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Better Productivity for Your Practice – Part 3: Our research

written by Editor, 19 April 2016

Guest blog by, Ian Cooper, Digita Product Manager

Better Productivity

Ian Cooper’s 3 part blog piece will uncover ways in which accountants in practice can boost their efficiency through technology advances. Ian will also address the barriers to productivity which practices may face and finally in the 3rd blog he will showcase the recent survey results carried out by Thomson Reuters Digita.

In a recent survey carried out by Digita, part of the Tax & Accounting business of Thomson Reuters, we discovered accountants may be paying a high price for failing to switch to improved technology solutions which can help them grow their practice.

Better Productivity

63 per cent of accountants admitted they had not changed software provider in the last five years. The majority of these stated that employee familiarity with the existing solution was the biggest barrier to change (50 per cent), whilst 41 per cent admitted having concerns about data migration, and 40 per cent said the training involved in learning a new system was holding them back. 30 per cent of accountants surveyed admitted they were sticking with the ‘devil they know’.

74 per cent of accountants stated that technology was important to their growth plans, whilst 72 per cent said their existing technology had already been an enabler for growth.

The research revealed 54 per cent of accountants are looking to introduce cloud software to their practice over the next 12 months whilst 41 per cent consider client portals to be an important next step in their investment strategy.

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