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One company director says there is a generational divide between older and younger accountants with technology take-up, putting accounting firms at risk of missing opportunities to maximise business investments.
Smarter Numbers director Andrew Broadbent says that older accountants are more hesitant to adopt new systems as they prefer to stick with the “tried-and-true” methods.
“There’s accountants and there’s accountants, and it depends on your generation and your leaning towards of technology. I get a sense that the older accountants are probably happy to stay with the tried and true methods that they’ve got, whereas the younger accountants are more willing to embrace the technology change, which is consistent with the uptake of technology no matter whether it’s in accounting or anything in this new world,” Mr Broadbent says.
“I also get a sense that it takes time to change a system and so some people are more focused on the now...and they may not be as focused on the tomorrow and/or tomorrow's tomorrow.”
Mr Broadbent says accountants who do not adopt new systems risk missing crucial data that enables businesses to achieve more “meaningful” results.
“Technology is going to change. Everyone talks about ‘technology is going to change the way businesses operate’ and an accounting practice is a business,” Mr Broadbent says.
“The opportunities that presents for accountants and public practitioners is that technology will enable us to do more meaningful things that in the past data collation has restricted our ability to do that and still make an achievable dollar.
“Without technology, it's just not going to be financially viable for their client s to get the information that they require and therefore those practices that don’t adopt technology will be just reducing the opportunities to maximise their investment in their business.”