In this era of continuous technological advancement, many leaders feel bombarded by companies promising software that will transform their business.
But are these software solutions worth the hassle of changing processes and working practices for the first time in a generation? And how do you know you have picked the right new software if you don’t have the time to perform an extensive evaluation of all the options? What if you make the wrong choice and then need to change again?
One way to avoid making the wrong decision is to make no decision at all!
Here are 10 reasons for accounting firms to stick with legacy desktop audit software:
1. It isn’t (completely) broken so you can defer the change
It’s been a while since your initial investment in 1999, and while it wheezes, sputters, and occasionally completely falls over, most of the time your desktop software does the job you need it to. So, you can probably kick the can down the road for at least one more year…
2. Your leadership team aren’t aligned and can’t make a decision
As a group you struggle to agree where to hold the annual staff party. So, there is little hope of making a decision on something as important as updating your core audit software. Everyone can see problems, no one is offering solutions…
3. Your Partners are near retirement
Retirement beckons for multiple of your esteemed Partners, and they're already mentally relaxing in their countryside estates. Investing in anything which may need more than 6 months to achieve a return on investment is doomed.
4. Your tax and advisory Partners don’t want to invest in the audit business
The audit business is a cash cow. A lovely recurring income stream where clients never leave. There are way more exciting areas the funds could be invested instead, or not at all.
5. All your clients view your audit services as a compliance commodity
You know your clients are looking for an audit just like prior years, with no frills necessary. They don't care about value-add (you think), so why improve when they just want the same service as last year?
6. You are waiting for a perfect solution to land in the market
This new approach won’t work for a remote, rural client you have worked with for 30 years. So, lets hold off on this decision until we can find a solution which works perfectly for every client.
7. Your current software provider has promised to release their cloud solution “soon”
Their cloud solution is coming next year (though, they have said that for 4 years running now…). Surely best to wait and see what they have? They’ll almost certainly have a simple migration tool from desktop to the cloud. When have they ever dropped the ball on a product update?
8. You have unwavering commitment to your sales rep
You can't abandon your faithful sales rep, who's checked in with you annually to renew your contract since the dawn of the desktop era. She’s lovely, and her annual ski-trip depends on your repeat business.
9. You have too much work and too few staff to change
You’re too swamped with your current workload to even contemplate efficiency gains. Maybe in three years, when it’s a little quieter, you’ll have time to think about it.
10. Standards haven’t changed and regulators haven’t told you to change
Why change something when nobody's complaining? Until the regulators or peer reviewers tell you it’s broken, why not stick with your current approach? Everyone else is, aren’t they?
That settles it then! The future of audit is: same-as-last-year. Desktop software.
But, if you can see a different future - where the audit is more automated, using data-driven risk assessment, audit data analytics, and AI – then moving from desktop to the cloud is the first step. Once you’re in the cloud, a new world of opportunity is available.
That future is available today – for those who view change not as a threat, but as an opportunity...