What progress have firms made in transforming their business and client services, and how has the pandemic impacted their efforts?
Last year’s research gave us a fascinating insight into the digital transformation of accounting. 76% of firms said then that they expected their main source of revenue to come from advisory services within just five years – and technology was identified as key to success.
So what progress have they made in the last year? It’s time to chart the profession’s progress, measure firms’ digital maturity levels, and assess the impact of the global pandemic.
By increasing their use of technology, firms have made some progress in terms of digital maturity. Digital storage and collaboration on working files, for example, have improved. However, these are relatively basic digital capabilities, and on their own will not help firms to transform their core service delivery.
Firms need to accelerate their progress to ensure their shift from bookkeeping and compliance to advisory services gets back on track. After an extraordinary year of unforeseen delays and re-prioritisation to business continuity, it’s time to put transformation plans into top gear.