Are you ready for the digital revolution? It’s coming whether you are prepared or not, and those who fail to abandon legacy processes in favour of more modern practices may see themselves overtaken by the competition.
Hybrid is at the heart of this new way of working, but there are so many moving parts that accounting practices need to start making changes today in order to be ready for what comes tomorrow. To help you find your way, here are some of the biggest signs that your practice is ready to start its digital transformation.
The danger of legacy systems
For practices that have been operating for decades, it’s likely that you have embedded operations and legacy systems that are still vital cogs in how your organisation runs. While in the short-term it may be easier to keep doing the same things, we are quickly approaching the stage where non-digital firms will start falling behind the competition.
Unfortunately for these practices, the industry’s pace of change will continue unabated. That means you need to recognise the value of digital before it’s too late. Failure to embrace new trends will ultimately see you miss out on big opportunities – and clients – over the coming years.
So, is it time for your practice to move in the right direction and begin its digital transformation? Knowing the right time is just as crucial as making the decision to transform in the first place. Here are five major signs that now is the right time to make a change.
1. Lack of agility
You find that things are changing more frequently in your industry than in previous years. Not only that, but they are occurring more rapidly. The results of these changes are causing your accounting practice to fall behind the eight ball, and your current systems lack the agility and innovation to keep up.
2. Outdated technology
Technology is more of an afterthought than a forward-thinking strategy in your practice. That means your current hardware and software are ageing, with new employees struggling to adapt to less-intuitive systems than they are used to. In addition to the people problem, this outdated infrastructure is expensive to maintain and service, with some legacy systems so old that you can no longer receive customer support for them.
3. Security incidents
Because they are unhappy with – or unhappy to use – your practice’s existing systems, staff are defaulting to the technologies they know best. This is creating headaches for IT as they try to stay on top of countless operating systems, accounting apps and physical devices. That’s not to mention the increased security risks and detrimental impact on collaboration between co-workers.
4. No protection against cyberattacks
Unable to be properly serviced, your legacy systems are powerless against rising cybersecurity risks. This puts not only your clients’ sensitive data in danger, but your accounting practice as a whole. Moreover, you may not be able to comply with new industry regulations as they are introduced.
5. Losing talent
Even the most loyal staff members will leave if you are unable or unwilling to move with the times. Modern accountants want the ability to work in a hybrid environment, and they want the technology to be able to work from anywhere, anytime. If you can’t provide that for them, they will find another practice that can.
If you’re ready to start your digital transformation and take control of your work environment, we’re here to help. With APS Workspace you can do just that, all within a user friendly accountancy solution that solves your productivity and accessibility issues, to bring everything into one centralised cloud workspace. Isn’t it time you took advantage of a smarter way of working?
The future practice starts right here – book a consultation with us today!
APS is a division of Reckon, an ASX listed company. We develop the software used by the best Accounting Firms in Australia and New Zealand to run their business’ and advise their clients.