Getting Ahead of the Digital Transformation Curve

Are You Ready for the Wave of the Future?

  • – Reliability
  • – Accuracy
  • – Responsiveness
  • – Financial Data Security
  • – Top-Notch Client Service

These five fundamental promises are the qualities those in the market for a new accountant or accounting firm look for the most.

“Those who fail to jump aboard the digital transformation bandwagon may soon find themselves having to play a quick game of catch-up…”

It would be challenging to find a professional services firm that doesn’t include some combination of these touchpoints in their prospect pitches or digital media and sales material copy. After all, these are the precise qualities that define a true trusted advisor.

Unfortunately, in today’s cluttered and competitive environment, as well as a world that’s swiftly migrating towards digital transformation, these core competencies may no longer prove distinguishing enough to land you your next client. Those who fail to jump aboard the digital transformation bandwagon may soon find themselves having to play a quick game of catch-up from a less than optimal strategic position.

Even if you haven’t yet begun creating your digital transformation plan, starting now will give you ample time to set your goals and objectives, secure the technology you’re interested in employing, and get ahead of the fast evolving curve.

 A Simple Choice

Suppose you were in the market for a new accountant or accounting firm to service your business. Two potential providers offer you their pitches.

The first demonstrates that they’re able to quickly provide you a reliable and accurate work product, with each engagement point more thoroughly researched, and without sacrificing the security of your financial information as digital transformation has already been established and thoroughly incorporated into their business model.

The second is offering you a similar work product, though it might take a little bit longer to arrive in your hands as they have yet to implement a meaningful digital transformation plan.

Additionally, you recognize that the person who will be servicing your account may be less accessible to you as it will take that professional longer to complete basic accounting tasks, get answers from other internal resources, and research relevant legislation and regulations that may impact your business.

Which of these firms would you be inclined to choose?

Already in Progress

Although you may not know of many peer practitioners or firms who are poised to take on the digital transformation revolution right at this moment, rest assured some are already leading the charge and are prepared to do so while many others have recognized the wave of the future, are formulating their plans, and considering how their goals and objectives could be best served by shifting to this emerging technological platform.

In fact, firms which recognized how lacking they may have been in terms of cloud-based data accessibility or digital connectivity between their professionals when their employees began working remotely due to the recent coronavirus pandemic, are quickly stepping up to rectify these issues and prepare for the future.

Digital access will certainly become an even more important component going forward, as firms across the country come to understand that their employees can work as effectively outside of the office as they can inhabiting expensive real estate.

For firms shifting to a flexible, remote working situation for their employees, moving client data to a digital platform that can be safely and securely accessed from anywhere by all employees becomes an imperative consideration. By getting out ahead of the digital transformation curve now, you will have more time to concentrate on growing your firm and showcasing the new services you can now offer to clients, going forward.

For help with selecting the best technology to include as part of your plan or how best to move some of your key operations to a digital platform, request a demo of PracticePro 365.