The SMB and accounting tech ecosystems are booming, to say the least. Given that you’re a trusted advisor in the financial well-being of your clients, the time is right for using technology to enhance your internal operations as well as growth opportunities.

1. Enter the age of tech-enabled accounting.
An advisor of cutting edge solutions. A strategic
partner for business-building initiatives.
The SMB and accounting tech ecosystems are
booming, to say the least. Even experts in the
field struggle to keep up at times, so it’s not
surprising that small business owners lack the
time to take into account all of the solutions
out there, much less to put them into place.
Given that you’re a trusted advisor entrenched
in the financial well-being of your clients, it’s a
logical conclusion that this responsibility would
fall into your hands.
There’s a long-held perception (or stereotype,
perhaps) about the accounting industry -- one
which involves massive physical ledgers,
stacks and stacks of paper, calculators, filing
cabinets, a sea of manual data entry, and
constant questions about how to code charges
on a company credit card. While some of these
are still in play, the profession as a whole finds
itself in a unique position.
It’s evolving, and in a big way. The days of stoic
bean counting alone are on the way out, and
have been replaced with heightened expectations
and more opportunity within engagements.
IN SHORT, YOU’RE BEING
TASKED WITH BUSINESS
TRANSFORMATION.
THE
TECH-ENABLED
PRACTICEENTERING AN ERA OF HIGHTENED EXPECTATIONS
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2. That’s cool. That’s sexy. For some it may be a challenge to connect the dots between tech
solutions and practice growth, but the relationship is very real and quite direct. If you fall into
that camp, step back and ask yourself if you can find internal and external opportunities to:
• Integrate software solutions
• Streamline and centralize processes (e.g. bill payments)
• Decrease turnaround times
• Increase internal efficiencies
• Increase data accuracy
• Migrate to cloud solutions
• Enhance data security and integrity
• Train your staff or clients on the tools they already use
• Improve client satisfaction and retention
• Shift away from billable hour pricing models
• Migrate to high-value services
Chances are you checked the box to at least one of these, but how does technology come into
play? And is this something that your clients actually want?
CLIENT EXPECTATIONS
You’re an accountant. You do accounting. You keep books clean and file client tax returns, right?
Not so fast. SMBs are becoming increasingly reliant on technology to manage and grow their own
businesses, and their expectations of you follow suit. In fact, 60% of small businesses attribute
increased revenue to technology, and another 60% feel that technology allows them to compete
with larger companies (Source: Office.com).
Feel that technology
allows them to compete
with larger companies
Of SMBs attribute
increased revenue
to technology
60%
&
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3. Sure, you’ll still find yourself doing the accounting essentials for your clients - tax returns, audits,
payroll, etc. But businesses are increasingly looking for their accountant to extend their services
into the realm of tech.
Not only does it benefit you to take advantage of this opportunity, but it also may not be a choice
in the future. Young accountants and current accounting students are pushing the industry in
this direction, and will bring with them the skills of digital natives. This means that your firm will
need to up its game to remain competitive and relevant.
University curricula are adopting technology as a core educational competency, and with the
arrival of credentials such as the CITP, not only do current practitioners need to be mindful of the
upcoming professionals, but also shift focus to attracting such talent to their firms.
If you’re still skeptical, you may be surprised to learn that according to an Accounting.org study,
Information Technology Accountant has the 3rd highest median salary in the accounting industry,
behind only corporate controllers and accounting professors. You can bet that those studying
accounting and have a knack for technology will flock to such lucrative sub-disciplines.
According to AccounTemps, CFOs rank information technology as the 2nd most desirable attribute
for potential accounting and finance hires, so it’s a safe assumption that ambitious graduates will
bring spades of this to the interview table when they enter the workforce.
NEARLY 80% OF BUSINESSES HAVE CHANGED
THEIR PRACTICES TO ACCOMMODATE A
TECHNOLOGY-BASED ECONOMY.
- SurePayroll
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4. THE BUSINESS REALITY
Small businesses are experiencing firsthand the benefits of technology, with 60% attributing
increased revenue to technology. Another 60% feel technology allows them to compete with
similar size and/or larger companies.
They see the opportunities for streamlining operations and extending their reach, but they also
see technology as an equalizer. Large companies used to have the advantage of technology and
tools unavailable to the SMB market, but with the advent and proliferation of affordable SaaS
solutions, these benefits are increasingly slipping away.
Within this new reality, what are companies actually looking for in an accountant? According to
the Sleeter Group, of clients already utilizing accounting services:
70% Believe their accountant is current or behind the technology curve
45% Require or prefer an accountant proactive in planning and implementing tech changes
76% Said their accountant isn’t proactive in helping plan and implement technology changes
55% Want technology recommendations from their accountant
SMBs are taking note of the capabilities of technology, and for those lacking in tech savvy, you’re
the ideal person to help bring their business into this century. For those already ahead of the
curve on adoption, their expectation would be that you meet or exceed their expertise in order
to guide them into the new ecosystem of emerging technologies and business models.
Clients currently utilizing
accounting services
Prospects NOT utilizing
accounting services
THE ERA OF RISING EXPECTATIONS
Require or prefer an accountant proactive in
helping plan and implement technology changes
Want technology recommendations
from their accountant
80%
55%
85%
45%
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5. THE WIN-WIN ECOSYSTEM
One of the awesome byproducts of the tech solutions available is the mutually-beneficial nature
between client and practice.
The primary crux of most tools available is the digitization and automation of previously manual
processes. Not only were the old processes cumbersome but they were packed with inaccurate
data, walking approvals, bottlenecks, duplicate payments, vendor phone calls, and other
time-consuming chores.
Once you find ways to remove these inefficiencies, what’s left? It frees up your employees and
clients to focus on more valuable initiatives. And what’s even better is the fact that your service
level isn’t just maintained via technology, it’s enhanced.
This migration from physical to digital is one of what Dr. Geoffrey Moore refers to as “microtrends”
which categorize the 3 primary components of accountant cloud migration. For more detail, you
can find a fantastic presentation of this idea in the Accounting Services: Harness the Power of
the Cloud whitepaper.
GOING BEYOND QUICKBOOKS & EXCEL
Accounting software is important. Excel is important. Email is important. These aren’t going away,
but the definition of tech-savvy extends far beyond these tools. If you haven’t looked around
lately, the growth of fintech and SMB software has exploded - it’s a massive ecosystem that is
actually becoming a daunting and intimidating beast.
As you can imagine, for a busy business owner or manager, finding the right tools to help their
businesses can be the proverbial needle in a haystack.
The difference is, these days the haystack keeps getting bigger. Now imagine being able to tell
your clients that you know the precise tools they need to solve their pain points and you can also
implement the tool and/or migrate their data accordingly.
That’s a solid service. Most businesses aren’t averse to transforming their company for the better,
but rather it’s the objections, fears, and roadblocks to the process that keep them from doing so.
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6. You know better than anyone the pain points or hidden opportunities within your
engagements. Maintaining a current view of the tech ecosystem can help you more
quickly make recommendations and help guide you toward the best decision for
your clients.
SOLUTION
ADVOCACY
It’s one thing to advocate a tool, but it’s another to get it up and running. Implementation
is a huge roadblock for companies, so why not take the initiative and incorporate
this into your offering?
IMPLEMENTATION
I’m sure you’ve seen clients using tools from the (relative) dark ages, and wish upon
wish that they’d upgrade to more modern tools. Maybe you’re trying to get clients
to migrate their desktop applications to cloud versions. These types of projects,
while beneficial, generally fall by the wayside when weighed against the day-to-day
needs of a business.
LEGACY
MIGRATION
Have you ever cleaned up a client’s QuickBooks data? Sure you have. So where
else can your services be used to optimize and manage content into a usable form?
OPTIMIZATION &
MAINTENANCE
People are creatures of habit, with a natural aversion to change. If you identify and
implement new tools for your clients, it makes sense to ensure they are comfortable
using them and proficient at using them in a way that best works for your firm.
Otherwise, usage will suffer and the time spent getting them up and running could
turn into wasted effort.
TRAINING
You may have clients that offer products at a local retail location. And for certain
industries (artisans, craftsmen, etc.) it may make sense to expand their presence
and market reach by offering their wares via e-commerce.
By identifying the best sales platform for their needs, implementing the procedural
requirements (shopping cart, pricing, sales tax, etc.) and incorporating transaction
data into their accounting software, you can essentially transform their entire business.
AUGMENTATION &
GROWTH
So how does one go about categorizing and prioritizing the tech-enabled product offering? It helps
to break down the question into common areas where your clients struggle. Examples include:
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7. KICK YOUR TECH-SAVVY UP A NOTCH
The current state of the fintech and small business software environment is staggering in scale
with a combination of product suites and hyper-focused offerings alike.
Accounts payable. E-commerce. Payroll. Sales Tax. Point-of-Sale. Estimating. You name the
function, and chances are there’s a handful of apps designed to solve your needs.
There are dozens (more like hundreds) of app repositories out there. Some, like apps.com, are
niche in that their marketplace is specific to the Intuit partner ecosystem, while others are more
inclusive, covering off both business and consumer tools.
If this is all a bit new to you, you’ll inevitably come across some terminologies or frequently-used
terms associated with technologies. Some are more of a marketing/positioning play, while others
carry significant weight in their impact to both you and your clients. The section below outlines
some of the more commonly used terms with modern apps, along with a simple overview of how
and why these matter to your business.
• Apps.com
• ProductHunt
• GetApp
• Find Accounting Software
• TechnologyAdvice.com
• CPA Practice Advisor
• SoftwareAdvice.com
• Toptenreviews.com
CLOUD WORKFLOW
WHY YOU CARE WHY YOU CARE
WHY YOUR CLIENTS CARE WHY YOUR CLIENTS CARE
This provides access to client informa-
tion at any time, and also allows you to
offer your services beyond your local
geography.
Workflow allows you to enforce
processes and best practices within
areas of your clients business
operations.
Cloud allows businesses to extend their
access and productivity beyond their
office walls. This removes many issues
associated with approvers and decisions
makers on- the-go or in the field.
By following defined paths, commonly
erroneous practices can be reduced,
while reinforcing a repeatable and
beneficial process.
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8. AUTOMATION
ROLE-BASED PERMISSION
INTEGRATED
SCALABILITY
WHY YOU CARE
WHY YOU CARE
WHY YOU CARE
WHY YOU CARE
WHY YOUR CLIENTS CARE
WHY YOUR CLIENTS CARE
WHY YOUR CLIENTS CARE
WHY YOUR CLIENTS CARE
Previously cumbersome tasks (e.g. data
entry) can be automated, freeing internal
resources to pursue higher value services.
This allows you to interject your activity within
a client’s business based on your agreement
and client needs.
This reduces client push back in that it allows
for the introduction of new capabilities within
their existing workflow and toolkit.
Solutions can grow or contract with your
client, making platform replacements less
frequent.
Client inputs and outputs can be more easily
executed, removing process bottlenecks and
activities which previously distracted from
primary operational objectives.
This allows a client to specifically provide
access into areas of their business where
their accountant can provide the most value.
They can continue to use the tools they are
familiar with, and learning curves are limited
to new solutions rather than a complete
workflow replacement.
Scalability allows clients to choose a solution
that can accommodate immediate needs
while allowing movement up or down based
on the business objectives.
“TAKE STOCK OF WHERE YOU ARE
AND DEVELOP A PLAN TO GET YOU
WHERE YOU WANT TO BE.”
- DARREN ROOT
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9. Yes, it’s easy to get overwhelmed by not just gaining software expertise, but finding out how
to monetize it within your practice. Like anything else, approach it in phases and follow a plan.
Even if you implement one or two new software integrations a year, the internal and client-facing
results could be substantial. As put by RootWorks CEO Darren Root, “Take stock of where you
are and develop a plan to get you where you want to be.”
So where are you? Are you an accounting software ninja, or are you still getting the hang of the
interwebs? Here’s some interesting findings (Courtesy of The Journal of Accountancy) to see
how you compare:
Even for expert users, the challenge of keeping up-to-date with the latest and greatest is very
real. Rather than get intimidated by that reality, just know that’s there’s an enormous amount
of tools online to help get you up and running. Some offer subscription pricing models, others
are charged per course, some are free. And oh yeah, YouTube is an excellent resource as well.
A few resources to get you started:
• Udemy
• Seth David
• Grovo
• Lynda
Have an Active Website
25%
48%
14%Blog
Use Cloud-based Software
Use Skype or Similar Services
77%
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10. CONCLUSION
The face of accounting is changing, not just in terms of
technology but also expectations. Short-lived are the days
remaining for the simple commoditized service so many
practices have offered over the years. While there may be
learning curves and growing pains along the way, the good
news is that there are countless resources available to help
take your practice to the next level. The benefits inherent to
this shift open up new efficiencies and capabilities within your
firm, not to mention the ability to allocate your time better to
truly providing your clients with valuable service.
Collectively, accounting professionals adopting and
embracing these new frontiers will serve to advance the
profession itself, and emphasize the importance of the
accounting function well into the future.
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XTBills was created to provide small and medium-sized businesses
with the tools they need to harness the power of an automated and
online bill pay workflow. It is our goal to offer a solution that is affordable
to any business, while not compromising on technology or features.
With XTBills, we have developed a solution which allows users to
streamline processes, enhance data quality, tighten AP controls, and
consolidate bill management into a single interface.
Toll Free: 1.844.XTBILLS (844.982.4557)
Email: contact@xtbills.com
Web: www.xtbills.com/contact