Episode description
Episode description
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
View this episode in video on YouTube here: https://youtu.be/opSSeLuwCZk
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