Why Software & Tech Adoption is Slow in Accounting

UK Matters in Accounting

It's the "UK Matters in Accounting" show, every Thursday to 150 countries and 30,000 accounting practitioners, fintech specialists and influencers in the accountancy, CPA and bookkeeping space.

In today's episode 17, "Why Software & Tech Adoption is Slow in Accounting" with special guest Will Farnell, founder of innovative UK accountancy firm Farnell Clark and author of The Digital Firm. https://www.linkedin.com/in/willfarnell

You can also watch this on youtube here: https://youtu.be/uwCrXMi2KxU

Key takeaways from this episode include:

☞ reference to a Xero slide via Ian Phillips about how early adopters often capture a market

☞ the reasons why the accounting profession and cloud technology adoption hasn't moved on as much as experts predicted

☞ the magic number of 75% when defining cloud adoption in accountancy practices

☞ why only 5% of the UK accounting market can be defined as cloud accounting firms

☞ how innovative cloud accounting firms and strong tech adopting practices are taking clients from bigger firms

☞ the power of cloud and tech adoption differentiates accounting firms when the playing field is otherwise level

☞ the opportunity that MTD could offer accountants if it goes ahead and drives tech and cloud adoption with digital accounting

☞ how MTD could have been a catalyst for better tech adoption in accounting firms, though it's sad that the profession even needed a push to modernise

☞ the switch from regulation and government driving digital accounting to clients and millennial business owners

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Mentioned in this episode:

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