For accounting professionals in 2019, there is a need to recognise and confront operational challenges to make the shift to digital change. The HRMC’s move to making tax digital, and new regulations like MIFID II, are putting digital transformation higher on the strategic agenda. But not everyone is quite ready to get on board.
Why is this? Why are accountancy firms not embracing the digital revolution of the past 10 years? Why are firms so afraid of change?
Digital transformation goes against the traditional approach of manual and paper processes. The status quo. An accounting practice is a steady business and until now hasn’t needed to change. With anything, there are early adopters of technology and accountancy, and like any sector has its leaders in the world of digital transformation. Overall though, the sector has not made the shift to operating in a digitally efficient world.
But times are changing; work life and expectations are changing. Your resources and clients want a more modern mode of operation. Over 50% of firms are now staffed with millennials who want an agile, flexible and modern way of working. These millennials will also be part of your client base, and this will only continue to grow.