Accountants must innovate or get left behind!

Is your accounting firm struggling to keep up with technology? Are you curious about how tech adoption could impact your bottom line?

Rob Brown sits down with Joel Hughes of RightWorks to discuss the findings of their 2024 Accounting Firm Technology Survey. They delve into the current state of technology adoption in accounting firms, exploring the challenges and opportunities that come with embracing cloud-based, connected, and collaborative technologies.

Joel shares key insights from the survey, including the surprising statistic that firms on the technology-mature side of the spectrum reported 39% higher revenue per employee than average. The conversation covers topics such as the obstacles to tech adoption, the importance of cybersecurity, and the potential impact of AI on the accounting profession. Joel also emphasizes the need for firms to modernize their practices to gain a competitive advantage and improve client relationships.

Key Takeaways:
✓ Firms that are technology mature reported 39% higher revenue per employee than average
✓ The biggest challenges to tech adoption are lack of expertise, resources, and budget
✓ Cloud adoption can address cybersecurity concerns by providing managed security services
✓ Only 22% of firms reported a high percentage (75%+) of their clients using cloud technologies
✓ Firms need to align their technology adoption with their evolving business models to stay relevant

Quotes:
"The shared vision of what you want your firm to be and how you want it to work needs to be enabled by technology." - Joel Hughes

Chapters and Timestamps:
04:40 - Main findings and technology maturity continuum
08:00 - Impact of technology adoption on revenue
13:00 - Obstacles to technology adoption
17:30 - Cybersecurity and data security concerns
21:30 - AI in accounting: challenges and opportunities
26:50 - Client-accountant partnerships and technology

2024 Accounting Firm Technology Survey: https://www.rightworks.com/news/2024-...
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The Accounting Influencers Podcast is for accountants, bookkeepers, finance professionals and those who lead, work in, and serve them. Hosted by Rob Brown and special guests who are influential within their field, the podcast covers topics such as leadership, business growth, technology and automation, diversity and career development. Join the accounting influencers conversation at one of our virtual speed networking events for influential leaders and professionals in the accounting, finance and tech world:
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