Why are so many accounting teams slow to adopt new technology?
I’ve been frustrated by this for years. It doesn’t make logical sense. And I’ve been digging for years to try and figure it out. But finally I think I’ve hit on the problem:
At the root, it’s a culture problem.
The culture of public accounting — corrupted by the timesheet — discourages risk-taking and innovation. Unfortunately, like a contagious disease, that culture tags along when CPAs leave for industry or to start their own firms. We carry with us a subconscious resistance to change.
But it isn’t all bad news. There’s a group of forward-thinking accountants who are breaking the mold.
It’s not easy, though. At an event FloQast hosted this past summer here in Los Angeles, all three of our panelists described
how they had previously experienced a failed or deeply troubled cloud ERP implementation.
One “big picture” sort of reward brought to us by cloud technology is a new set of career paths for accountants.
… can either become communicators of critical business data and information, empowered to advise key stakeholders on business initiatives based on keen insight; or they can become experts in redesigning traditional industry processes to be more efficient by leveraging modern technology.
Robert Kugel of Ventana Research goes so far as to argue that the next stage in the evolution of the finance department might even make accounting cool (again)
But where are accountants going to learn the advisory or digital skills they need to succeed in this brave, new world?
PwC is taking baby steps
with its new, rigorous “Digital Accelerators” program. An astonishing 3,500 staff applied to the first class, which only had seats for 500. Course capacity was later brought up to 1,000, but that’s still a drop in the bucket of the 236,000 PwC employees globally.
Accountants also need better tools if we’re going to lead the way.
To that end, the AICPA and CPA.com are seeking a new cohort
for their Startup Accelerator. They’re looking for FinTech and EdTech solutions with a working product or service that are pre-Series A aiming to accelerate the profession’s technology ecosystem. Applications are due by November 30.
Speaking of the AICPA, if you’re looking for something new to listen to on your commute, you might want to subscribe to the AICPA + CIMA’s relatively new podcast Go Beyond Disruption
that launched in May.
If you’re looking to become a disruptor yourself, consider joining FloQast!
We’re looking for a controller
. Now you can close the books for a startup that makes software to help accounting teams close the books faster and more accurately. What could be better than that?
And now for software news. There were plenty of updates since the last issue, so keep on scrolling to stay up-to-date with feature releases and new products.