Traditionally known for its stability, the Accounting sector is experiencing a wave of change that challenges long-standing practices and requires firms to adapt quickly. The advent of digital technologies, such as artificial intelligence (AI), machine learning, and advanced data analytics, are reshaping the landscape, offering new ways to improve efficiency, accuracy, and client service. Moreover, the global nature of business today means that accounting firms must also navigate complex regulatory environments and diverse market conditions.

In this dynamic environment, accounting firms not only need to respond to these changes but also anticipate and lean into them to gain a competitive advantage. Planning and forecasting has never been more critical to help firms be more proactive in developing a winning strategy, while still needing strong people, processes and technology in order to execute these strategies. As a result many firms are rethinking business models, investing in technology, and developing a more agile and skilled workforce.

In this evolving landscape, six critical priorities have emerged that enable accounting firms to enhance their operational efficiency, drive profitable growth, and position themselves as leaders in the industry.

1. Attract and Retain Top Talent

As the range of specialised services continues to grow, so too does the competition for skilled professionals. An engaging employee experience that allows you to attract and retain top talent has never been more important. Accounting firms should be looking to enhance this experience by streamlining processes, and using data to better understand workforce performance and employee satisfaction. The workforce is changing and so recruiting a more diverse workforce and supporting it through data-driven decision-making, not only improves retention rates but also ensures that firms can meet evolving client needs with a skilled and motivated workforce.

3. Drive Profitable Growth

Revenue leakage and billing inaccuracies can significantly impact profitability. Fragmented systems often hinder firms’ ability to get a clear view of financial performance because they aren’t able to track data across the entire quote-to-cash process. With everything in one place, you can start to change this, as well as reducing invoicing cycles, and increasing the recovery of lost revenues through more accurate time tracking and project management. This streamlined approach not only boosts profitability it also enhances client relationships by providing transparent and timely financial reporting.

‍4. Increase Operational Efficiency  

As firms grow, maintaining efficiency can become challenging, particularly when regional offices  operate with different systems. If you’re going to stay quick and nimble you need everyone in your organisation on the same page with real-time data and persona-based dashboards driving decision making. By breaking down silos and removing the friction from collaboration, firms can focus less on administrative tasks and more on high-value client-facing activities.

‍5. Adopt Modern and Scalable Technology  

Modern technology is essential for scaling operations and maintaining a competitive edge. You haven’t got the time and money to waste battling with legacy systems that hinder your growth and increase risks related to compliance and data security. When you’re working with cloud-based solutions, there’s no limit to how far you can go. Firms can stay at the cutting edge with new technologies like AI and machine learning built in to enhance efficiency and innovation. This forward-thinking approach puts you on the front foot allowing you to see off future challenges and embrace new opportunities.

‍6. Invest in New Service Offerings  

If you want to capitalise on new market opportunities, you need to be quick and that means having systems that can easily adapt to new business models. Being able to integrate data from newly acquired companies and use it for predictive modelling and scenario planning, can help you to explore potential market opportunities and make informed strategic investments instead of taking a punt based on gut instinct. This flexibility gives you the opportunity to innovate and expand your service offerings, driving growth in a competitive market.

In today's fast-paced environment, when so much in the accounting profession is being rethought and reframed, it’s never been more important to have your finances, people and projects, perfectly aligned. By embracing these priorities, firms can position themselves for long-term success and resilience in a rapidly evolving industry.

Kyle Wilkinson, Industry Advisor for Professional and Business Services, EMEA, Workday

Kyle Wilkinson is the Strategic Industry Advisor for the Professional & Business Services industry at Workday covering EMEA.
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Kyle has spent his entire career supporting customers in the Professional & Business Services industry as they go through technology transformations. He started his career as a technology consultant helping large organisations through global Project & Portfolio Management (PPM) rollouts, then moving into presales helping professional services organisations as they evaluate Professional Services Automation (PSA) solutions. Kyle joined Workday over 3 years ago to help grow the PBS industry vertical. Having worked with hundreds of PBS organisations of different sizes across many sub industries, Kyle is passionate about the Services industry and helping customers achieve success.