How to implement new technologies in your accounting practice

Research the technology and understand its features and capabilities

In today’s constantly evolving accounting industry, staying up-to-date on accounting technology trends is crucial for success. As more businesses move towards automation and efficiency, it’s important to research the technology available and understand its features and capabilities. One such technology trend that is revolutionizing the accounting industry is artificial intelligence. This cutting-edge technology has the ability to automate tasks such as data entry, bookkeeping, and even financial analysis. By investing time and resources into understanding how artificial intelligence, machine learning, and other technological advancements can benefit your accounting business, you’ll be able to stay ahead of the competition and provide top-notch service to your clients.

During the research phase we recommend you look at two major considerations.

The first one is time, how much time will this save me or my staff.

The second consideration is value, how much more value will this new software bring to my business or my client’s business.

Finally, is the additional time or value worth the expense?

Develop a plan for implementation, including timeline, budget, and goals

Implementing new technology can provide many benefits for organizations, including improved flexibility, scalability, security, and accessibility. For accounting firms that work with sensitive financial data, transitioning/utilizing to a new system can be an especially wise investment. However, the implementation of any system can be complex and requires careful planning. To successfully make this transition, a well-developed plan that includes timelines, budgets, and goals must be put in place. This plan needs to consider all aspects of the project and ensure that the accounting system is integrated with other tools and workflows.

Ultimately, a comprehensive implementation plan will help organizations achieve a seamless transition to cloud-based accounting systems while keeping costs and disruption at a minimum.

Working with the vendor to determine time investments required from you and your team can be a crucial step.

You also want to understand a realistic timeline. Many accounting firms work with a seasonal schedule so you want to ensure that implementation, testing, and rollout will not carry into tax season.

Test the technology with sample data before deploying to live environments

When it comes to implementing a new system or introducing updates to the existing one, it’s imperative to test the technology with sample data before going live. This approach can save both time and money while minimizing the risk of errors and inaccuracies. Accounting functions can be complex and require a thorough understanding to reduce the chances of errors. By testing the accounting technology before deployment, finance professionals can familiarize themselves with the software’s features and identify any potential issues. Accounting firms can also benefit from this process since it can ensure a seamless transition to the new system without causing disruptions to their business operations.

Testing is also important to spot any misrepresentation of the software’s ability or the initial perceived value or time savings.

Before the full roll out ensure you are going to realize the time or value you perceived before implementation.

Ultimately, testing technology with sample data is a crucial step in the implementation process of accounting automation and can set a solid foundation for efficient accounting practices.

Train staff on how to use the new technology correctly and efficiently

In today’s digital age, it’s essential for accounting teams to be proficient in using tech tools to leverage valuable insights from data analysis. However, the availability of technology does not necessarily translate into its successful use. Hence, it’s imperative for companies to train staff on how to use the new technology correctly and efficiently. Through proper training, accounting teams can access data more effectively, resulting in increased productivity and ultimately, better decision-making processes. Adequately trained staff can utilize technology to its full potential and provide meaningful insights that drive business growth and success.

We recommend that you purchase any vendor available training resources for your staff. Usually training provided by the vendor is better to utilize then training a small portion of your staff and relying on them to disseminate the information.

Monitor usage of the technology once deployed

With the introduction of new technology in the accounting field, the way accountants work is changing rapidly. However, with every technological advancement come new challenges. One such challenge is human error, which can lead to serious consequences if not monitored effectively. It is imperative to keep a close watch over the usage of technology once deployed in order to identify and rectify any errors. By doing so, accountants can ensure the accuracy and reliability of their work while also streamlining their operations. Therefore, monitoring the usage of technology is indispensable for the Accounting field, given the potential impact of human error.

We also recommend monitoring usage to verify that the staff is using your newly purchased software. It is also important that your staff sees value in the implementation and is not frustrated with the new software.

You should also develop key metrics to validate the time or value improvements you intended to see.

Make necessary changes or adjustments based on feedback from users or from testing results

As a business owner, making necessary changes or adjustments to accounting software based on feedback from users or from testing results can save you time and improve efficiency. By carefully analyzing data and listening to the needs of your clients, you can work securely and focus on enhancing your business operations in a targeted way. It’s important to take the time to review feedback and testing results, as they can offer invaluable insights into how you can improve your processes and ultimately provide better services to your clients.

Ask your clients what they think of the changes if it is a client facing tool.

So, embrace feedback as a learning opportunity and take action to make positive changes that will benefit your business in both the short and long term.

Cloud Migration

A technology trend we see across the industry is migrating some or all of your company software and workflow to the cloud. This could involve cloud based accounting software, virtual cloud computing technology, or other cloud based software. It is important when considering these migrations to follow this procedure even if the applications themselves are not changing. Accounting professionals often assume (incorrectly) that moving applications to the cloud will have no impact to their workflow. Migrating from on-premise to the cloud can have impacts across the business. It does provide the accounting firm with better technology for remote working but will put a big reliance on your internet connection.

All in all, using a proper process when exploring, testing, and implementing new technology solutions in accounting practices is essential. Following the steps outlined in this post is the best way to ensure successful implementation and usage. By researching it’s features and capabilities, developing an implementation plan with timeline, budget, and goals, testing it before deploying it live, training staff on how to properly use it once deployed and monitoring its usage over time, businesses can create a successful development structure that will execute their desired outcomes. Keeping the main points listed in this blog post in mind when implementing new technology solutions could be a major benefit to any business.

With diligent effort and determination your team should have no problem utilizing these methods for success.

If your firm is looking to work an outside firm to assist with the process to evaluate, implement, test, and review a new software application, reach out to Plus 1 Technology. We have over 15 years of experience in software implementation experience.