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?