Every business is a technology business these days, including accounting firms. These organizations need to keep up with the latest tools to manage a massive flood of client work with fewer and fewer staff and to stay ahead of competition from inside and outside the profession. In examining the "tech-forward" firms from a recent study by Accounting Today and Arizent Research, a number of key characteristics jump out as hallmarks of those that have been the most successful in leveraging technology. Some of these include:
- While firms that are leading are more than three times as likely to be early adopters of new technology, the majority of them are happy to stay away from the bleeding edge entirely.
- Leading firms don't necessarily plan to increase their technology spending much more than other firms, their priorities for those investments are different, with a greater focus on areas such as improving the client experience and enabling innovation.
- Tech-forward firms are much more likely to prioritize technology skills in their hiring.
- These firms simply use more software, more often, and more of their workflows are digital.
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