From clients to staff and competition to compliance, digital transformation is both part of the problem and the solution for effective change management.

In accountancy, the challenges caused by rising client and staff expectations, compliance requirements and competition are all amplified by the increasing pace of external and internal change.

Whether you run a managerial accounting firm, a financial accounting practice or an audit accountancy, the impact is the same: it’s expensive. The longer it takes to evolve and thrive in this environment, the higher the cost to your practice, and the more opportunity you stand to lose.

To navigate this turbulence, your practice needs a modern, flexible enterprise resource planning (ERP) platform, which is supported by artificial intelligence (AI),  and integrated with software for people, projects, finance, reporting and performance management. Here are five ways today’s cloud-based ERPs help you do that.

1. Exceed client expectations

According to the 2020 Professional Services Maturity Benchmark (PSMB 2020), accountancies reported the most significant project overruns (14.8 percent against an industry average of 9.1 percent in 2019) when compared with other verticals including architecture & engineering, IT consulting, management consulting and software companies.

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