Accounting
Insight
According to the Australian Accounting Digital Maturity Report 2024, 62% of digital leaders embrace experimentation “all the time,” compared to just 12% of digital proficient and 5% of digital basic firms.
Why does experimentation matter? Digital leaders use new tools and technologies to address pain points, streamline processes, and discover efficiencies. Even small innovations, such as adopting automation for workflows or testing new reporting features, can yield significant improvements.
Experimentation fosters a culture of innovation within firms. Leaders who encourage their teams to explore new technologies empower staff to solve challenges creatively and stay ahead of industry trends. This mindset enables firms to:
- Adapt Quickly: Experimentation allows firms to test and implement solutions faster, gaining a competitive edge.
- Solve Problems Proactively: By staying curious, firms can address inefficiencies before they become significant issues.
- Enhance Service Offerings: Testing new tools like BI software or client dashboards helps firms identify technologies that add value for clients.
For firms hesitant to experiment, the key is starting small. Encourage teams to test new features in existing platforms or pilot a new tool with a single workflow. Leadership commitment is crucial, as innovation requires a culture that values curiosity and continuous improvement.
By prioritising experimentation, accounting firms can identify the tools and processes that drive efficiency, improve client services, and position themselves for long-term success. Innovation isn’t about adopting every new technology; it’s about exploring what works best for your firm and embracing a mindset of growth and improvement.
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.
