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Tech Series: Practical Tools for Small Firms to Generate Big ROI

Aug 25, 2021
In May 2020, 35% of INCPAS member organizations reported they were extremely or completely disrupted by the pandemic, while 25% reported they were only somewhat or not disrupted at all.

Organizations that took the abrupt work transition in stride originally hadn’t incorporated new technologies solely to be prepared for a pandemic or other emergency, but they were also able to continue business with clients “as usual” because they were already using remote desktops, online phone systems, shared documents accessible in the Cloud, paperless workflows and other helpful tools.

Over the past year, more firms implemented some of the above technologies out of necessity — even if they had previously viewed them as “gimmicky” or yet another “shiny object.” But regardless of firm size, everyone had to make work…work. And they did.

Now comes the next phase: what will you do to move beyond short-term solutions and plan for long-term growth?

You’ve already seen how implementing even one or two new tools ensured continuity with your clients and your team. Now imagine how much more you and your staff can do if you invest in additional efficiencies that free up time for enhanced client service.

In this infographic, we share survey results from small- to mid-sized firms and solo practitioners who weighed in on how they currently use (or don’t use) technology so you can learn from your peers. At the end, we include resources to point you in the right direction as you decide on which tools to implement next.

Source: INCPAS Pulse Survey — “Indiana CPAs report concern for employee safety; losing clients and revenue”
“Our number one concern is responding to client needs. If we have a client ahead of the curve in technology, we don’t want to feel like we’re slowing them down.”
—INCPAS Small Firm Practitioner
Infographic: Practical Tools for Small Firms to Generate Big ROI

INCPAS Continuing Education

Peer Networks

These groups will be a chance for those of you interested in implementing new technology at your firm to connect with colleagues who have already gone through the process who will share their ideas, trials, errors and advice.

If you want to be included in this network, let us know and we will follow up with you.

Sources & Additional Reading

Tech Series: Solutions to Create More Capacity for Your Team

Tech Series: The Profitable Practice—Offering New Lines of Service

INCPAS Pulse Survey — “Indiana CPAs report concern for employee safety; losing clients and revenue”

CPA IN Perspective (Summer 2020) – Executive Committee Q&A

INCPAS Blog — Tech Transformation Q&A with INCPAS Innovation Advisory Council Member Chaleise Fleming, CPA

Investopedia — “The Best Electronic Signature Software for 2021”

Spend Journal — “8 excellent benefits of Accounting Automation”

Infinit-o — “The Benefits of OCR Technology in Finance & Accounting”

CPA Journal — “The Development of Machine Learning & Its Implications for Public Accounting”

Investopedia — “Distributed Ledgers”

Investopedia — “Blockchain: What You Need to Know”

Source: G2 — “Top 7 Blockchain Platforms”

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