Manual Systems vs Software Tools
We purchase tools to make a job easier, quicker, and ensure it’s completed to a high standard. This is the case whether buying tools to fix some household chore or provide tax planning services to clients. No practice operating today can be efficient or effective doing any practice task manually. It doesn’t matter what the practice service is, or task involved, without exception, automated software tools provide superior performance for both the client and the practice.
Accountants have a well-deserved reputation for being tight with money. Many practice principals underinvest in their practice and cut costs so low they don’t have the tools to be effective. Underinvestment in any business is a dumb short-sighted strategy that results in chronic underperformance and destroys business value. I believe that practices that don’t invest in the tools to operate their business should not be in business as they are doing a disservice to their clients (and themselves of course).
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2