Accountancy Age’s recent report shows that technology spend is increasing amongst the leading accountancy firms (1.37% of fee income – up from 0.93%). Whilst this isn’t a massive increase, it does show that the larger firms are willing to invest in their IT systems. And it appears that the investment is delivering results. Accountancy Age’s research reveals that the firms that spent over 1% of fee income grew by an average of 9.73% compared to those that spent less, which have grown by an average rate of 4.2%.
The pace of technological change
Technology is changing the accountancy profession at a faster pace than ever imagined. Think not just about how much time you now spend at your computer, but also WHAT you spend your time on. It’s probably less on actually processing the numbers – online software now does so much of the work for you. Clients often have the necessary tools to file their own accounts and just need their accountant to validate the figures. And the introduction of MTD encourages clients to maintain and file their own records.
The right strategy for your firm
So where does this leave the role of the accountant? And what new technology should you invest in to support your firm for the future? There is no single approach that is right for every firm and your IT strategy should depend on your plans to build your business. A strong IT strategy should support your business strategy and be aligned with your future growth. Orca specialises in strategic IT consultancy for accountancy firms and advises businesses on how to use technology to improve their business processes. We have enabled our clients to improve the efficiency and productivity of their teams by using the right technology platforms for their business.
Strategic advisory opportunities
Cloud technology, automation, and robotics are changing the face of the profession. And it’s not just the accounting sector. Technology is having an impact on your clients’ businesses as well. There are opportunities for your firm in developing your knowledge of the latest business solutions so that you can advise your clients on how they should invest in technology platforms. Accountancy Age’s report highlighted the opportunity for accountants to provide advice on investment in accounting software. Clients know that if their business is to prosper, they need to get a grip on the finances and the right software can help achieve this. And who better to advise them on the best software for their business than their accountant?
Business advisory expertise combined with technical knowledge
Orca partners with some of our accountancy clients to offer strategic advice to SMEs on IT investment. We provide the technical expertise to supplement the accountants’ business consultancy when advising companies on the best financial management solution for their business. This is a win-win partnership that combines the financial advisory specialisation from the accountancy side with Orca’s IT consultancy. It can also lead to a longer strategic advisory engagement with the client to plan their future business and IT strategy. For more information on our strategic consultancy services, contact us