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How can firms use technology to achieve meaningful modernization?

Firms are navigating a complex web of challenges as they strive to modernize their tax and accounting practices. How can technology overcome these interconnected obstacles and empower firms on their path to meaningful modernization?

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  • How can firms use technology to achieve meaningful modernization?

    Firms are navigating a complex web of challenges as they strive to modernize their tax and accounting practices.

    Firms are navigating interconnected obstacles 

    Recruiting and retaining talent
    40% of firms reported recruiting and retaining quality talent was their biggest challenge in 2023.1

    With a growing demand for qualified talent, firms must be creative in their strategies to make sure they acquire and retain the best team available.

    Implementing technology 
    Firms are turning to tech-enabled solutions to become more efficient and cut costs, but it's not without its challenges.

    69% of firms say that price is the biggest barrier to switching technologies.1

    Secure information 
    85% of accounting professionals have been, or know someone who has been, a victim of fraud.2

    As technology has evolved, the risks associated with data security have also become more prevalent.

    Information overload 

    The rapid pace of change in the tax and accounting profession means systems, software, and best practices can easily become outdated.

    36% of firms said keeping up with regulatory change was their biggest issue in 2023.1

    New client expectations 
    93% of accounting firms said their clients are actively seeking additional business advisory services.3 

    Despite this, many firms still shy away from adding advisory services, fearing that the investment will be unpredictable and costly.

    From obstacles to opportunities

    A thriving team
    Firms are looking for new ways to find professionals who can help them meet the challenges of the future by turning to talent with new skillsets and backgrounds.

    42% newly graduated hires came from a non-traditional tax and accounting background:4

    • non-accounting business
    • general math and sciences
    • STEM
    • computer science

    Secure firm operations
    Cybersecurity solutions provide comprehensive protection, helping firms protect their most important assets and safeguard their practice.

    Companies that adopted a comprehensive AI and automation program detected, contained, and mitigated data breaches 28 days sooner than those without it, saving an average of $3.05 million in costs.5

    Efficient workflows 
    Getting technology right accelerates modernization, boosts profits, and elevates the value firms deliver to clients, employees, and stakeholders.

    CPA firm top technologies:6

    • Cloud
    • Digital workflow
    • Managed workstations
    • Modern portal
    • Bookmarked client source documents
    • Automated source input
    • eSignature tools
    • Digital collaboration
    • Digital invoicing/payment
    • Optimized internet

    A future-ready firm 
    In a rapidly changing profession, current knowledge is the backbone of premier client service.

    Adding AI-driven research platforms to your tech stack empowers your firm to tackle the latest regulatory changes. 

    41% of firms had more competent and confident staff with AI and automation research tools.7

    Higher-value, strategic offerings
    Firms are harnessing automated technology to drastically reduce manual tasks, creating time for their staff to focus on higher-value services.

    1/2 of firms expect to spend more time on advisory services in 2023.1

    Now is the time to modernize your tools and strengthen your resources. Elevate your firm’s connectivity with integrated technology and workflows.
    See how

    1. arizent.brightspotcdn.com/b1/53/19e017ed467aba5c191cb061796f/act-year-ahead-in-accounting-report-111822-v2.pdf

    2. www.accountingtoday.com/opinion/how-accounting-firms-can-prepare-for-increasing-cybersecurity-threats

    3. www.thomsonreuters.com/en-us/posts/tax-and-accounting/2023-state-of-the-tax-professionals-report/

    4. www.aicpa-cima.com/professional-insights/download/2023-trends-report

    5. www.ibm.com/reports/data-breach

    6. www.aicpa.org/professional-insights/article/cpa-firm-top-ten-technologies

    7. www.sage.com/en-gb/blog/wp-content/uploads/sites/10/2020/07/The-Practice-Of-Now-2020.pdf

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