Technology Trends Even Traditional Accountants Can't Ignore

woman hiding face with her hands as people hand her devices
baona_iStock_ignoretechnology
Share this content

No matter how far removed you feel from technology in your practice, how technology impacts your work – be it directly or indirectly – cannot be ignored.

At AccountingWEB we’ve visited this topic many times recently on several levels. Here, our columnist Bryce Sanders offers his views specifically for more traditional-minded accountants about what technology issues they probably should not overlook.

Many traditional accountants have reached the point where they are comfortable doing business a certain way. Their business clients are busy running their business and making money. 

They see no need to introduce services nobody’s requested. Their business grows organically because their clients refer their kids. 

Retiring clients might move away, yet they still want to keep their decades long accounting relationship. Some might call them Luddites or laggards who often say: “But it works for me.” 

Secretly, they know you can’t ignore technology. At some point they decided embracing tax preparation software enabled them to handle more clients in less time. How long ago was that?

Technology Trends You Ignore at Your Peril

1. Artificial Intelligence. Currently, many financial advisors feel threatened by robo-advisors that manage and rebalance a portfolio of Exchange Traded Funds (ETFs) at a fraction of the cost they charge. Can filing simple tax returns or automated audits be far away? 

2. Communication

Please Login or Register to read the full article

To access all of the content on our site, register (it's free!) or login to your existing account.

BONUS: If you register now you can opt to receive a digital copy of "Transform!" , Richard Francis' new book for growing firms [US/Canada ONLY].

About Bryce Sanders

Bryce Sanders

Bryce Sanders is president of Perceptive Business Solutions Inc. in New Hope, Pennsylvania. He provides high-net-worth client acquisition training for the financial services industry. His book, Captivating the Wealthy Investor, can be found on Amazon.com.

Replies

Please login or register to join the discussion.

avatar
Mar 29th 2018 13:10

The profession does seem to find it a challenge to embrace technology. Young accountants coming through are much keen however. I am certain that in the next 10 years we'll see a proper catching up.

Thanks (1)
to AdrianLawrence
Mar 29th 2018 13:51

Adrian - Thanks for commenting. The receptivity to embracing technology has about six steps ranging from early adopters to laggards. Technology is a big area. Some technology is quickly embraced by a large segment of professionals. Filing taxes online is a good example, as the statistic in the article shows. You make a good point. As newer people enter the profession, they will bring a comfort with technology. Clients will also demand it too. - Bryce

Thanks (1)