Technology

5 mistakes accountants make in adopting digital technology

Knowing you need to change with the times is one thing. The path toward embracing a new digital landscape and learning how to thrive within it, however, is not always so clear.

For accounting firms and internal auditors, it means understanding that emerging trends such as blockchain, cryptocurrency, the metaverse, and environmental, social and governance reporting will be just as important in the future as the more routine work of reconciling, reviewing and reporting on financial data. Keeping pace may seem like a daunting task.

A recent study shows that 37% of accountants place a high value on creative problem-solving and nearly one in two are ready to try new technology. What I’m seeing from my experience working with industry professionals over the past three decades is that many accountants struggle with digital transformation.

The accounting landscape is under enormous change, requiring professionals to acquire new skills as they’re called on to perform insight-driven, human-centered work in unprecedented ways. Automation helps by alleviating mundane work and freeing up time to be more creative in how accounting services are delivered, but without proper education, it can also present new challenges. 

Here is what I have found to be the top mistakes accounting professionals make when embarking on a digital transformation and how to avoid them. By following a few proven key steps, accountants can make the most of digital transformation and focus on what matters most: working better and smarter and building stronger relationships with colleagues and clients.

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