Accounting
Insight
Many practices ask, "How much is enough?" The Australian Accounting Digital Maturity Report 2024 highlights that spending more doesn’t always equate to digital success. Instead, firms must focus on investing in fit-for-purpose technology that aligns with their goals, streamlines workflows, and meets the needs of their teams and clients.
For instance, digital leaders prioritise tools like:
- Practice Management Software: Automates workflows and reduces manual tasks.
- Business Intelligence (BI) Tools: Provides real-time reporting and analytics for data-driven decisions.
- Client Portals: Enhances client engagement through transparency and accessibility.
While basic firms may hesitate to invest, digital transformation often starts with small, strategic steps. Firms can begin by auditing their current tech stack to identify gaps. Are existing tools reducing manual work, centralising data, and improving processes? If not, reallocating budgets toward fit-for-purpose tools can provide significant returns.
Mindset is also critical. The report notes that digital leaders prioritise innovation and cultural change alongside their spending. Leadership commitment to technology drives adoption and ensures firms maximise their investment.
The right technology investments ultimately enable firms to scale efficiently, improve client experiences, and increase profitability. Accounting practices should see technology not as a cost but as a growth enabler. By adopting a strategic approach to spending, even smaller firms can compete at a higher level and achieve long-term success.
The Australian Accounting Digital Maturity Report 2024 is an inaugural report mapping how accounting firms can improve their practice’s digital maturity to create better outcomes for their business and clients. This report explores the results of the quantitative survey with 402 accounting firms throughout December 2023, collected by Agile Market Intelligence.
