The UK accountancy industry is spending more money on technology than it ever has. The top 50 + 50 UK Accountancy Firms survey shows that since their last survey, these firms have invested more than £73 million in technology and what has become apparent is that there is a direct link between how much has been invested and growth in revenue.
As a result of the pandemic, there has been a blatant need to invest in technology to ensure businesses can operate successfully whether staff are working remotely or in the office. And it has also highlighted what types of technology are most important to invest in, and the areas where human skills remain essential. In August, PwC chairman, Kevin Ellis, said he expects to see a blend of office and home working once the pandemic is over, stating that: "Automation will continue, but the pandemic has highlighted the inherently human skills that AI cannot mimic, such as resilience, adaptability, empathy, creativity and critical thinking."
In terms of growth, the firms from the survey that reported investing in technology in 2020 benefited from an increase in fee income of 10.26%, which is 2.9% more than those firms that didn't. The report also stated that while it's clear there is a correlation between companies that invest in technology and growth, the impact of the pandemic on investment in technology going forward is still unknown. What is becoming apparent is that investment in technology needs to be directed at the right areas to ensure that during a crisis a business has seamless infrastructure in which to operate.
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