Keeping up with technology, and the costs of doing nothing
James Gill, a partner at law firm Lewis Silkin and leader of the firm’s Commercial and Technology Group, and Oliver Watson, an associate in that same group, outline some of the weightier matters accountancy firms face when considering what new technologies to adopt, and how best to deploy them. Companies looking to invest in cloud accountancy, tax software, mobile working, AI and self-service portals, and social media engagement, need to ensure they have buy-in from staff as well as clients, and to conduct due diligence on vendors. Another important task, they say, is to carry out a data protection impact assessment (DPIA) when performing any data processing, including certain specified types of processing, that are likely to result in a high risk to the rights and freedoms of individuals. Not undertaking DPIAs remains a shortcoming for many firms unnecessarily exposing them to regulatory action and damage to reputation.