In this episode of Canopy Practice Success, KC hosts John Higgins, a seasoned CPA, to discuss the critical role of technology in modern CPA practices. Higgins, who has spent his career helping accountants understand and apply emerging tech, outlines his professional journey and the shifts in technology within the field. He emphasizes the importance of CPAs investing in relevant education, particularly given the rapid advancements in AI. Higgins shares the need for CPAs to be proactive in their learning, advising them to develop annual education plans that align with emerging technological trends.
The discussion delves into practical steps for smaller firms undergoing digital transformation. Higgins highlights the value of attending conferences, leveraging resources like CPA associations, and consulting with other practitioners to make informed technology choices. Furthermore, he points out that modernizing a firm not only aids in efficiency but also enhances its appeal for talent acquisition and increases its market value.
Three Main Ideas:
1. Strategic Learning in a Tech-Driven Era
CPAs often approach continuing education as a requirement to check off rather than a strategic investment. John Higgins emphasizes the importance of choosing education courses that align with the future of accounting, especially AI and automation.
2. The Role of Technology in Firm Growth and Valuation
Embracing digital transformation is no longer optional—it directly impacts a firm’s profitability, client retention, and even its exit strategy. A firm that leverages AI, automation, and cloud-based tools is more attractive to recruits and clients. Higgins warns that firms that remain stuck in outdated processes will struggle to compete, while those that invest in modern technology will enhance efficiency, ultimately increasing the firms value.
3. Digital Transformation Requires More Than Just Software
Buying the latest accounting software won’t solve all inefficiencies. Higgins advises firms to develop a clear technology strategy, involve key team members in decision-making, and prioritize tools that align with their specific pain points. Proper training and workflow adjustments are essential to ensuring smooth implementation and maximizing the benefits of new technology.
Listen on your favorite podcast platform:
.png?width=122&height=122&name=Apple%20(1).png)
.png?width=127&height=127&name=Amazon%20(1).png)
