The 2018 Good Bad Ugly Technology poll provided useful information highlighting how Australian accounting firms are using Technology within their firm. The key insights include:
- The number one technology challenge for the 250 participating firms in the latest GBU technology poll is to “fully utilise existing systems”.
- With many firms investing heavily in new technology in the last 2-3 years, this result calls into question whether Australian firms are really seeing an ROI from this “investment”.
- Many firms also appear frustrated at the lack of sophisticated integration between systems, which drastically limits the efficiencies and ROI these technology investments have the potential to yield.
- The trend away from APS continues, with merely 11% of firms still hanging on, while both MYOB and Xero have increased their market share.
- One in four firms have implemented a new practice management system within the past 3 years, with 75% choosing Xero, and 25% being sole practitioners. Still, there remains a large number of firms (42%) who have not changed practice management systems in the past 10 years.
- 1 in 4 firms claim they are looking to move providers within the next 12 months (a similar statistic to previous years). Once again, a larger majority have identified Xero as their provider of choice.
- A dramatic 10% shift from on-premise server to SaaS in 2016, the majority of firms (57%) who currently have a server (on-premise or hosted), claim to have no intention of moving to a SaaS infrastructure.
- 44% of Xero practice management firms exclusively refer to Xero client accounting. Compare this with MYOB practice management firms, of which only 20% exclusively refer MYOB client accounting solutions.
- SMSF: BGL has maintained a majority at 52% of the market share, however, only 12% of firms remain on the BGL desktop product.
- A small majority (57%) of accounting firms do not support the transaction but believe combining the two firms’ R&D efforts will outweigh vendor concentration risks. Yet, a larger majority (72%) of participants predict it will have no impact at all on their firm.
*Report based on 250 participating firms
Click Here to download your copy of the 2018 Technology Report