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How to Make Your Digital Transformation Successful

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If you're part of the segment of accounting firms that's having trouble advancing their tech stack, it's crucial to change that now. Both employees you'd like to hire and clients you'd like to work with are using advanced software, notes Lee Frederiksen of Hinge Marketing. Here, he explains how you can move ahead with your digital transformation and regain a competitive edge.

Jun 27th 2022
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COVID changed how we do business in the blink of an eye. It accelerated the need for remote teams, independent operations and the digital tools required to make these possible.

Agile firms responded by transforming their operations with advanced digital technologies that empowered them to survive—and thrive—in the new business reality. But most professional service firms are still figuring out how to begin their transformation journey.

Hinge surveyed scores of business executives and decision-makers from six core professional services sectors to create the Digital Transformation Imperative. This research report addresses questions and explores the pivotal trends impacting digital transformation now. Of those surveyed, 12% represented accounting and financial service firms.

What we found was eye-opening. Most firms that have adopted advanced technologies to power their businesses realized a powerful return on investment (ROI). These firms reported improvement in all key performance indicators, including operational efficiency, profitability, revenue, brand awareness and client satisfaction.

While more than 80 percent of firms understand that a digital transformation is necessary, several factors are keeping them from moving forward. 

Nearly half of firms that haven’t started adopting advanced technologies cite the lack of knowledge and limited bandwidth with their existing staff. People with relevant skill sets are in high demand and are often fully utilized for billable client work. The Great Resignation has only made finding new employees more difficult.

If you haven’t started a digital transformation of your accounting firm, consider this: Your clients are already using advanced technologies. They expect you to follow suit.

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