Wednesday, July 20th, 2016
Technology – Return On Investment (ROI)
“A nickel isn’t worth a dime anymore.” – Yogi Berra
I have heard firm leaders discuss return on investment relating to technology costs at many partner retreats and meetings. It always seems to be an elusive number and a never-ending conversation. In most cases, these conversations end with the comment partners apply to many things inside a CPA firm – “It costs too much.”
He also reminds us that there are a few key ideas behind what he discusses. Below are the key ideas. Follow this link to read the worthwhile article.
- That you have a technology plan and budget. Our latest National CPA Firm Survey data indicates that only 14% of CPA firms have an IT budget. Firms “spend what is needed” which may or may not be true.
- That each project should have an estimated return. Understand that some projects are dependent on other projects. For example, it is hard to implement eSignature if you don’t have your paperless project pretty far along.
- That you don’t have to implement the latest technology to be successful. However, you won’t gain a significant competitive advantage if you are a technology laggard.
- That, not every technology is for you.
- "Too many people spend money they earned to buy things they don't want, to impress people they don't like."