We’re nearing the final quarter of 2017 and the accounting world is still slowly adapting to cloud technologies. This, after a decade of internet disruption, has changed every industry – most people say, for the better.
Interestingly, it’s been small to mid-sized CPA firms that have been more accommodating of cloud technologies. That’s because IT service management has enabled these firms to migrate data and use cloud-based software to improve their business models.
But what can CPAs expect as we look toward 2018? Will IT service management in the cloud continue to expand in 2018 until it becomes a necessity even for enterprise-level firms? What will the cloud do to further disrupt our business models as we hit the New Year?
As we look toward 2018, we predict five key IT service management trends to watch for in the accounting field:
A rise in hacker activity will necessitate data migration to the cloud. It is unlikely that CPA firms with on-premise data centers will be able to keep their software up-to-date, as the threat vector escalates. A CalCPA article suggests that the vulnerabilities extend across accounting firms of all sizes. Cloud technology is the logical remedy, both for the robust nature of security protocols and the immediacy of security updates in response to malware as it appears.
Artificial intelligence and machine learning algorithms will continue to disrupt traditional accounting models. The IBM Watson partnership with H&R Block will continue to create new cyber-centric customer experiences, and other AI platforms will likely delve into the accounting field. Could the novelty of Watson or another AI steal away your clients? Definitely.
The majority of small businesses will be using some form of cloud accounting software next year. The convenience and lowered cost of IT service management models in the cloud will push the last holdouts from their on-premise software to online models.
The market for tax coaches and accountants will expand. For accountants to succeed, they should seek new service models that incorporate IT service management and software in the cloud. To stay competitive, accountants must look for value-add services that incorporate the internet and the convenience it affords.
Old accounting models will fail to attract a new, younger crop of clients. If your CPA firm hasn’t modernized your website and made it smartphone friendly, you’re going to miss bringing on the next generation of clients. The millennial generation is not interested in stodgy accounting models. To succeed, you will need to throw out the stoic models and learn about the technology shaping today’s society. Failing to modernize your image will have a direct impact on the future of your company.
Leveraging an IT service management firm is exactly what you need to modernize your company. Managed service providers can help your CPA firm make use of technology that will streamline your operations, and develop service lines that are smarter and sleeker than anything you’ve used in the past. An IT service management firm can help you migrate data to the cloud, and set up tech-savvy services that will attract new business. Contact us to find out more. Request a quote today.