Thomson Reuters Survey Reveals Familiarity With Technology System is Barrier to Change.
63 % of respondents admit they've not changed software provider in the last five years.July 17, 2015
LONDON, June 24 2015 – Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, has revealed accountants may be paying a high price for failing to switch to improved technology solutions which can help them grow their practice.
In a recent survey carried out by Digita, part of the Tax & Accounting business of Thomson Reuters, 63 per cent of accountants admitted they had not changed software provider in the last five years. The majority of these stated that employee familiarity with the existing solution was the biggest barrier to change (50 per cent), whilst 41 per cent admitted having concerns about data migration, and 40 per cent said the training involved in learning a new system was holding them back. 30 per cent of accountants surveyed admitted they were sticking with the ‘devil they know’.
Andrew Flanagan, managing director, Digita, said: “Sticking with the devil you know and failing to shop around for accountancy software may seem the easiest option, but will hamper business growth in the long run. A business can often outgrow the capabilities of its current software systems and it’s really important firms investigate more sophisticated and robust solutions in order to improve practices and continue to grow and attract customers. Staff familiarity shouldn’t hold you back from switching to something better. And, if chosen wisely, it really doesn’t have to mean a major upheaval.”
Greg Langley, Tax Manager at Wetherby-based David Jones Accountants agrees. The firm recently switched to Digita Corporation Tax Advanced. “The main reason the firm switched to Digita was because there was absolutely no training needed to use the new software.” he explains. “It was exactly the same as we were used to, which was a big relief.
“The corporation tax solution changes have actually been the main driver for what is now a total software review,” Greg adds. “Integration with Digita Practice Management will make our processes much more automated, meaning our time costs will definitely come down. This will not only increase our profit margins but, just as importantly, will result in cost-savings for our clients.”
The Digita research also revealed 55 per cent of respondents had chosen their solution without taking up references and 37 per cent did not even trial it before purchasing. Yet, interestingly, when asked about the best advice to give other practices when selecting a new solution, getting references and trialling the solution were cited top of the list.
Andrew added: “Price should never be the primary factor when choosing an accounting software system. Firms should make sure they fully investigate all available options, take up references and make use of free trials to make sure they choose the best technology for their practice.”
Accountants who had chosen to change solutions cited price increases by their former provider as the biggest reason to switch, followed by poor customer service and lack of integration.
For more information on Digita software solutions for accounting, visit: www.digita.com
About Thomson Reuters
Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world’s most trusted news organisation. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, go to www.thomsonreuters.com
58-64 City Road, London EC1Y 2AL
Direct Dial: +44 (0)20 75427185