A March 20, 2023 article in Accounting Insight News says that “the accounting sector is subject to profound change as the digital transformation of the entire financial industry continues to power on. Accounting technology and IT support will have a big impact on how companies operate, with technology solutions set to support and not replace accountants.”

It suggests that adopting outsourced IT support to facilitate change is also essential to consider, as the accounting software industry is also increasing. By 2026, the accounting software industry is predicted to be worth $11.7 million.

How can accountants stay on top of the digital transformation curve? According to the article, “by outsourcing IT support to professional agencies

What challenges within the accounting industry can IT support resolve? IT support is about much more than just helping team members with their accounts. “This technical business function is woven into strategy and performance, meaning efficient services can provide solutions and stability for companies of all sizes.”

The main issues facing the accounting sector at present that outsourced IT can resolve are the following:

Quick resolutions to issues: There is no denying that the role of “accounting is busy, with just 9% of all registered accountants working less than 35 hours per week. With consumer demands only set to increase as making tax digital comes into force, and small businesses continue to dominate the market, the saying ‘time is money’ has never been more significant.”

Outsourced IT support ensures that any client or team issues are always resolved quickly. This stops any delays to operations and ensures consumers are also shown how professional practice is.

Enhanced data security: Data security is more important than ever with the Making Tax Digital Scheme, which is coming into force in the UK 2024 and is like to emerge in other countries as well, and cyber-attacks are increasing.

The article points out that “cyber security awareness is the best way to manage risks and maintain a strong position as a trusted industry supplier. Outsourcing IT support means that cyber security is constantly being managed, significantly reducing the chance of security breaches. This also means that disaster recovery planning can be professionally planned and implemented.”

Get Ahead of Cloud-Based Services. The accounting industry is increasingly adopting cloud-based software. “Outsourcing the management of this allows a secure configuration to be made. IT agencies can also create bespoke networks that offer clients a unique experience. This improves the competitiveness of an accounting firm and secures its position as a forward-thinking market leader.”

For more advice, see Future of Outsourcing IT for Accountants - Accounting Insight News (accountex.co.uk).