Does your tech stack deliver?

This article was current at the time of publication.

Efficient use of technology is a key factor in the success of a public practice. But with so many systems, programs and AI software available, how do you choose the right tools for your practice?

For Tasmanian based public practice Collins SBA, it was not only about the cost, but the efficiency of a platform to serve their 1200-strong client base as well as equip their 40-strong team to work “backstage more effectively to provide that great front stage performance,” notes Managing Director and Adviser, Jonathan Elliot. 

After 20 years using more than 100 commonly available products, including MYOB’s Accountants Enterprise (AE) and Xplan from Iress for financial planning, the company chose the customer relationship management (CRM) platform, Salesforce, to upgrade their technology systems.

Business partners Elliot and Andrew Pearce FCPA wanted one centralised system that covered accounting and financial planning to help integrate their whole team. They also wanted a platform that could accommodate future business partners or partnerships if they expand.

“Everyone was working in their own silos, double, triple and quadruple keying of information, no actual single source of truth and we ended up creating a tech pile rather than a tech stack,” says Elliot. 

“We added tech as Band-Aid fixes to our lack of CRM and connectivity of apps.”

Key integration tools  

With the new CRM system, it was easy to centralise all the company’s data and documents in Salesforce and Microsoft SharePoint. As a result, Collins SBA has been able to ditch many programs because Salesforce allows an integration of several applications. 

Now using configured jobs within Salesforce and transformative integrated tools such as Zoom Phone, Workato, Stripe, Xero, Voyant and Fireflies.ai, they have a total view of the business and can focus on client outcomes rather than internal processes. 

“As a business owner and director, I sleep easier at night knowing that things are being done in a safe way,” says Pearce. “We've made it easier and, therefore, it's more compliant.” 

Adds Elliot: “Now, what we can imagine, we can implement. Technology is truly an enabler, not a constraint now.”

Improvements and efficiency

How easy is accounting and financial planning for the firm now?

Elliot says public practitioners will know that it can be frustrating when onboarding new clients. 

“It used to take four to six weeks to review proposals for clients for the financial year ahead. This year, we can just clone last year's proposals, and add a percentage if the scope remains the same.”

The company’s workflow problems, which led to two accountants leaving the business, has also been solved with the upgrade. 

“With CRM, job flows are easy. An adviser can see where jobs are at, who’s doing what. [We now have] true efficiency when communicating with clients.”

Managing AI and hackers

Rather than employ Salesforce’s Einstein GPT costing A$6000 per user a year, the company has been able to connect OpenAI, using Workato, to Salesforce. 

This allows unlimited users to access ChatGPT-like functionality with enabled access to all business data, and easy-to-manage privacy to protect sensitive and client data.

A multi-factor authentication system with a password manager to foil hackers is also in place with the company investing in its own backup, with their IT provider utilising SOPHOS and MS Intune to manage cyber security and access all users’ devices when required.

Five-year tech journey

Collins SBA turns over between A$7 million and A$8 million a year and started trying to make software improvements five years ago.

It would be two and a half years before the company would achieve its goal.

They started with an audit of their tech stack by a consultant who wasn’t affiliated with any product. He recommended a CRM. Salesforce and Microsoft Dynamics were early options, but they were told: “You’d blow yourselves up trying to configure it.” 

Cheaper options (e.g. Hubspot) were floated, but the idea never took off.

A partnership with a Salesforce implementation partner also failed because the start-up company couldn’t configure a “workflow” app – a problem eventually solved by an adviser. 

Pearce agrees Salesforce is not for everyone: “It is a beast, and it is expensive. It really is for the medium-sized public practice that wants greater control, a common way of doing things. The correct tools that they're utilising are either free or commonly available [but] are not quite working for them.” 

Tech stack checklist

Independent tech consultant Alan FitzGerald says every firm is different but firms should generally have the basics in their tech suites: practice management, customer relationship management (CRM) platform, tax and accounts, corporate compliance, software and documents management.

“The challenge … is that there's multiple options for each of those areas. The needs haven’t changed in the last 20 years. It's how you slice and dice it for your needs that’s changed.”

FitzGerald says there are “cookie cutter” approaches that work well for smaller firms but once a firm gets to a certain user mark, it will need more capable software.

“Do not expect to take your old processes and put them into new software. It simply doesn't work. On paper, the building blocks look the same, but you can't ‘square peg and round hole’ these things.”

AI and money laundering

FitzGerald says it’s great to see public practices staying on top of cyber security and come to grips with AI but he says the risk the sector is yet to wake up to is AML (anti-money laundering) and how accountants need to be compliant.

“AML will be huge in the next couple of years. I don't think accounting firms are quite prepared for it; many haven't even started thinking about it.”