2024 in Reverse: What should’ve changed, but didn’t

As we close the book on 2024, it’s natural to look forward and predict the trends that will shape the future. However, it’s equally important to reflect on the past year and ask a more critical question: What should have changed, but didn’t? 

For mid-market accountancy practices in the UK, 2024 was poised to be a transformative year. Advances in technology promised to address long-standing challenges, from increasing operational efficiency to enhancing client service. Yet, in many cases, change didn’t happen. Let’s explore where progress stalled and why it’s crucial for firms to make these shifts in 2025. 

1. Resistance to Cloud Migration

The expectation: By now, cloud adoption should be ubiquitous among mid-market accountancy firms. The scalability and enhanced security of cloud solutions make them an obvious choice for modernising IT infrastructure. 

The reality: Many firms remain tethered to on-premise systems, citing concerns over migration costs, data security, or disruption to daily operations. 

Why it matters: Legacy systems not only limit scalability but also make it harder to adapt to compliance requirements and client needs. Firms that hesitate to migrate risk being left behind in an increasingly digital-first world. 

2. Missed Opportunities with AI and Automation

The expectation: 2024 was predicted to be the year when AI tools like Microsoft Copilot would revolutionise accountancy workflows. From automating document processing to generating insightful financial summaries, these tools promised time savings and enhanced accuracy. 

The reality: While some firms took tentative steps towards AI adoption, many remained hesitant, often unconvinced of the benefits, overwhelmed by the learning curve or unsure of the ROI. 

Why it matters: AI and automation aren’t just buzzwords—they are transformative tools. Firms that fail to embrace them risk losing precious hours to manual tasks that could be automated, cutting into time that could be spent on billable or value-added activities. 

Over the last few months, T-Tech have launched our AI Academy. An 8-week course designed to help accountants leverage AI and Copilot. This interactive online course equips you with all the tools you need to get more done, in less time allowing you to focus on work that adds value to your clients. If you or your team wish to fully leverage AI/Copilot capabilities, you are invited to express your interest here. You will gain access to a range of resources, including expert guidance, workshops, and networking opportunities, all designed to help you make the most of AI technology.   

3. Lack of Investment in Cybersecurity

The expectation: With high-profile data breaches and escalating cyber threats, 2024 seemed destined to push cybersecurity to the top of every firm’s priority list. 

The reality: Many mid-market accountancy practices still rely on basic protections, viewing cybersecurity as an expense rather than a necessary investment. 

Why it matters: Accountancy firms handle some of the most sensitive financial and personal data. A single breach can erode client trust and result in costly regulatory penalties as well as the risks associated with bad actors. Proactive cybersecurity is not optional—it’s essential. Every month accountants are reporting attacks and breaches, the approach to prevention is not single threaded. 

Check out how T-Tech are able help you start the journey to becoming cyber secure with our managed security service Security | The Security Essentials to Safeguard Your Business 

4. Failure to Consolidate Tech Stacks

The expectation: Firms would prioritise integrating disparate software tools into unified platforms to improve efficiency and unlock valuable data insights. 

The reality: Many firms continue to operate with fragmented tech stacks, juggling multiple tools that don’t communicate with each other. 

Why it matters: Consolidated systems reduce inefficiencies, improve data accuracy, and create a foundation for advanced analytics and AI. Without integration, firms struggle to harness the full potential of their technology. One facet of this is being able to use tools like Copilot – They work best when all the documents are housed under the Microsoft roof. 

You can view our recent webinar - Tech consolidation: Driving efficiency and strategy for accountancy firms where we discuss how strategic consolidation can drive efficiency and change for your practice. Watch the video here 

You can also download our Use Case Guide packed with loads of tips and tricks to help you on your journey here.  

5. Ignoring Client-Centric Technology

The expectation: Firms would adopt technologies that enhance client engagement, such as secure portals, automated reporting tools, or real-time collaboration platforms. 

The reality: While internal processes often get the focus, client-facing innovations have been neglected. 

Why it matters: Today’s clients expect seamless, tech-enabled interactions. Firms that fail to meet these expectations risk being perceived as outdated, especially when compared to competitors who invest in client-centric solutions. 

Practice Gateway by T-Tech revolutionises client engagement. Dubbed the 'Digital Front Door', this software, built on Robotic Process Automation and AI, centralises all interactions between accountants and their clients. Find out how Practice Gateway can transform your Onboarding or Tax experience here.  

What Needs to Change in 2025 

If 2024 has taught us anything, it’s that inaction carries risks. Here’s how you’re your accountancy practice can move forward: 

• Embrace the Cloud: Begin with a phased migration to mitigate costs and disruptions, focusing on long-term benefits like scalability and security. 

• Invest in Training for AI Tools: Educate teams on how to effectively use tools like Microsoft Copilot to maximise productivity and ROI. 

• Make Cybersecurity a Strategic Priority: Allocate budget for proactive measures like regular security audits, employee training, and advanced threat protection. Have 24/7 detect and response in place to catch when something happens. 

• Audit and Consolidate Tech Stacks: Conduct a tech audit to identify inefficiencies and opportunities for integration. 

• Prioritise Client Experience: Invest in tools that simplify client interactions, such as secure file-sharing platforms or automated reporting dashboards. 

Conclusion 

The opportunities for growth and improvement in 2025 are clearer than ever. 

Mid-market accountancy firms that embrace change can position themselves as leaders, offering clients cutting-edge service and staying ahead of competitors. At T-Tech, we’re here to help make these changes a reality. Whether it’s migrating to the cloud, implementing AI, or enhancing your cybersecurity posture, our expertise can guide you every step of the way. 

Don’t wait for another year of missed opportunities. Contact us today to learn how we can help you transform your tech strategy for 2025 and beyond.