The use of technology in the accounting industry has increased dramatically in recent years, and will continue to do so even more rapidly.
Yet why is it that so many practices are still lagging behind in terms of technology implementation?
I mean sure, they might have started moving clients onto the cloud, but is that really embracing technology in every possible way that they can in every part of their practice?
This inaction or inability to move with the times will cost practices, and one of the areas it will cost them the most is in recruiting new talent…
Millennials thrive in high-tech environments
You see, the millennial generation that you’re busy trying to recruit for your practice, they thrive in environments where technology is being actively embraced.
They already make up around 50% of the workforce today, and that will rise to 75% by 2030.
So, in order to properly appeal to this generation of people, you absolutely need to embrace technology with open arms throughout your entire practice.
Think about, we use technology today for almost every part of our lives:
So, when people come to work they expect the same thing.
Potential recruits don’t want to work in a practice where Pacioli, the inventor of double-entry bookkeeping would fit-in with his quill and parchment.
They want to work in a practice that is at the fore-front of the latest technology and software to make their lives and the lives of their clients so much easier.
Because when a practice is leading in technology it creates an excitement and a buzz amongst this generation of people.
It empowers them to do their jobs faster and more accurate, it allows them to offer even greater value to the clients that they are working with, it motivates them to come to work and give it their all.
So, what’s stopping you?
Fear of the unknown.
Fear of change.
Fear of what will happen.
Fear of being replaced.
Are you scared of trying new things and making mistakes? Worried about the consequences without considering the potential benefits?
Of course, you’ll make mistakes, that’s part of the journey.
But the consequences of inaction will be much greater than the consequences of any action.
Technology has always been and will always be an enabler, not a replacement. It’s a means of doing things smarter, quicker, more accurate, more efficient, and this in itself provides opportunities.
But technology on its own is useless if you don’t have the right people there to leverage it.
Technology and people go hand in hand.
Embrace technology throughout your entire practice, and the right people will follow.