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Thomson Reuters Survey Reveals Cloud and Portals as Key to Future Growth

01 July 2015

Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, has revealed more and more accountants are looking to invest in new technologies, including cloud-based software and portals to enable the successful growth of their practice.

In a recent survey carried out by Digita, part of the Tax & Accounting business of Thomson Reuters, 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.

Andrew Flanagan, managing director, Digita, said:

"It's good to see practices are taking investment in technology seriously and that they realise just how vital it is to enable and sustain growth."

Digita customer, Keith Senior of Suffolk-based Chartered Accountants & Chartered Tax Advisers, Jacobs Allen, agrees.

"The use of appropriate technology is crucial to a growing practice, whether compliance or advisory-based such as ours. I'm not saying we grab hold of any new piece of technology just to be seen as innovators, but anyone not keeping an eye on what's coming and not embracing technology that will help give the best and most efficient service to their customers is doomed to failure."
he said.

Other results showed that, considering the responses regarding the importance of technology, surprisingly, 18% of respondents still do not have a company website.

"Sensible investment in suitable technology can really give a business the edge by making it more flexible, efficient and helping it to stand out from competitors."
added Andrew.
"An increasing number of our customers are now using cloud-based technologies and this is set to increase. The announcement by the Chancellor to replace annual tax returns with real-time online Digital Tax Accounts will increase demand for the cloud which has the power to transform the way accountants work internally and with their clients – enabling greater collaboration and automating more of the compliance process.

"At Digita, we are building new cloud-based solutions that don’t just replicate the way practices work today, but truly take advantage of the technology to work in new and better ways, including client portals that allow the sharing of files in real time and enable the electronic signing of tax returns, which is much more cost-effective."

The survey revealed that, while cloud adoption is picking up, some firms still aren’t ready for the transition.

"Most practices don’t see a need to jump on the bandwagon until they can see a real advantage over what they do successfully with desktop solutions today."
said Andrew.
"Our strategy is to help clients evolve to the cloud at a pace that works for them. Digita clients will have flexibility to adopt cloud technology alongside their desktop solutions so they can feel comfortable making a gradual transition rather than making a giant leap into the unknown."

For more information on Digita software solutions for accounting, visit: http://www.digita.com


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