The increasing proliferation of ever-changing technology in the accounting industry presents a challenge to traditional accounting firms, and IT consulting firms in Long Island are helping them re-align their operations. Apart from the “technology shock”, your business is subject to the ever-changing regulations and tax laws and significant competition from fintechs.
Thus, there’s the need to adopt a technology-driven strategy to fit the modern business landscape and meet customer demands.
The top challenges in the accounting industry today can be remedied with the following steps:
Adopt New Technologies Fast
Accounting firms that run on traditional accounting software have already lost significant market share to startup fintechs. New technologies that facilitate mobile-based, accounting solutions, credit rating, and loan qualification have made financial services exceedingly efficient and fast.
This is a remarkable advantage which addresses the customers’ needs, including fast delivery of services and paperless transactions without the intervention of an accountant.
However, mobile-based solutions are not a preserve of fintechs, and you can deploy the technology innovatively to serve customer needs.
For instance, using managed IT services in Long Island, you can deploy cloud-based accounting software with 24/7 availability for improved efficiency and paperless bookkeeping.
It is, therefore, ideal to test-drive innovations continuously and adopt new technologies as they emerge to align with customer needs and secure your market share.
IT consulting companies in Long Island advocate the use of Artificial Intelligence (AI) to stay ahead of the competition and align with industry trends. AI is also a threat to your accounting firm and can potentially replace your service offerings unless you embrace it to strengthen your practice.
For example, audit services powered by Big Data and powerful algorithms are faster and more efficient than a manual audit process. This rich opportunity will help you grow with technology and become superior and more efficient in serving your clientele.
Besides, packaging technology with professional expertise will help you achieve a technology-driven strategy and stay on par with evolving customer expectations.
Attract and Retain Talent
Accountants have to be competent in both manual accounting practice and software-driven methods. However, such talent is scarce, but you need qualified hires with experience to realize the synergy needed to make technology-driven processes more efficient.
Such professionals are visible experts, and they’ll shine the spotlight on your enterprise and drive in more customers.
At Total Technology Solutions Inc., we specialize in helping businesses, regardless of size or type, leverage technology to drive growth and boost productivity. As a leading IT consulting firm in Long Island, we can help you overcome technology challenges. Contact us now for more information.