Before adding, altering or transforming technology within an accounting practice, a technology audit can identify gaps and opportunities to streamline processes and boost productivity, says Alan FitzGerald, founder and Chief Software Whisperer at Practice Connections.
“Over the last two years, I’ve been doing a lot of work around what used to be known as the iceberg of ignorance, but I prefer to call it the iceberg of awareness,” says FitzGerald, who has spent 25 years in tax and accounting software in Australia.
He’s describing a management philosophy that says many major decisions are made at the very top of the iceberg, based on what management thinks is going on below.
Those decisions are felt keenly by the workforce, and they are not always appreciated.
“A firm I’m working with at the moment told me they made a change to their software a few years ago and it didn’t go well,” he says. “The staff said, ‘Why didn’t you talk with us?’”
The very first step in the addition of any new technology or tools is to consult deeply with those who will use them, FitzGerald says.
Consider future needs
The second step is to look beyond what the business is using right now, and the systems they’re familiar with, and to instead consider how they might set things up if they were starting afresh.
“When they’re looking at changing systems, many firms say, ‘We have practice management software, tax accounting software and so forth, and it’s on a server. We just want to have that again, but on a more modern platform and in the cloud’,” he says. “That approach simply doesn’t work – you cannot square-peg-round-hole it.”
FitzGerald believes business should consider needs over wants. “Rather than knowing what you want, you instead have to find out what you need, given new customer requirements and expectations, and new laws coming through regarding things like Know Your Client and Anti Money Laundering, and so forth.”
There is no single solution for most firms, FitzGerald says. No two accounting businesses are the same. That’s why, with the plethora of options available today in terms of technological offerings, it’s essential to know what your practice really needs.
Technology has been democratised
Where high-end technologies were once the domain of large firms, powerful tools are now available for all levels of user, and typically at an affordable price. In fact, newer and more effective technologies are often less expensive than the ones they replace.
“Previously, you had to maintain servers and all this infrastructure that required an IT team, or at least a regular visit from an IT professional, simply to maintain it,” FitzGerald says.
“Firms that are making the change from older to newer platforms are finding their ongoing costs to manage their networks are actually going down.”
More beneficial is the fact that new technologies enable the automation of various previously repetitive and low-value tasks, freeing up staff to work on business development, client relationships or other high-value services.
That technology, FitzGerald says, might be focused on practice management, integrated workflow, customer relationship management (CRM), document management, client engagement, marketing, or any of a multitude of other offerings.
“It’s no longer about getting a suite of tools from one provider,” FitzGerald says. “Success comes from a best-of-breed scenario, where you figure out which specific piece of software best suits your business’s needs.”
Examples of useful technology
What is available in the market to assist accounting businesses with the work they do, and with attracting new customers?
FitzGerald uses HubSpot as an example. It’s a CRM platform that helps to manage, optimise and automate marketing, sales, customer service, content management and more.
“With a marketing database in a system like Hubspot, you can send specific information to specific clients relating to specific topics,” he says.
“You have new capabilities and understandings because you can separate your client list into various types of segments, and therefore personalise communications.”
A New Zealand-based business called BOMA manages marketing content for accounting businesses, including emails, social media and blogs, all via a unified platform.
“Whether you need ready-to-use articles, AI-assisted writing, or managed marketing services, BOMA empowers you to connect with clients and grow your business effortlessly,” the company’s website says.
It offers country-specific compliance and advisory content, as well as articles that can be customised, managed marketing services and custom-made websites.
There are, of course, numerous practice management and document management tools, as well as more specific ones that enable an accounting business to become more than just an accounting business.
Options for creative tasks include:
- StreamYard – a live-streaming and recording app that runs from within your browser;
- BombBomb – which enables high-quality video messaging, as well as analytics around those video messages, via email or almost any other messaging app;
- SpeakPipe – bringing a new level of interaction to podcasts by enabling listeners to send voice messages;
- Canva – the Australian graphic design unicorn that has gone from strength to strength, now also powered by AI; and
- Monday – which optimises workflows amongst teams.
For every task, area of work and type of software, there are always numerous choices available at varying price points, FitzGerald says.
“You simply can’t apply the tech stack from one successful practice to another practice seeking that same success,” he says. “It doesn’t work that way.”
“Start with a good knowledge of what your circumstances are right now, and an even clearer understanding of where you want to be. Then ask how technology can help you get to that point. You will be amazed by what is available to accelerate that journey.”
