forward-thinking approach to technology, focusing on eliminating systems that impede workflow and embracing innovative solutions that boost team productivity, team satisfaction, and client satisfaction. So where should you begin?

All of this begins with one thing: an audit.

1. Honest, No-Emotions Technology Audit

You love a particular software you’ve been using for a decade, but it’s time to break free from the emotions and look at this solution objectively. Is it working for you? The answer may surprise you.

I want you to do a few things at this stage:

  • Outline where you’re at now - what tech are you using?
  • What’s working?
  • What’s not working?
  • Where are you experiencing bottlenecks?
  • What do your clients want from you?
  • What does your team want from you?

If you have an opportunity to implement new software to better serve your clients in less time, you owe it to them and your firm to incorporate it into your process. And, your team will be happier because they can spend more time on high-level, meaningful tasks.

For example, you can incorporate tech that leverages AI into your advisory services and benefit from:

  • Lower error rates
  • Predictive analysis
  • AI-driven forecasts

You do have to consider the time it takes to teach staff how to use and implement the new tech. But, if the benefit will be happier clients and team members while improving efficiency, it will be worth the investment.

For now, let’s focus on identifying outdated tech that may not offer the robust features that today’s accountants need to 10x their workflow. I recommend:

  • Adding all of your technology into one list
  • Evaluating the efficiency of each solution
  • Adding notes about the bottlenecks that exist
  • Determining whether the solution can easily scale

Take time to evaluate each solution and even seek user feedback to understand what pain points they’re experiencing with each technology.

2. Set Your Goals for Implementing the New Technology

You may find that some of the technology on your list is the best solution for your firm, and that’s 100% okay. However, you should take the time to better understand your goals and do the following:

  • Define the outcome you want to achieve from abandoning one solution in favor of another. Perhaps you want the solution to work on the cloud or offer lower error rates.
  • Set your SMART goals for the solution, such as reducing client and accountant access friction by using the cloud.
  • Prioritize your goals and judge each solution to learn which will solve the key issues you’re experiencing.

Analyzing your current tech pain points will help you transition to newer solutions that really solve these problems.

You can use your goal-setting extensively in the research phase, which is the next step in the process.

Note: Even if you have tech in place that is working well, it’s worth spending time researching new options. Just because software “works” doesn’t mean that it’s the best choice. Perhaps another product automates a time-consuming process that you have in place, saving you and your team time and money in the process.

3. Research and Narrow Down Your Options

Technology can either be a boon or a bane for your firm. The wrong software can lead to inefficiencies, lost productivity, and frustration for your team.

Remember that technology is supposed to make your life easier – not harder. It’s crucial to ensure that the solution you choose has all of the features you need.

To future-proof your firm, focus on solutions that use emerging technologies, like AI. AI can help streamline processes and reduce the risk of errors, which will ultimately save your firm time and money. For example, Clockwork shares in their guide3 how you can 10x your advisory services in minutes through the power of technology and AI.

Research your options. Create a list of potential solutions and narrow it down to 2-3 choices.

Then:

  • Talk to colleagues to get their input. Which solution do they use? Would they recommend any of the solutions on your list?
  • Take advantage of any available free trials. Many software companies offer trials for 7 days or even 30 days. Some solutions have free versions with limited access.
  • Read reviews on G2 and other platforms. What do other users say about the software?

Once you’ve read through reviews and taken each platform for a test drive, you’ll find it much easier to make your final decision. When testing software, make note of the things you like and don’t like about the platform. Consider your team and your clients. Will this solution benefit them? Will it be easy for them to use?

Once you’ve made your final decision, you can move on to the next step: implementation.

4. Create a Plan to Implement Your New Tech

Finding the right software is just one piece of the puzzle. Once you’ve found a solution, you need to implement it and get everyone on board with using it – and, depending on the software solution, that can be a challenge.

A solid plan can help make the process as smooth and stress-free as possible. When creating your plan, consider the following:

  • When will you start rolling out the software?
  • How will you manage any necessary data migration?
  • Who will be in charge of training your team? When will training begin?
  • When will you start using the software with clients (if the solution is client-facing)?

Build your plan with these answers in mind. Depending on the size of your firm, you may want to create an implementation team. Your implementation team will help make the adoption of your new software a success by providing support to your staff and overseeing the implementation process.

Once you have a plan, it’s time to take action and launch your new tech. Make sure that you continue to monitor this process and provide continued support to your staff and clients.

Final Thoughts

Adopting new technology will help your firm stay at the forefront of the industry, better serve your clients, keep your employees happy, and stay ahead of the competition. But it’s important to remember that implementing new technology can be a complicated process. Finding the right solution and creating an implementation plan will remove some of the friction to make it as seamless as possible.

Footnotes and Cited References:

1 - 90% statistic is referenced from Essential Technology in Accounting Statistics by Alexander Esser, published by Zipdo (Beta).

2 - 80% statistic is referenced from Technology: The New Key to Talent Retention by Katie Thomas, published in the FloQast Blog.

3 - Specific reference: How to 10X Your FP&A Advisory Services in Minutes by the Clockwork Team is published in the Clockwork Blog. 

Katie Thomas

Katie Thomas, CPA is a 40 under 40 CPA Practice Advisor recipient, Top 50 Women in Accounting recipient, and the owner of Leaders Online, where they help accounting and B2A (business to accounting) professionals increase their impact, influence, and income through thought leadership and digital marketing