More than half of UK accountancy firms are making technology solutions a priority over the next 12 months, but 88% feel overwhelmed about the options available.
A new study by accountancy IT specialists T-Tech has revealed more than half of UK accountancy firms plan to prioritise technology solutions in the next year but are feeling overwhelmed by a crowded marketplace. 151 partners, directors and senior managers working in IT at accounting companies participated in the survey.
The findings of the study reveal the uncertainty across the UK accounting industry, with partners and senior managers understanding the importance of technological developments, whilst struggling to ascertain the products most worthy of investment.
88% of respondents described themselves as overwhelmed by the choice of technology solutions for accountancy, whilst 56% said that technology was the greatest challenge affecting their goals for the year ahead. However, despite the confusion, over two thirds of participants confirmed that technology solutions feature as a topic of discussion at monthly board meetings, and 96% have a strategy in place.
The data highlighted several areas where firms are unsure of their IT solutions, showcasing problems that tech providers can solve. Some of the firms surveyed voiced concerns over their client portal, with over a third of respondents describing their client portal as ‘well established but could be better'. With remote working the norm, clients’ expectations for improved digital facilities and the drive for firms to embrace automation, the implementation of a secure client portal that can achieve more than document transfer is a top priority. Using cloud-based software to not only exchange information but automate a significant amount of the process is possible and the journey to get there is not complex.
Providing the right technology for an accountancy firm will help retain both clients and staff. The study’s findings show that whilst companies do understand the importance of up-to-date software, there is a knowledge gap between the options available and what is attainable and where investment should go.
Daniel Teacher, Managing Director at T-Tech said:
“Investing in the right technology solution can take away some of the bugbears that come with running an accountancy firm. From clients submitting late, to human errors, a good software will help make your business run smoothly. Our findings show that whilst IT staff do understand the importance of technology in accountancy, there is a lack of education around the options out there.
With remote working now the norm for many companies, it’s crucial that your software is up-to-date and secure. Working with an IT specialist can help you work out what your business needs and navigate the crowded market to uncover the software that’s best for you.”
T-Tech’s product, Practice Gateway, aims to solve the issues uncovered in the study, driving a new path for clients to interact with their accountant, with automated live updates and a sleek, user-friendly interface.