Mid-sized firms should look to new technologies
February 27, 2015

By and large, new accounting firms just making their way onto the scene tend to be very tech-forward. Think about the entrepreneurs who are just creating their small businesses - they tend to be young and have therefore grown up in an age that has whole-heartedly embraced the Internet and other devices. Even if the leader of a new company isn't exactly a millennial, he or she is likely aware that the firm has to use technology to its advantage in order to stay competitive.

However, this isn't always the case at mid-sized firms that have been comfortable in their carved-out niches for years now. Just a couple of decades ago, they were using manual ledgers, pens and paper to run numbers and consult with clients - why mess with a good thing?

As time goes on, though, these businesses have to adopt new strategies in order to stay alive. How can they do this while still holding onto their best practices?

Let go of the status quo
As Medium reported, there are still some firms in various industries, from accounting to law, that continue to use typewriters. The source explained that these old machines can be very helpful when professionals need to fill out certain forms quickly - they just put the documents in and start annotating. 

While this might be the exception - very few firms still use typewriters - it's probably more common to see computers, operating systems and software that haven't been updated or completely upgraded. This can present a lot of issues in security, productivity and compliance. Think of it this way - say a firm continues to use the Windows XP operating system, simply because it still works and all necessary programs are available on the platform. However, Microsoft stopped supporting this infrastructure last year, meaning that new software won't work on it, and security will be very lax.

What is the solution?
Mid-sized accounting company leaders need to be aware of this situation, especially because it's not just a case of ease, it's a case of keeping internal and client records protected. They should take steps to make sure their operating systems, accounting software, devices and other technologies are as updated as possible.

This might mean shopping around for new tools, which requires research. This can be a boon for mid-sized firms in a number of ways: The machines will likely be faster-moving and more efficient,which this could attract new hires and clients. They want to work for and hire a company that takes pride in its work and is on the cutting edge - with new technology, this can be made possible.

Nexus: G-WEBCD2