The financial industry has become extremely reliant on digital technology. When compared to other industries, it spends the most on IT infrastructure and technology.
According to Gartner, Worldwide banking and investment services spent over $652 billion on IT services in 2023. An 8.1% increase from the previous year.
IT services are crucial to the smooth operations of accountancy firms. This means that reliable IT support has become an important part of the industry. IT support keeps everything ticking, but also opens new possibilities for accounts to explore.
Learn how IT support can specifically benefit accountants.
How Accountants Can Use IT Support
With a larger emphasis on IT infrastructure, financial businesses like accountancy firms need IT support to manage everything properly. This support should be focused on meeting the specific needs of accountants.
Each industry will have different priorities when it comes to IT. Accountancy is no different. Discover some of the specific ways IT support can be used to elevate accountancy firms.
Data Protection
Financial data is sensitive data. The information that accountants work with daily needs to be protected.
Unauthorised access or a data breach can harm an accounting firm. The loss of data can cause downtime, halting all progress and productivity. It can also hurt your reputation, stopping businesses and clients from trusting you. All of this impacts your bottom line. IT support can protect you from breaches and cyber-attacks, saving you money while ensuring cyber security compliance.
Document Management
The data an account works on each day is dense. There’s a lot of it to manage and keep organised. Controlling documents, databases, and worksheets is key to ensuring everything is effectively managed. IT support puts measures in place to ensure that all documents go through a process that keeps everything structured.
IT support can craft a streamlined process, leading to a more efficient team.
Compliance and Regulation
The accounting industry is heavily regulated. IT support can make following these regulations more seamless.
There’s a lot to consider, like tax compliance, reporting standards, and data retention requirements. IT support can implement tools and platforms that are configured to ensure you meet these standards.
IT Support also has the power to simplify tracking and reporting tasks with automation, making this aspect of accounting easier.
Troubleshooting IT Issues
Downtime is costly for accountants. Unresolved IT issues can prevent you from completing work, leading to missed deadlines and customer complaints. With IT support, an accountancy firm will have access to a service desk that can resolve issues. With experienced and qualified support workers, you’ll get solutions to your issues quickly.
Benefits of IT Support for Accountants
IT support offers a whole host of benefits for accountants. All these benefits improve your output, making you the best accountant you can be.
Better decision making
IT Support exposes you to platforms that can make you a better decision-maker. Data is knowledge, and knowledge is power. With integrated IT services, you can track your accountancy data better, giving you deeper insight into performance. IT support services allow you to analyse data and provide context to your key statistics.
With this more complete view, you can use it to make business-critical decisions that help you grow.
Adaptability
The financial industry is always on the cutting edge. Businesses in this industry are often the first to adopt new technology to improve their output.
Take the emergence of AI (Artificial Intelligence) as an example. According to Statista, 46% of businesses in the industry were widely adopting the technology in 2022. In 2025, 43% of finance businesses are expected to see it as a critical part of their operations.
Only 3% are expected to not use AI at all.
Accountants and other businesses in the industry need to be able to adapt to new technology. If you don’t, you run the risk of falling behind.
IT Support makes it easy to adapt to new changes and work out which innovations best suit your business needs and goals.
Streamlined Processes
IT support plays a key role in streamlining accounting processes. Accounting software packages have become important tools for accountants, simplifying tasks such as data entry, reconciliation, and report generation.
IT support professionals are responsible for making sure these systems run smoothly, are updated regularly, and are optimised to meet the specific needs of the accounting firm.
Our Approach to IT Support
IT Support isn’t a one-size-fits-all service. Ours isn’t anyway. Each industry has its own needs and priorities. Our IT support is designed to be moulded depending on your goals. We offer a bespoke IT support solution that tackles your specific pain points. Find out what we can do with a free IT support audit.
We learn about your business to provide effective support. Our team is made up of the best IT professionals in the UK. With industry-leading accreditations and qualifications, you can trust us to provide a service that works for you.
Transform your accounting business by making the most of digital technology. Let us help you do that.
References
- Gartner Forecasts Worldwide Banking and Investment Services IT Spending to Reach $652 Billion in 2023. Gartner 21 June 2023 [Accessed 15 February 2024]
- AI adoption rate within financial business 2022. Statista 2022 [Accessed 15 February 2024
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