2024 CPA Firm Tech Report: Expert Guidance on Where To Go Next

Technology as a Growth Driver

CPA and professional service firms have embraced technology as a key growth driver and vital component of firm operations. Technology is the essential force multiplier delivering efficiency, increasing quality, keeping your firm ahead of the competition, reducing risk and retaining clients. Technology can also save time - helping to balance workload and enable staff to focus more on higher-margin clients and services, such as client accounting services (CAS). Despite the benefits, only 9% of accountants believe that they are getting the best use and value from their technology.¹ Technology selection and implementation are important challenges to solve, but adoption is the real difference maker.

Technology adoption is often slowed or stopped by a few key challenges. What is currently impeding your firm?

Many firms face similar challenges, but the path forward is different for every firm - each has unique budgets, resources, goals, expectations, timelines, benefits and more. A small firm may have long-term affordability as a top consideration. A medium-sized firm may be focused on seamless integration. A large accounting firm may have scalability and capacity as key requirements. Leveraging experience and expertise from successful engagements can help define your path.

We surveyed highly respected accounting technology subject matter experts who work with CPA firms of all sizes on technology strategy and implementation, and aggregated their insights into a full report that can be downloaded and viewed at www.tscpa.com/firmtechreport.

The white paper provides a CPA Firm Digital Maturity Model and Firm Tech Ecosystem, addresses five critical challenges firms consistently face, and offers a deep dive into practical AI applications. It is structured so you can easily jump to a section that addresses predicaments your firm may be encountering:

Challenge 1: If You Are Not Sure Where To Begin or What Comes Next
Challenge 2: If You Are Experiencing Resistance to Technology Adoption
Challenge 3: If You Are Managing Tech Responsibilities Without Dedicated IT Staff
Challenge 4: If You Are Addressing Inefficiencies and Managing Talent Shortages With Technology
Challenge 5: If You Are Worried About Return on Investment and Buying Future-Proof Tools

AI Integration: The report highlights the transformative potential of AI for CPA firms, advising firms to:

• Start Small: Experiment with AI tools in non-client work.
• Focus on Practical Applications: Prioritize AI integrated with larger software solutions.
• Continuous Learning: Invest in AI education to stay competitive.

Ethical Considerations: Firms must address ethical and compliance issues related to AI, ensuring transparency, accountability and data security. Establishing ethical frameworks and governance structures is essential for responsible AI deployment.

By leveraging the CPA Firm Digital Maturity Model with the Firm Tech Ecosystem, your firm can navigate the complexities of the technology landscape with confidence. Using these reference tools as part of your technology adoption process will help ensure that your technology stack boasts robustness and efficiency and resonates with your firm’s unique needs and strategic objectives. Download the full report at www.tscpa.com/firmtechreport.

This article was originally published in the July/August 2024 Tennessee CPA Journal.