Here’s a nice piece from AccountingToday on the importance of transforming your practice into a digital operation. Authors Gary Shamis and Ilana Isakov Katz make the case that the pandemic is greatly accelerating the process of digital enablement (something that we whole-heartedly agree on, and will be writing more about soon.)
Key take-aways from the article:
- The speed of change has taken most accounting firm practice leads by surprise. You don’t have the luxury of a slow, measured approach.
- Success is going to depend on being able to operate in a “virtual world.” They don’t go into a lot of detail, but we believe this represents using technology to continually measure and optimize how you work.
- You can learn from other industries. Shamis and Katz cite two examples of companies who are innovating as a result of the pandemic – Walmart and the Cleveland Clinic. So true! Our practice lead, Yann and I both have experiences in healthcare and there are many similarities with what’s going on in accounting today.
- Finding your purpose – understanding what you do and doubling down on it everyday – will be a vital key to your success. If you offer outsourced accounting services to your customers it let’s them focus on doing what they do best. The same logic applies to accounting firms.
That last item is particularly interesting to me. A key part of the value we bring to clients is that we let you “move to the right” in terms of getting closer with your clients. We use technology to help make working with our teams easier, but at the end of the day it’s about working the right process. You can learn more about that here.
You can read the full article from AccountingToday here: https://www.accountingtoday.com/opinion/guess-whos-running-the-firm-of-2030.
Chris Shafer is Accsurant’s client solutions lead.