Tax & AccountingJune 08, 2022

Consider your firm's growth goals when making tech purchases

By: Wolters Kluwer Tax and Accounting

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.

Goal: Recruit new clients.

Adding more clients is a great growth goal—if your firm has the capacity to handle them. The right additions to your tech stack can help your current staff do more by automating and optimizing workflows and processes. That gives your team more time to engage with new clients and get them off on the right foot.

Goal: Cross-sell more services.

Your firm shouldn't go into cross-selling—or adding new services—blindly. Advanced data analytics solutions take the guesswork out of the process by helping your firm identify which clients to target with which products and services based on their past interactions. 

Turn to tech to meet your growth goals

Whether you choose some or all of these tech stack additions to reach your goals, do your homework to make sure they all play nicely together. Integrated solutions that can scale as you grow mean no cumbersome workaround.  

Find out more about how technology can help your firm meet its growth goals? Download the Deep Dive Into the Strategic Goals of Today's Accounting Firms ebook today.

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and expertise that helps tax, accounting and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed and accuracy.

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