The key to future firm growth rests in the ability to leverage new and evolving technology to create process improvements, according to a recent survey of tax and accounting firms, conducted by Wolters Kluwer, in conjunction with Kelley Market Research.
Europe’s General Data Protection Regulation (GDPR) and the government’s Making Tax Digital (MTD) initiative has kicked the adoption of cloud technology into high gear. The demand for real-time data and trusted advice from customers is growing while revenue from compliance services is decreasing. Most successful firms are turning to technology to support more diverse, automated business models.
Wolters Kluwer has surveyed tax an accounting firms to track the shifts in the landscape. The report highlights:
- Their top concerns and business objectives in a technological landscape.
- Integrated cloud solutions as a means for highly efficient, automated workflows.
- Findings from successful firms who turned to cloud solutions who are able to develop personalised advisory relationships with clients and offer more strategic services.
- Data showing a direct correlation between firms migrating to cloud technology and productivity, increased profitability and employee and customer satisfaction.