“All that glitters is not gold”… and all that shiny new tech may not be the right fit for your accounting firm after all.
We know, we know. It can be easy to get swept away by all the latest gadgets and gizmos. There’s also a lot of pressure to stay on trend when it comes to tech. However, just because a product is new, advanced, or even proven to be good for other businesses DOESN’T mean it’s right for your firm. Our businesses are intricate ecosystems that rely on the right tools working in tandem. Choosing the wrong tool means throwing it ALL out of whack…
So, here are five things to consider when deciding whether or not new technology will benefit your firm.
Consider Your Needs
The truth of the matter is that not every fancy new piece of technology is actually necessary for our businesses. There are apps and tools for basically anything you could think of, and the costs of those can add up pretty quickly if you’re not selective. Pinpoint what your exact business needs are. That way, you aren’t wasting time and money on adopting a technology that doesn’t fill those gaps.
Cost & Reward
Let’s go ahead and get the numbers out of the way. If a new technology is out of your budget OR if it can’t boast a service worthy of the price tag, it isn’t a good fit for your firm. How will this new technology add value to your firm or to your customers? Does it appear the technology has added value to other businesses, or can you not find any proof of this? Will it save you money down the line?
Adoption & Your Team
Your team is the lifeblood of your business, and if a new technology is going to make their days harder rather than easier… Well, it’s probably not the right choice. User-friendliness is extremely important when considering new tech. Depending on what sort of tool it is, you may need to think about not only the user-friendliness for your staff but for your customers as well!
Everything changes, and your business is not an exception. New technology should be adaptable enough to scale and continue to work effectively as you take on newer technology, ideas, and processes. You also don’t want to have to go through the process of training your team on new tech every year… Instead, you want tech that has staying power, tech that you can rely on for years to come.
When adopting a new technology at your accounting firm, it’s important to keep your long-term goals constantly at the forefront of your mind. Your tech is a vital component of your business, affecting your day-to-day workflow and your clients’ satisfaction. Just as you thought about your needs, now you need to anticipate how those needs might evolve in the future.
We all love to keep up with what’s new, but new doesn’t always mean best. Take the simple spreadsheet for example. Chances are, you’re still using Excel or another spreadsheet application at your firm, even though they’ve been around for decades. Just because something is old doesn’t mean it’s outdated — and why fix what isn’t broken? Focus on your actual business needs before investigating new tech offers. Then, you can ensure you don’t regret the buy!