It’s about the journey, not a destination

Posted on Wednesday, February 12, 2020 by Nicole Fracasso

Technology should be an ongoing part of your business, writes Gale Crosley, CPA, CGMA, and Kacee Johnson MBA, in a recent article from Accounting Today. In this article, Crosley and Johnson discuss the importance of keeping up with today’s technology trends and how it has impacted the profession over the years.

At this point, firm leaders know the important role technology plays, and while one technology may be prominent at the time, there are always going to be several more emerging into the industry, writes Crosley and Johnson.

Even though there is so much to gain from technology use, many professionals are still resistant.

“Technophobia is real,” they wrote. “When a new innovation is introduced, the initial hype regarding its potential impact is often exaggerated and can be panic-inducing.”

To help keep up with growing technology trends, Crosley and Johnson recommend focusing on the 31% of hires that aren’t accounting professionals. Such as, data analysts, marketers, technologists and business strategists.

“The ability to make focused, strategic hires will be a key factor in firm success going forward,” they wrote.

Technology also impacts the growth of a firm. In the past, growth strategies were dependent on referrals and networking, but now bots play a larger role, causing firms to increase their technology spending.

To continue keeping up with technology, they recommend asking “Do you want to innovate and grow, and why?”

“The next step is revenue segmentation – taking a deep dive into firm revenue to uncover opportunities to marry buyer groups with relevant technologies,” writes Crosley and Johnson.

This will help turn a group of individual employees into a team, and based on the data provided, you can begin planning for ways to replace revenue before it’s gone.

“For example, if you discover significant fraud and waste in the procurement department of municipality, you’ve uncovered a data analytics opportunity,” they wrote.

While this ongoing growth of technology can be overwhelming, it’s time to understand the large role it plays in each organization.

“It’s time to rally everyone in your firm around the fact that embracing technology is not a choice; it’s an imperative.”

For more advice from Crosley and Johnson, click here to read the article in full.

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