CPAs in the nation’s largest firms agree that adopting Software-as-a-Service (SaaS), portable document scanners and workflow management technologies provides a competitive edge over low-performing firms. However, the top firms also agree they need to adapt to these solutions at a faster rate to provide even greater client service and maintain a more productive staff.

“Smaller firms comprise the majority of our nation’s tax and accounting providers, and while they may never have the revenues or amount of staff common to larger firms, I believe these firms will command more trust and respect from their clients when they fully embrace and implement these technologies”

These and other findings on profit margins, competition between firms and getting up-to-date with technology are the result of a new study conducted by Bay Street Group, and sponsored by The CloudSolutions Alliance. Managing partners, partners, senior executives and senior staff from Top 100 accounting firms participated in the survey, which shows that the best-managed, most successful firms are aggressively adopting Cloud, SaaS and document management solutions. The survey results show that firms are adopting these technologies in order to become more competitive, provider better client service, and improve client retention.

“The results of this study are

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generally very good news for the accounting profession, and also point to huge opportunities for small- and medium-size firms to improve client service, and add to their own bottom lines by mirroring the technology practices of the Top 100 firms,” said Jim Bourke, CPA CITP, Partner at WithumSmith+Brown, PC, ranked at #36 on the 2010 Top 100 firms list.

Bourke recently authored “3 Key Tech Strategies of Successful 21st Century Accounting Firms,” a white paper describing how competitive, growth-oriented firms are leveraging technologies like document management and SaaS to better serve clients and improve internal operations. He is also vice chair of the AICPA’s TECH+ Conference Committee for the combined TECH+ Conference/Practitioners Symposium in June 2011.

“Smaller firms comprise the majority of our nation’s tax and accounting providers, and while they may never have the revenues or amount of staff common to larger firms, I believe these firms will command more trust and respect from their clients when they fully embrace and implement these technologies,” continued Bourke. “If this full-adopter approach benefits the Top 100 firms, then adoption of SaaS, scanners and workflow technologies will be even more beneficial for smaller firms who want to continue a very close, one-on-one business-building relationship with their clients.”

Bay Street Group’s top-line survey results show that:

  • Top 100 firms adopting both scanners and SaaS are seven times more likely than firms not adopting SaaS or scanners to be “highly focused on client needs and expectations.”

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  • High Performing Top 100 firms are six times more likely than low performing firms to be aggressively adopting portable document scanners.
  • High Performing Top 100 firms are twice as likely as low performing firms to be aggressively adopting SaaS.
  • CPAs at Top 100 firms who adopt SaaS are more likely than SaaS non-adopters to agree that new technologies are changing client expectations. To be successful, accounting firms should be more technologically savvy and learn to adapt faster to changing business conditions.
  • SaaS adopters are more likely to achieve consistent and measurable increases in productivity, use the best software and equipment available, and automate workflow management.
  • Similarly, adopters of Portable Document Scanners are more likely to adopt new SaaS solutions, edge out the competition in adopting new technologies and automate workflow management as much as possible.

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