what accountants are eyeing and buying in 2006

stay up-to-date and competitive with a look into accountant’s technology wish lists and buying plans.

by rick telberg
bay street group llc
for hewlett-packard

if you’re like most finance and accounting professionals, you don’t just rely on your technology systems to help you get your work done. you rely on technology to keep your practices and procedures up-to-date and efficient. in fact, your technology systems are part of your competitive advantage. so what do you need to know to be a fully-connected professional today? asked to give the best advice to other practitioners, john l. luig jr., of the sink, luig & co. cpa firm in wichita falls, texas, says, “if you can, go all out for the best technology. the benefits will outweigh the costs and it will make your life easier in the end.”

jesse powell, a public practitioner in san bernardino, calif., adds, “our best advice is to not skimp on technical resources or technology. they allow you to behave like a big firm and have the benefits of a very small firm.”

not surprisingly, then, personal computers are at the top of the professionals’ wish lists of planned technology purchases, with 37% planning to buy laptops and 17% planning to buy desktop pcs over the next 18 months.

what else is on the wish list? well, bay street group finds that 27% of finance and accounting professionals are planning to buy flat panel lcd monitors. one study says a dual-monitor setup grants efficiencies of up to 20%.

‘cheap costs 10 times more in the long run’

meanwhile, another 27% are eyeing the accountant’s swiss army knife ? the all-in-one, multifunction printer/copier/fax/scanner. you simply can’t live without one these days.

to be sure, the battle for document management is sparking sales of individual scanners, with 13% of practitioners planning to buy one in the next 18 months.

but they are also a good example where skimping in price can be a big mistake, according to marja beltrami, head of a public practice in anchorage, alaska.

“don’t buy a scanner for $100 and have to wait up to five minutes to scan one page,” beltrami warns. “buy the $1,000 scanner [capable of] scanning 20-plus pages per minute. cheap costs ten times more in the long run. you get what you pay for and productivity is so very important.”

telecommunications tools also rank high on wish lists: 19% plan to buy a combo personal digital assistant and cell phone; 21% will install wireless networks; 11% expect to invest in a new telephone or other telecom set-up, and 8% and 7% respectively will buy individual pdas and cell phones.

telecom is particularly critical in a public-accounting practice where establishing a reputation for quality service and being accessible to clients can make the difference in attracting business from better-known competitors.

‘clients first’

daniel westover, owner of a tax service in pittsburgh, offers some advice to other accountants. it could fit on a bumper sticker: “clients first ? toys and tools only to accommodate clients.”

cheryl biondolillo, of a public practice that bears her name in gloucester, va., adds, “use any and all technology that you can afford; it is cheaper than personnel and can offer you opportunities to be out of your office.”

with technology tools so vital to increased productivity and client contact, it’s likely you’re technology awareness and wish list will become more refined as the year proceeds.

jayne perrin, who hails from business and industry in madison, wisc., says accountants should “develop annual plans that outline your technology philosophies and refer to these philosophies throughout the year as purchase decisions surface.”

and don’t try to do it all yourself.

bruce breitenbach, a public practitioner in seattle, tells fellow accountants to “get the best technology setup available to prevent frustrations and lost time.”

and, he adds, “hire the best tech consultant and don’t waste your time trying to be your own techie.”

posted on february 7, 2006