The Pennsylvania Institute of CPAs released a report Monday designed to guide CPA firms looking to embrace technology to improve efficiency and better serve clients.
The report consolidates expert insights on technology adoption, addressing key challenges firms face, and offers solutions for how CPA firms can adopt technology successfully. It also includes specifics on AI, ethics and other considerations.
The report identifies five challenges and solutions.
- Starting Point and Next Steps – Firms unsure of where to begin should develop a comprehensive strategic plan that includes assessing business needs, defining long-term goals, mapping current processes, evaluating current and potential tools, and setting realistic timelines.
- Resistance to Technology Adoption – Strategies include clearly articulating the vision for technology adoption, engaging employees in decision-making, and implementing changes incrementally.
- Managing Tech Responsibilities Without Dedicated IT Staff – Options include outsourcing tech management through cloud-based software-as-a-service solutions, training employees with tech responsibilities, and considering third-party service providers.
- Addressing Inefficiencies and Talent Shortages – Key actions include optimizing work flows, integrating new technology without disrupting existing work flows, and adopting value-based billing to free up staff for learning and innovation.
- Return on Investment and Future-Proof Tools – Balancing workload with the need for technological change involves exploring the potential of legacy software before opting for new solutions, using supplementary applications to enhance core systems, and implementing frameworks such as Six Sigma’s Define, Measure, Analyze, Improve and Control (DMAIC) to ensure sustained improvement.
The report also discussed AI integration, advising firms to start small by experimenting with AI tools in non-client work, focusing on practical applications, and investing in AI education.
