You may think that hiring a chief technology officer is not a top priority on your firm’s to-do list, and it’s no wonder considering the highest-paid CTOs earn north of $250,000. But a strategic technology partner is invaluable, giving your business a competitive edge in an increasingly digital world. Luckily, there are ways to affordably access this resource at a fraction of the cost of hiring one full-time.
An experienced CTO can provide invaluable knowledge about how to stay ahead of technology trends that make your business run more efficiently. They will have a proven track record in assisting firms like yours to maximize their technology investments. Since technology and software are firms’ largest expenditures second only to payroll, a technology strategist will recommend right-size technology that aligns with company goals to ensure the highest return on investment. Their role is especially crucial when considering that accountants manage sensitive client data and must stay vigilant in protecting customer information amid modern cybersecurity threats.
One solution for small- and medium-sized CPA firms is to partner with an IT consulting firm that offers technology strategy. This is essentially like hiring a c-level tech executive along with an IT team, without having to pay exorbitant amounts of money on salary and benefits. An outsourced CTO-level IT firm can unlock tech enhancements that improve work processes and diligently ensure internal data remains safeguarded from nefarious actors, freeing up accounting firms to focus on what they do best.
So, what can an outsourced technology strategist (CTO) partner provide your business?
A Technology Strategist Provides Guidance on Emerging Tech and Trends
One of the primary jobs of a CTO is to understand emerging trends and determine which of these can help a firm make meaningful progress toward achieving its vision. An outsourced IT partner can provide small businesses with information to best foretell major technology disruptions, and offer strategies on how to adapt to the most relevant ones.
This tech know-how can impact everything from the types of customer relationship management software your CPA firm uses to the programs that empower a hybrid remote workforce, and the security technologies and techniques that protect client data.
In an industry such as accounting where the organization is laser-focused on a niche task, companies will discover a competitive advantage by staying ahead of cutting-edge technology trends that can positively impact client experience and productivity. It’s far too distracting trying to do it all on your own.
Unlock Access to Industry Knowledge and Partners
When your team hires an outsourced strategic IT partner, you are hiring a breadth of industry knowledge that might otherwise be outside of your purvey.
Typically, people hired in these roles have extensive experience and connections, helping your company easily navigate third-party programs critical to the health of your IT, and identify strategic partnerships that could take your business to new levels. These people eat, sleep and breathe technology. They have professional associations with people who build accounting, CRM, and cybersecurity technologies. They can easily speak their language and plug you into the programs most beneficial to your team.
By tapping into these resources, accounting firms reap the rewards of a seasoned IT professional without having to break the bank or shift the focus off core operations.
They Recommend Productivity Enhancements Through Software Integrations
As the world charges forward into the digital age, accounting firms can achieve newfound efficiencies by deploying relevant software and integrations that bring a company’s systems into the modern era. Imagine being able to automatically upload client conversations from email, phone, and text into one system, or corporate expenses via Expensify or spending habits via QuickBooks. By using a cloud-based CRM, such as monday.com, a software that will organize your firm’s client base and automate processes that previously would have sucked accountants away from managing client relationships.
Through technological deployments and integrations, an outsourced IT department will help the drivers of your business perform better, thus improving end results for clients. They can recommend and deploy productivity apps for efficiency enhancements, and optimize remote work technologies to empower an on-the-go remote workforce.
Enhance Your Firm’s Client Experiences
In one study, 47% of users polled said that customer satisfaction significantly improved alongside customer retention when a business used a cloud-based CRM system, according to Capterra.
An outsourced CTO-strategy IT firm understands your unique business needs and can wield the power of technology to improve client experiences. By using cloud-based programs for critical business functions, CPA firms can integrate multiple data streams to improve efficiencies and return value to clients.
This can have a direct positive impact on your bottom line, as happy return clients are one of the best drivers of new business. They are more likely to increase spending over time as they grow more comfortable with the relationship and recommend your services to others.
Behind the scenes, CTOs will make sure your systems are as fortified as possible, protecting you from debilitating data breaches and cyber-attacks that not only impact business operations but could leave a sour taste in the mouths of your clients. It will comfort customers knowing you have taken all precautions to protect their private data.
Tech Guru’s Technology Strategy Services for Accounting Firms
Tech Guru works with firms all over the country helping them make the best technology investments and maximize return on investment. Take our CPA Technology Check-up to get a baseline for your firm and schedule a complimentary Technology Workshop to get an understanding of how you can better leverage technology to build your ideal firm.