Although many accounting services are now akin to commodities, the right technology can not only allow you to be competitive, but to offer value added services as well. But the IT skills of the typical accounting firm partner are deficient. More training is needed.

Vision and leadership are also needed. While staff shortages are one of the most urgent problems in accounting firms, not enough attention is paid to use of technology to increase the scope of services.

L. Gary Boomer, of Boomer Consulting in Manhattan, Kansas, lists the following “new technologies” in which firms should be investing:

• Digital content management. Firms should be in compliance with the National Association of State Boards of Accountancy, American Institute of CPAs, Securities and Exchange Commission, state rules, and the Sedona Guidelines.
• Search, version control and check-in/check-out capabilities.
• Web access and the ability to work remotely.
• Data extraction and analysis.
• Integration.
• Security and privacy.

Leading the technology function requires:

• Vision.
• Team leadership.
• Creating a plan.
• Directing task forces.
• Creating secure systems.
• Complying with licensing requirements.
• Managing a help desk.
• Contributing to training.
• Developing a business continuation plan.
• Testing new technologies.
• Creating a one-page IT plan and communicating it to the firm.

From Accounting Today, July 24, 2006, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004. For the complete article, click on the following link: http://www.webcpa.com/article.cfm?articleid=20925&;pg=acctoday.