Technology as a Growth Driver
CPA Crossings
Providing technology-based learning nationally for CPAs that need to stay on the cutting edge of a dynamic profession.
5 Key Challenges and Unique Paths for Different Firms
Research developed by the CPA Crossings Research Team - Kelly J. Waffle, Director, Research & Innovation, and Megan Nadzan, Ph.D., Research Administrator.
Our most recent white paper, 2024 CPA Firm Tech Report, gathered the perspectives and recommendations around technology utilization and prioritization from five technology and accounting experts:
Our experts have come to a consensus that there is a set of challenges that keeps CPA firms from getting the most out of their technology. Here are just a few.
Firms Are Not Sure Where to Begin or What Comes Next – In last week's issue key insights revealed that technology is pivotal for CPA firms, enhancing efficiency, quality, risk management, and client retention. Despite its benefits, only 9% of accountants feel they fully utilize their technology investments. The report identifies the real challenge as technology adoption rather than selection and implementation.
There are unique paths for different firms and each firm’s journey toward technology adoption is influenced by factors such as budget, resources, goals, and scalability. The report leverages the expertise of accounting technology specialists to provide tailored guidance for firms of all sizes.
The (5) five key challenges and solutions from our technology specialists will be unraveled over the next few weeks providing a guide to begin your firms' digital transformation. The first (2) two challenges are identified below.
1: Starting Point and Next Steps
Firms unsure of where to begin their digital transformation should develop a comprehensive strategic plan. Key steps include:
? Assessing Business Needs: Identify operational challenges and goals.
? Defining Long-term Goals: Envision the firm’s ideal future state.
? Process Mapping: Understand current processes before selecting technology.
? Tool Evaluation: Assess both current and potential tools for alignment with business needs.
? Practical Timelines: Set realistic timelines for technology adoption, considering training and integration.
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Challenge 2: Resistance to Technology Adoption
Overcoming resistance involves strong leadership and a supportive culture. Strategies include:
? Purpose and Leadership: Clearly articulate the vision for technology adoption.
? Supportive Team Culture: Engage employees in decision-making and provide comprehensive training.
? Agile Approach: Implement changes incrementally, involving cross-functional teams and continuously gathering feedback
Key Insights
To begin advancing your firm to a higher digital maturity level on the CPA Firm Digital Maturity Model, it is essential to craft a comprehensive strategic plan. This process resolves ambiguity about goals and facilitates the development of the firm’s short- and long-term needs.
The full 2024 CPA Firm Tech Report guides you through the evaluation process when developing or reassessing a strategic plan. See below how to get your copy, and learn more about challenge (3) three and (4) four in next Wednesday's edition of "Accounting Meets Tech!" If you want immediate results to any CPA Crossings research, follow the subscribe instructions below.
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About CPA Crossings Research
The CPA Crossings (CPAx) Research & Innovation Program offers a powerful benefit to drive member and staff retention for the accounting profession. Now is the time for state CPA societies, associations, and independent firms to embrace new ways to increase their appeal to prospective members and to strengthen current staff relationships.
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