Professional services firms are increasingly swapping traditional, paper-based processes for new, innovative technology solutions.
Embracing new technology can bring tremendous benefits, but it can also feel overwhelming due to the fear of the unknown and the disruption of established routines associated with new tools and processes.
The good news is that, with the right approach, firms can manage these challenges and successfully integrate cutting-edge tools into their operations.
Here are some of the challenges you might encounter, and how you can overcome them.
Resistance to change
Humans are creatures of habit, and accountants are no exception.
If your team has been doing things a certain way for years, switching to a new system can feel like an uphill battle.
However, if you are going to keep up with competitors and the changing needs or your clients, you will need to learn to adapt.
The first step to overcome resistance is to make sure your team feels included in the discussion and implementation of new technology solutions from the start.
Communicate openly about why you’re making the change and how it will benefit the firm and the individual team member. Listen to staff concerns and offer reassurance.
Sometimes, hands-on demonstrations and a slow, phased rollout can make all the difference, especially for those who are hesitant.
At Summa Tech, we offer you a free demo of our innovative technology solutions, giving you the chance to discover the benefits for your firm and to ask any questions you may have about implementing and using our software and loop in team members as you see fit, either to a demo or the demo environment itself to take a look around yourselves.
Data migration concerns
Moving your data from one platform to another can be nerve-racking.
There’s always that nagging worry about data getting lost, corrupted, or not integrating well into new system.
Careful planning can mitigate these risks and help to ensure a smooth transition.
Conducting an audit of your existing data will highlight any potential issues before they become problems. Working closely with your tech provider to test the migration in stages can help you avoid any nasty surprises later down the line.
Summa Tech’s client portal software offers secure, encrypted channels for document exchanges, protecting data from unauthorised access. Multi-factor authentication ensures that only authorised individuals can access the portal.
We’ll make sure that your data is integrated seamlessly and securely into the new software, giving you peace of mind that your clients’ valuable data is protected.
Training and adoption
Even the best technology can be a nightmare if you don’t how to use it.
Without the proper training, your team will struggle to get the most out of the new tools, leading to frustration and mistakes.
Luckily, this doesn’t have to be the case.
Your technology suppliers should be well-equipped to train your team, ensuring everything runs smoothly, and tailor new tools to your firm’s specific needs.
At Summa Tech, we know that implementing and using new technology can be daunting. That’s why we support you every step of the way, from designing a bespoke solution to providing expert advice on using your new software and deal with the change management issues.
Whenever you, or a member of the team have a question, we’ll be here to answer it.
Compliance Concerns
Nobody wants to risk penalties for non-compliance, especially when it’s easily avoidable. With regulations such as Making Tax Digital (MTD) tightening up, any new technology you adopt needs to tick all the right boxes.
This is why focusing on compliance from the outset is essential.
Make sure any new platform you choose is fully compliant with the latest regulations, including compliance changes, and MTD.
For many accountancy firms, ensuring that all client information remains up-to-date and compliant with changing regulations can be both resource-intensive and challenging.
Opting for solutions that have built-in compliance features can save you time, money, and future stresses.
Summa Tech’s new ongoing due diligence feature is seamlessly integrated into our existing client onboarding platform and automates the continuous monitoring of client information, enabling you to stay up to date with compliance obligations.
This way, you’ll be able to detect and mitigate potential risks before they become serious issues.
Why it is worth overcoming these challenges
Implementing new technology comes with several challenges – but your firm is undoubtedly already experiencing the many difficulties that arise from traditional processes and outdated technologies.
Client onboarding involves numerous tasks, including: Anti-Money Laundering (AML) and Know Your Customer (KYC) checks, collecting and verifying client documentation, drafting letters of engagement, and more.
Historically, these processes have been manual, fragmented, and resulted in duplications and errors – requiring significant time and effort from staff and causing undue stress.
Errors, delays, and inefficiencies during onboarding can harm a firm’s reputation and discourage potential clients.
So, while implementing new technology comes with initial short-term challenges, embracing new digital tools will save your firm from dealing with the long-term challenges of outdated, onerous processes whilst at the same time providing a great user experience for both clients and staff.
Technology made easy with Summa Tech
The transition to new technology is a journey, not a destination. While challenges are inevitable, they can be effectively managed with the right approach.
At Summa Tech, we make implementing new technology easy, ensuring you can focus on providing the best services for your clients.
Our cutting-edge, innovative software solutions enable professional services firms to plug the gaps in their practice management systems.
Whether you’re tired of time-consuming onboarding processes or struggling to manage your office spaces in a hybrid world, our solutions address your firm’s issues and immediately enhance productivity and efficiency within your organisation.
Discover our innovative solutions today. Get in touch to book your free demo.