Transformations in the workforce and rising client demands are completely reshaping the accounting industry. Partially fueled by dramatic improvements in technology, these two trends make the prospects of success seem more distant to many accounting professionals. The answer, though, isn’t to reject software innovations out of fear. Rather, you must embrace new technology is order to overcome these hurdles and distinguish yourself.
Changing Workers and Mindsets
The professional services industry is greying, and finding new, properly qualified talent is a major concern. According to the AICPA, by 2020, 73% of all its members will have reached retirement age. With unemployment beneath 4%, the vast majority of executives agree that it’s increasingly difficult to hire staff with the skills necessary to grow their businesses. Moreover, younger workers have different values when it comes to variables like office culture, flexibility, and the like.
Meanwhile, with rapid advances in software fields like business intelligence and automation, clients expect lower prices and faster project outcomes. New firms and small businesses can do more with less, driving competition up and prices down. Moreover, in today’s on-demand world, clients are eager for rapid turnarounds. In a survey from Servicenow, 93% of executives stated that client requests regarding quality, speed, cost, transparency, and accountability are all intensifying.
The Solution? Automation
In the face of this shifting landscape, it’s clear that accounting professionals need more of two things: time and knowledge. Wasting billable hours on busy work and operating based on assumptions just won’t cut it.
This is why businesses that are serious about standing out are increasingly looking to professional services automation (PSA) solutions for help. This software usually comprises resource management, time and expense tracking, analytics, and financial management, the combination of which enables firms to better identify opportunities to increase efficiency and profits.
This complimentary report from Forrester, Forrester Now Tech: Professional Services Automation Tools, shows why accountants and other professionals are using PSA solutions to automate essential processes and enhance visibility. You’ll discover how PSA software improves project outcomes and client satisfaction, and see how BQE Core’s award-winning platform fits into this landscape.