Is your firm's technology limiting its growth? Do you continue to invest in the same technology year after year, or is your firm integrating back-office operations at the same time that it's investing in new integrated core production applications such as tax return preparation and financial reporting?Notice that I use the term integration. There has been confusion among many in the accounting industry regarding the difference between linking applications and integrating applications. Linking allows data to transfer from one application to another, and it is generally a one-way link. Integration is more robust and allows applications to share data stored in one or more databases. Most firms still have far too many databases and spend an inordinate amount of time reconciling data.

Some firms have chosen to go with applications from one vendor (suite), while others purchase multiple applications from different vendors and expect their IT departments to integrate them. While we see both strategies work, it may be what you don't know you don't know that is limiting your growth and profitability.

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