In the challenging and dynamic world of audit and accountancy, several crucial factors need to be considered for organisational success. Firstly, preparing the organisation for change becomes essential to adapt and thrive in evolving landscapes. This includes understanding security risks to protect sensitive information and ensuring data comprehension for informed decision-making. Additionally, comprehending the impact of business continuity management (BCM) and organisational change management (OCM) within the Limited Liability Partnership (LLP) is crucial. Operating within global constraints adds another layer of complexity, requiring careful navigation of international regulations and guidelines. Finally, to maximise core investments and streamline operations, centralisation is pursued while simultaneously honouring local requirements, nurturing client intimacy, and maintaining effective decision-making processes. By addressing these aspects holistically, organisations can position themselves for success and a competitive advantage in the industry. 

Challenges

Ready for change

Today’s business and technology landscape changes faster than ever. People and organisations operate and engage in ways that could not be imagined a few years ago.  The pace of change isn’t about to slow up.  Developing social attitudes and rapid advances in human-technology interaction and collaboration are driving us into Industry 5.0.  Traditional audit and accountancy businesses have to overcome the inertia of diverse legacy IT platforms that impede change and slow down progress.  Forward thinking IT leaders are increasingly having to lead the business case, reshape their approach to service delivery and technology platforms, and become the engine of change.

Setting yourself apart 

In traditional and regulated businesses, differentiating your offer can be a challenge.  This gets compounded when you are spread over multiple territories and cultures.  In large, and often highly federated, organisations IT functions spend too much time “keeping the lights on” for core technology platforms with different implementations in each location.  Centralising and sharing core and common platforms is enabling firms to re-focus their IT staff on the things that really make their business stand out in the marketplace. 

Client experience is everything 

In the digital age clients are no longer happy to accept old style ways of working and they have increasing expectations on their audit and accountancy partners to engage in seamless, productive digital ways.  Global clients, in particular, expect a joined up interactive experience regardless of where they are based.  IT functions are having to reimagine client interactions, providing rich, intuitive, and reliable interfaces that can be experienced in the office, at home and on the move

Data driven insights 

Audit and accountancy firms gather, collate and store vast amounts of data.  This “big data” necessitates the need for effective data management systems to ensure that data is accurate and properly curated. These systems include data storage, retrieval, and analysis, as well as data protection and privacy compliance.  By ensuring the quality of data and having the right governance tooling and processes in place organisations are able to unleash the power of data to provide detailed insights, forecasts and visualisations that enable their clients to stay ahead of the curve. 

Keeping it safe

With so much data and confidential client information gathered and stored, cybersecurity risks are a primary concern for Audit and Accountancy firms.  In large, federated firms, security is as weak as the weakest link and ensuring good practice across multiple implementations, data centres and locations is a significant challenge.  The financial and reputational risks of data breach or cyber-attack demand investment in robust and effective security measures to protect their clients’ data.