Why does your accounting firm need a technology stack?

An accounting tech stack is critical to your firm’s success. Learn what we mean by this term and what benefits it can have for your firm.

minute read

Last Updated January 23, 2024

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Modern firms take advantage of a variety of accounting software solutions to provide their services. From financial management suites to digital spreadsheets, client management systems and more—the list can be extensive. And, as technology advances, a solid accounting technology stack is critical to staying competitive, keeping operating costs low and boosting productivity. This article explains what an accounting tech stack is and the benefits of building one that suits your firm’s needs. 

What exactly is a tech stack? 

An image that summarizes what exactly a tech stack entails, including examples found in an accounting tech stack.
For accounting firms, a tech stack is the collection of software and products the firm uses to perform its daily operations.

It’s important to note that the term tech stack can refer to different things. For example, many software developers refer to a “stack” as a collection of systems that work together to form one cohesive and complete solution. Think of it like a car, which is made up of various moving parts that form the whole vehicle: wheels, engine, braking systems and more. You get the idea.

In our context, tech stack primarily refers to the collection of accounting software and apps a firm uses to perform its daily operations. For you, this might include popular accounting software like QuickBooks® Online, spreadsheet solutions like Microsoft Excel, and even common applications like email or word processors.

However, understanding the concept of an accounting tech stack goes well beyond a basic definition. When we ask why a firm needs a tech stack, we’re not just implying that you need to use a solution like QuickBooks to run a successful firm.  

What we’re really asking is this: “Is your tech stack the right one for your firm?” 

Too many firms still use either outdated technology or technology that limits their ability to compete in the modern landscape. That’s why it’s necessary to perform regular technology audits to see if any improvements can be made. Because armed with the right tech stack, your firm could be netting a lot more revenue—and working more efficiently to boot. 

What are the benefits of having the right tech stack? 

An image that lists the three benefits of having the right accounting tech stack: retaining talent, streamlining workflows and expanding services.
The benefits of having the right tech stack in your firm will lead to happier employees and clients, as well as improved productivity and profitability.

You might be thinking, “But the technology I’m using is perfectly adequate to serve my clients and keep my firm running smoothly.” And if you subscribe to the old saying, “If it ain’t broke, don’t fix it,” you might not be in a hurry (or even find it necessary) to make any changes to your current setup. 

But what if your current setup is broken in ways you’re not even aware of? 

The fact is many modern solutions available to firms offer a wealth of benefits that you need to consider. Let’s take a look at some of these benefits. 

Retain talent with modern accounting software (yes, really!)

The accounting profession continues to have issues with talent retention. Many accountants feel burned out and are looking to transition out of the profession entirely. But the right accounting tech stack could make all the difference. And it will go a long way in making your firm more attractive to those just entering the profession.

How? Well, for instance, many job seekers today strongly prefer jobs where remote work is available, or where a hybrid work environment would be possible. If your firm adopted cloud-based technology, you could enable your team (and your clients) to collaborate and work from anywhere. In turn, this would allow your firm to hire top talent from a pool of candidates beyond your geographic location. 

Remote work and hybrid environments have become the norm, and they aren’t going anywhere. By equipping your firm to support remote workers, you’ll give it the competitive edge it needs to foster the kind of environment modern accounting professionals want to work in. 

Build an accounting firm tech stack that streamlines workflows 

Not only can the right technology attract the best talent, but it can also significantly boost your firm’s productivity and efficiency. 

Imagine being able to automate your firm’s more mundane tasks. Things like manual entry into spreadsheets or sifting through pages of data to find and remove outdated information. Or even keeping track of the most up-to-date files when working with your clients.

The right technology can turn these time-consuming tasks into a few clicks of a button. It also allows your team to focus on bigger-picture issues and higher-value services. And…it also fosters that work-life balance we all desire. 

As an accounting professional, you already have enough on your plate. And often, it seems there aren’t enough hours in the day to accomplish it all. So, why not take advantage of the time savings and streamlined workflows the right technology can provide? 

Use your tech stack to expand your services 

Of course, there’s a bigger picture to keep in mind when adding new technology to your firm. The right technology can undeniably make daily operations easier for your team. But the right tech stack can also elevate your firm and open the door to focus on higher-value client services.

As an example, your team could take advantage of technology that helps you manage client data. But even better, the right tools can provide key insights into the financial data of your clients. This allows you to offer more robust, personalized (and profitable) advisory services. Some tools even allow you to easily create and send off client proposals—and closely monitor their status. 

Build the right tech stack to build a better firm 

Changing your technology setup might not be at the top of your to-do list. Especially if you’re comfortable with tools and systems that seem to be working well. But what if you could go from tools that are “good enough” to a platform that offers a greater experience and more satisfaction than you and your team ever dreamed of? Not to mention the benefits to your clients. It’s an exciting time to be an accountant. And it’s a great time to explore the technology solutions available to accounting firms. It’s time to get your tech stack right…so you can build the firm of your dreams.

Ready to learn more? Discover the must-have technologies in a modern firm tech stack.

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