august2022 - 6

FROM THE TRENCHES
Your FIRM and
Your STRATEGY
THE FIRST HALF of the conference season is behind us.
We have had a chance to look at new strategies, tactics,
and offerings from most major publishers. I may have
a distorted sense of the market, but most of the major
software companies and venture-backed organizations are
highly motivated to achieve sales this year, which they have
missed in the last few years.
The critical question is, what is
new that would have a meaningful
impact on my clients and my practice?
Another good question could be, is this
innovative technology notably better
than what has been available before?
Finally, you must conclude that the
tool belongs in your " stack. " Your firm's
stack is the collection of technologies
that help you provide your services
to clients. There is no reason to be
diverted to the latest shiny bright
object to try to solve a problem if it
doesn't work for you and your firm.
Brian Tankersley and I cover
a variety of new tools with new
capabilities in our weekly podcast,
The Technology Lab (https://www.
cpapracticeadvisor.com/podcasts),
which provides background on various
products. Many of you have thanked
us for this work at the conferences or
via email this year. You might consider
binge-listening to get caught up on
various tools and technologies. We
always try to be accurate with our
information on the day we record.
Some of our latest recordings cover
everything from updated practice
management tools like TPS to transaction
classification tools like UNCAT to
backup tools like Rewind. But picking
an individual tool to solve a problem
doesn't necessarily work best in any
practice. For example, in a recent
engagement, we analyzed a firm that
had chosen various best-of-breed tools,
many of which were the best option in
the category. But the firm still suffered
from an inefficient workflow. Workflow
issues have been a part of every CPA
Firm Tech Assessment engagement
I've performed in the last 18 months.
It has become apparent (again)
to me that you must think about the
experience you want for your clients
and your team in every functional
area, from tax to audit to practice
management to client accounting
services (CAS) to advisory services.
The teams at Liscio and Suralink have
repeatedly taught me about this client
experience thinking. Your technology
stack (= choices of tools) PLUS workflow
procedures make all the difference
in everyone's experience. You have
probably figured out where I'm going
next. Unfortunately, there does not
seem to be a magic solution that works
for every firm.
6 AUGUST 2022 ■ www.CPAPracticeAdvisor.com
RANDY JOHNSTON
EVP & Partner
K2 Enterprises &
CEO of Network Management Group, Inc.
randy.johnston@cpapracticeadvisor.com
@RPJohnston
While there are many good products
in the market, the tendency to
oversell capabilities is happening at
an alarming rate this decade. Perhaps
management teams' promises and
stockholders' expectations
long-term providers and are trusting
the promises of upgrades to come.
from
companies result in you, your partners,
and your firms being told what you
want to hear. Maybe you are not asking
enough discerning questions. Alternatively,
you may have faith in your
HOW DO YOUR
SOLUTIONS STACK UP?
There are certainly advantages
to having our technologies talk to
each other. Many of your firms have
purchased from Wolters Kluwer or
Thomson Reuters based on those
promises alone. Other significant
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august2022

Table of Contents for the Digital Edition of august2022
