IT CHALLENGES IN THE ACCOUNTANCY SECTOR

From performing basic accounting functions, to automating repetitive tasks, technology is vital to improving efficiency and productivity within the accountancy sector, but to see success you need to overcome IT challenges in accountancy.

There is no denying that technology can bring a host of challenges. However, the benefits far outweigh the drawbacks. As the accountancy sector is so fast paced, you need to be able to leverage technology effectively to remain competitive. The right IT solutions will ensure that you can process high volumes of data efficiently and securely, aiding your overall productivity and service delivery.

However, it can be challenging to know how to utilise accountancy IT solutions. But with the right expertise, your firm can learn to make technology work for you.

So, what are the most common IT challenges in the accountancy sector?

1. Mobile device security
2. Cyber security and business continuity
3. Qualified Cloud resources
4. Meeting client expectations
5. Making Big Data work for you

In this article, we’ll explore how you can overcome these challenges and make technology benefit your business.

Challenge #1: Mobile device security

Mobile devices can be extremely useful for accountancy firms, particularly given the incredible rise in the use of accounting apps. However, increased reliance on mobile devices does come with potential security risks. This is particularly true if your business is operating using a Bring Your Own Device (BYOD) policy or employees are connecting from unverified networks. You need to ensure you have a strong cyber-policy to stay ahead of issues. This policy should include strategies such as verifying any devices which are storing business data or connecting to your business’ network, installing anti-virus and anti-malware software on all mobile devices and enforcing the use of multi-factor authentication (MFA) for all employees.

Opportunities:

• Increased efficiency and productivity – apps like Xero, QuickBooks and Sage mean that your team can work any time, any place. Instead of sifting through stacks of paper, accountancy can be done at the touch of a button.
  
  
• A faster, more connected workforce – mobile technology helps your team to reach each other, even on the go.
  
  
• Improved customer satisfaction – faster client servicing means happy customers.

Challenge #2: Cyber-security and business continuity

The increase in remote (and mobile) working following Covid-19 has encouraged an increase in cyber-attacks. As accountancy practices handle such high volumes of sensitive information, suffering from a data breach could be catastrophic for your business. To avoid any potential legal, financial and reputational repercussions, you need to ensure all data - both internally and externally - is properly protected. The accountancy IT experts at T-Tech can help you to do this.
The increase in remote (and mobile) working following Covid-19 has encouraged an increase in cyber-attacks. You need to ensure all data - both internally and externally - is protected.

Opportunities:

• Protect your data by implementing a strong security strategy and keep your business secure.
  
  
• Reduce risks and costs – monitoring and updating your defences constantly will help.
  
  
• Reduce the risk of downtime and ask the experts for help.

Challenge #3: Qualified Cloud resources

Challenge: Qualified resources

As technology is always improving, it’s no longer possible for one team to maintain the relevant expertise to manage all your IT needs. To access qualified resources who can configure, manage, and monitor services like the Cloud, you need outside advice. T-Tech can help.

Opportunities:

• Increased ease of access, scalability, data-sharing and collaboration. 
  
  
• Fewer physical and logical space constraints.
  
  
• Reduce up-front costs – who doesn’t want to save money?

Learn more about the business benefits of cloud accounting in our e-book.

Challenge #4: Meeting client expectations

As digital service capabilities have improved over the years, customers are expecting more from their accountants. They are now expecting more efficient service, more streamlined communication and more secure interactions. Your firm needs to keep up with the ever-evolving digital landscape in order to meet and exceed these growing client expectations.

Fortunately, you can leverage intelligent automation to ease the burden of administrative tasks, boost your productivity and enhance your capabilities. With the pressure taken off of your people, your service delivery will improve.

Opportunities:

• Maintain and impress clients – deliver insightful data via digital dashboards and reports.
  
  
• Adapt to modern client expectations and become future-proof – meet the increased tech expectations of Gen Z.
  
  
• Enhance processes, while remaining user-friendly.

Challenge #5: Making Big Data work for you

Accountancy firms have extremely large data sets, which are hard to manage, yet very powerful. Your firm might struggle with data that doesn’t talk between systems, or even out-of-date filing systems. Maintaining data privacy for both your employees and clients and remaining compliant with sector regulations may also be a concern. However, if you can harness Big Data, the benefits are clear. Using analytics technologies will help you use Big Data to offer more impactful and accurate services to your clients. You can examine trends and offer more contextualised, quantified metrics to your customers.

Opportunities:

• Increase business effectiveness and lower process costs.
  
  
• Gain access to live dashboards of analytics across practices and departments.
  
  
• Deliver real-time data to clients.
  
  

Overcome IT challenges in accountancy with T-Tech

To see your accountancy business thrive, you need to use technology to your advantage. Luckily, T-Tech can help to iron out IT issues. Our eBook, IT Challenges, Trends and Opportunities in the Accountancy Sector, explores how you can use technology to overcome key industry challenges, enhance your operations and drive success. To find out more about how to leverage technology to boost your accountancy practice, download our free eBook today.