Tracking top tools

Staying on top of the technology that might be of use to your firm and your clients has never been harder, and yet the opportunities to build and develop an effective service off the back of them have never been greater.

Given the sheer volume of choice, having a process to evaluate what might be useful could save you considerable time and heartache. Breadth of choice causes problems, but it’s not the only challenge, according to Matt Flanagan, co-founder of the Appacus Community: “Feeling that previous attempts to introduce new technology has not paid off can also be a problem. Usually this means not enough clients wanted an app that was chosen, or those that it had been given to didn’t use it, so it didn’t deliver value.” 

Mr Flanagan believes this is caused by an incorrect focus, “thinking about the app first and solving the client’s need second. Another big challenge is finding the right commercial model. It takes time and resource to keep on top of technology options, and if you can’t work out how you sell it, then it is hard to make the commitment to invest in making it work.”

Finding an approach that works for you and your firm, therefore, is a priority.

Core apps, then fill the gaps

Glenn Martin, of Durham accountants Avery Martin, takes a pragmatic “first principles” approach: “It is possible to give about 85 per cent of what an SME needs with cloud accounting, bank feeds and something like Receipt Bank (for expenses management).

“We focus on getting this ‘85 per cent’ spot-on and then fixing particular pain points afterwards – which is when we look for other solutions. This comes from knowing your client, and not trying to push things they don’t need.”

Finding out what’s out there

Doing the research takes time, but there are plenty of places to help create a shortlist. Looking at the marketplaces or list of integrations for the major accounting software vendors is a good place to start – search by type and sector. Then there are articles, news and adverts within the major publications and exhibitions which can help triangulate the options.

But you are generally your best resource, as author and experienced digital accountant Della Hudson explains: “I try to at least know which app does what (a near impossible task but fun to try), but I do search within my network. There are always people you know out there who can share experiences, and I refer to app experts if there is nothing obvious – or it’s not a straightforward set-up.”  

Evaluating new tools and apps

Next comes a deeper evaluation of the options. John Toon, manager at adviser Beever and Struthers, says his process is “fairly straightforward”: Interrogate the vendor’s website: What does it do, who do they target and what does it integrate with? “If it doesn’t integrate with our tools, I usually subscribe to their newsletter and follow on LinkedIn to catch news of their developments.” 

Book a demo: These are a mixed bag but gives an idea on whether or not it offers something new, complements or could replace an existing app. “I also try to find out about the product roadmap.”

Trial for as long as possible: 14 days isn’t long enough, plus if sharing data or wanting to test implementation, you’ll need a longer period to clear with clients.

Decide: This may be on how you sell it, keep on the back burner, beta test, partner with or recommend to clients.

For Mr Toon, this process leads to continually re-evaluating their choices: “We constantly go back through just to make sure they are still the right ones in terms of being competitive on price, features, integrations and user experience.” 

Richard Sergeant is a freelance journalist and MD of Principle Point.