Which came first: the chicken or the egg? Accounting firms sometimes face a similar conundrum when deciding what to add to their tech stack:
Do you need tech to grow, or do you need tech to handle the growth?
The answer is both.
When asked about growth paths in a 2021 survey performed by Accounting Today for Wolters Kluwer, a little more than half (52%) of tax and accounting firms plan to add or update their technology as a growth tactic. That's a smart move that more firms should be considering; tech improvements are often the ticket to achieving your firm's other strategic growth goals.
How tech can get you closer to your goal
If your firm wants to leverage technology as a growth tactic, here are some specifics on how improving your tech stack can get you one step closer.
Goal: Improve project tracking and management.
Tech solution: Just over 60% of firms in the survey planned to streamline internal workflows and processes. Although this step could be taken without implementing new technology, workflow and practice management solutions take the guesswork out of keeping tabs on project status and give you data to help with workforce planning.
Goal: Improve the client experience.
Tech solution: The contactless interactions with clients that firms relied upon in 2020 aren't going anywhere. Adding integrated digital portals and collaboration tools to your tech stack can improve end-to-end client interaction, from document submission to e-signing and billing.
