10 accounting tech trends for 2018

January 4, 2018 9:47 AM

Technology is seen as a solution for time management, labor shortages, communication and collaboration. Accounting firms are no exception. After speaking to more than 85 member firms during BKR International’s Worldwide Meeting in London, here are the top 10 technologies that accounting firms plan to embrace or enhance in 2018.

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Technology is being seen as a solution for time management, labor shortages, communication and collaboration -- and accounting firms are no exception. Based on feedback from more than 85 member firms during BKR International’s Worldwide Meeting in London, here are the top 10 technologies that accounting firms plan to embrace or enhance in 2018.

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1. Video

Firms have used video to promote their brands and services, but they will use it more and more to have planned and casual conversations inside and outside the firm. Blogs will evolve to video blogs, providing information while introducing firm experts. Live events on social channels will allow real-time interaction and connection to events even if people can’t attend. This is a nice benefit with remote employees to help them stay personally connected to firm culture.

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2. Apps and analytics

Helpful time management apps and fitness apps will keep accountants balanced while their digital dashboards will collect and present data in simple formats. Firm leaders will have increasing access to volumes of data relating to their key performance indicators internally, as well as smart organization of big data on client industries.

3. Conversational platforms

Although not widely used in professional settings other than for directing a phone call to the proper individual or in two-way chat functions, conversational platforms will be useful for accounting firms to direct clients to resources and answers in a conversational style. Developers are looking for ways that these platforms can more easily interpret the user’s intent and deliver on more complex requests.

4. Event drivers

Accounting firms will look more holistically at the transactions or “events” that take place at each stage of the client engagement and discover new ways to improve efficient delivery of multiple services. For example, a client’s accounting software may note a possible tax opportunity and ping it in the CPA’s system for discussion at a quarterly client check-in (which the system will also schedule). If the client’s attorney is also required for discussion, she will also be invited to the meeting automatically.

5. Adaptive security

In addition to updating security protocols and avoiding employee error through training and better password protection, adaptive security systems in the future will be designed to anticipate security risks. According to the 2017 Ponemon Institute Cost of Data Breach Study, the average size of data breaches in the U.S. alone is 24,000 records, valued at $3 million in average data value annually.

7. Digital recruitment

Many services are now available that allow accounting firms to submit position notices electronically, using keywords to search talent databases for specific job titles and skills. However, firms will seek to improve the quality of their hiring analytics to narrow down candidate selection and reduce turnover.

8. Social selling

So far, social media has been used more heavily as a networking and marketing tool than an actual sales tool. Sites like LinkedIn are working to change that by emphasizing lead search and sales conversion tools for their paid subscribers. Social media will also evolve to support client communications and expansion of services.

9. Content marketing

Firms are getting more sophisticated at content marketing by driving potential clients toward niche-focused content and then keeping them interested through a series of ongoing communications. Content is increasingly personalized for the leads and nurtures those relationships toward having real conversations and proposals.

10. Value billing systems

Accountants aren’t going away from tracking time as once recommended, simply because timesheets offer valuable data for practice management and performance. However, they are packaging more advisory services (and client accounting services) based on a flat fee rather than an hourly rate. They will look for ways to integrate time and billing software with their value-billing system to monitor talent utilization and capacity against opportunity and profits.