Trenton, NJ - According to Brett Johnson from ROINJ, "Joseph Damiano tracks the increasing demand on accounting firms to keep up with technology in the way an accountant would: He thumbs through the profit & loss statements. The CEO and managing partner at Sax LLP said that, on his firm’s annual expense report, technology has become the line item just below labor."
“And that was just never the case before; it was maybe in the Top 10, but nowhere close to No. 2,” he said. “The budget is increasing all the time as we’re making the necessary investments to keep up with technology. That’s something that’s impacting every firm.”
The technology spend in accounting is increasing to such an extent that Damiano said it’s a bit of an unknown for firms just how high it could go in the future, as artificial intelligence and language processing tools such as ChatGPT make even more of a mark on the sector.
That’s driven a firm such as Sax to hire outside consultants who provide a “digital roadmap” in concert with the firm’s information technology staff to understand what tech is currently out there, what’s on the horizon … and, of course, what it’s all going to cost.
The upshot for clients of accounting firms is that their financial experts are being increasingly more proactive about using the latest tools. That’s something accounting firms have talked about doing for years, but, as Alan Sobel, managing principal of the New Jersey offices for CliftonLarsonAllen, implies: They’re putting their money where their mouth is.
For more:
https://www.roi-nj.com/2024/06/26/finance/bytes-bucks-technology-and-need-to-invest-in-it-has-growing-effect-on-firms/
The technology spend in accounting is increasing to such an extent that Damiano said it’s a bit of an unknown for firms just how high it could go in the future, as artificial intelligence and language processing tools such as ChatGPT make even more of a mark on the sector.
That’s driven a firm such as Sax to hire outside consultants who provide a “digital roadmap” in concert with the firm’s information technology staff to understand what tech is currently out there, what’s on the horizon … and, of course, what it’s all going to cost.
The upshot for clients of accounting firms is that their financial experts are being increasingly more proactive about using the latest tools. That’s something accounting firms have talked about doing for years, but, as Alan Sobel, managing principal of the New Jersey offices for CliftonLarsonAllen, implies: They’re putting their money where their mouth is.
For more:
https://www.roi-nj.com/2024/06/26/finance/bytes-bucks-technology-and-need-to-invest-in-it-has-growing-effect-on-firms/
