Digital transformation has had a powerful impact on all aspects of our lives, both in business and in our day-to-day living. The COVID-19 pandemic has forced many firms into adopting new technology during a difficult and turbulent time. More than ever before, accounting firms need help to navigate digital choices which, at a minimum, will keep the profession relevant and in the business for the long term.
Ahead of the PrimeGlobal Technology Insights: Expert Member Panel discussion, PrimeGlobal Chief Executive Stephen Heathcote asked experts from PrimeGlobal member firms "How can firms take the next step with technology, moving IT from the back office to the front office, so clients benefit from relevant, real time and focussed advice?"
Erik Klop, Partner at PrimeGlobal member firm Visser & Visser shared his views on how real time data is affecting the accounting profession.
"I believe this is so important for our future relevancy. Our society is used to getting real time insights (news weather, shopping, traffic). Why not expect that from your accountant or tax lawyer? It all starts with clean and reliable data."
With the future of the accounting profession now so reliant on powerful data, it is clear firms need a clear plan to meet clients needs and take the next step in digital transformation.
"The first step in my opinion is to create a data based 360 degree profile of your client. In all of our firms we have so much unstructured data. We can structure that data to a separate data warehouse and from there you can 'play' and surprise your client with real time information and insights." Erik Klop, Partner, Visser & Visser
Carla McCall, Managing Partner at PrimeGlobal member firm AAFCPAs agreed with Erik, but also suggests that accounting firms still do not understand the power that data holds.
"I agree with Erik, but I also think that firms are not doing enough with their own back office. For firms really to appreciate the power of data they should use if for insights for their firms."
Carla also shared how crucial it is to have the right people within your firm to handle that data and transform it into practical, engaging insights.
"We also need the right people in the 'data insights' seat to really move the needle as I have found that some companies do not really understand the power of data analytics until you can tell a story of a real situation and demonstrate how it helped increase sales and save people time by being anticipatory." Carla McCall, Managing Partner, AAFCPAs
As we continue to see the disruption caused by the COVID-19 pandemic, our reliance on technology is becoming more and more necessary. Firms are continuing to look for new opportunities to take advantage of technology, data and the evident benefits, however it is important for firms to develop a clear plan and have the right people in place to harness the true power of data. Carla and Erik will be discussing topics such as data, analytics and more during the upcoming PrimeGlobal Technology Insights: Expert Member Panel discussion.
Learn more below.
PrimeGlobal Technology Insights
Expert Member Panel Discussion
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