No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • CCI Magazine
    • Writing for CCI
    • Career Connection
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Library
    • Download Whitepapers & Reports
    • Download eBooks
    • New: Living Your Best Compliance Life by Mary Shirley
    • New: Ethics and Compliance for Humans by Adam Balfour
    • 2021: Raise Your Game, Not Your Voice by Lentini-Walker & Tschida
    • CCI Press & Compliance Bookshelf
  • Podcasts
    • Great Women in Compliance
    • Unless: The Podcast (Hemma Lomax)
  • Research
  • Webinars
  • Events
  • Subscribe
Jump to a Section
  • At the Office
    • Ethics
    • HR Compliance
    • Leadership & Career
    • Well-Being at Work
  • Compliance & Risk
    • Compliance
    • FCPA
    • Fraud
    • Risk
  • Finserv & Audit
    • Financial Services
    • Internal Audit
  • Governance
    • ESG
    • Getting Governance Right
  • Infosec
    • Cybersecurity
    • Data Privacy
  • Opinion
    • Adam Balfour
    • Jim DeLoach
    • Mary Shirley
    • Yan Tougas
No Result
View All Result
Corporate Compliance Insights
Home Financial Services

Navigating Successful Change Management Amid Accounting’s Digital Shift

Tech-phobic firms that resist evolution risk seeming out-of-touch

by Paul Madarasz
January 8, 2024
in Financial Services, Leadership and Career
adding machine

The accounting and tax industries don’t exactly move at the pace of, say, a hotshot tech startup. But this traditionally conservative sector could use a dose of the “move fast and break things” mindset if it wants to appeal to modern consumers and retain talented employees, argues HubSync’s Paul Madarasz.

The accounting and tax industries have historically been viewed as a conservative and rule-bound profession, slower to adapt to new technologies. This perception has been due to the short windows of time available to firms to adopt and integrate technology and large decentralized groups that are primary users, a difficult management challenge. But this no longer aligns with the marketplace reality for the industry, client demands and the need for a significant rise in professional productivity. Consumer-friendly tech is now table-stakes for CPA firms to effectively serve the needs of their clients and professionals. 

This change can’t happen overnight, but embracing technological change is a requirement. The industry is evolving at an unprecedented pace, and the linchpin to adopting new tools and ideas is an overarching change management program to integrate new technologies successfully and help all stakeholders, primarily employees, grasp these changes and become comfortable utilizing new technology. 

The significance of successful change management

A recent study conducted by McKinsey found that 72% of transformation initiatives fail primarily due to insufficient management support, accounting for 33%, and resistance from employees, accounting for 39%. Overcoming resistance requires implementing effective change management strategies, encompassing robust and proactive communication and education, while demonstrating tangible benefits to those taking advantage of the updated technology. Additionally, by showcasing how proficiency in technology can lead to exciting opportunities, resistance to change can transform into a motivator for personal and professional growth.

Employees who are part of a well-managed change process feel more engaged and motivated. When they understand the reasons behind changes and their role in the process, they are more likely to embrace and implement new procedures enthusiastically. Change management also ensures that staff are trained and competent in using the latest software and systems so the entire firm can benefit from the efficiencies and capabilities of these new tools.

The accounting industry is highly regulated, with frequent changes to accounting standards and tax codes. Change management is crucial for ensuring compliance with the latest regulations. Firms are also entrusted with sensitive financial information, so clients expect the highest level of security and accuracy in their financial reports. 

For accounting firms implementing new technology into their systems, an effective change management plan ensures that systems and processes are updated to meet these expectations and that technology is used responsibly and securely so vital client information isn’t susceptible to threats. It also helps maintain client trust by showing a commitment to regulatory compliance.

car blind spot warning
Compliance

Identifying Compliance Blind Spots

by Samiksha Sharma
October 4, 2023

Establishing a cohesive risk & compliance framework can help avoid roadblocks

Read moreDetails

A top-down approach

Change management also hinges on a hands-on, engaged leadership approach, with senior management — including CFOs, COOs and CEOs — stepping up their digital education efforts. They must ensure that all necessary training and information regarding the new technology implementation is felt at every level within the organization and the benefits are recognized and promoted. With executives leading implementation and training, firm-wide results can be seen by way of:

  • Client retention: Ensures that clients see the benefits of the new technology and feel confident in the firm’s ability to adapt and provide enhanced services. This can be achieved through transparent communication about how the technology improves accuracy, responsiveness and overall client satisfaction.
  • Employee retention: Demonstrates to the workforce how the integration of new technology aligns with their professional growth. Clear communication on how the technology will alleviate mundane tasks, allowing employees to focus on more meaningful and challenging aspects of their roles, can significantly boost job satisfaction and overall retention rates.
  • Increased efficiency: Leaders in charge of change management around a new digital deployment can ensure the right technology is implemented to fit their firm’s unique needs and optimize the entire tax preparation process. 
  • Enhanced communication and reduced manual labor: Part of the change management rollout includes ensuring all stakeholders understand the new technology’s benefits and the reason behind the change. For example, if employees understand that the new technology will reduce burnout by automating repetitive tasks, they will be more apt to get on board.
  • Minimizing risks and errors: All stakeholders should know that the new systems will help empower accountants and tax professionals to promptly identify potential risks and assist in adhering to accounting regulations and standards. This, in turn, reduces the likelihood of errors and penalties while saving valuable time that would otherwise be spent on manual updates.

The future of finance

The significance of successful change management cannot be overstated in the tax and accounting industries. Firms that effectively manage change are more likely to stay competitive, enhance client trust, ensure regulatory compliance, boost employee morale and adapt to new technologies. Embracing change is no longer merely an option but a necessity for firms looking to thrive in today’s business environment. Financial organizations that successfully manage change are better equipped to adapt to future industry shifts and are more likely to remain relevant and thrive in a constantly evolving landscape.


Tags: Tone at the Top
Previous Post

DOJ’s New Safe Harbor Policy Raises Stakes on M&A Due Diligence

Next Post

How Project REACh Helps Banks Reduce Barriers to Full and Fair Economic Participation

Paul Madarasz

Paul Madarasz

Paul Madarasz is the chief growth officer at HubSync. He has 30-plus years of software and operational experience in the industry and has held C-level roles in some of the largest companies in the global 100, including serving as president of AIG Technologies and COO of Siemens Business Services.

Related Posts

farm silos

Siloed Thinking, Scattered Compliance: The Leadership Challenge in GRC

by Anna Muzalska
April 7, 2025

Strong leadership and integrated communication prove as critical to compliance success as policies and procedures alone

chess pieces

10 Questions That Separate Strategic Leaders From Spectators

by Jim DeLoach
February 19, 2025

From pattern recognition to emotional intelligence, key indicators reveal true boardroom influence

3d rendering representing inaccessible door

Why Your ‘Open Door’ Policy Could Be Nailing the Door Shut

by Roxanne Petraeus
November 6, 2024

When compliance training looks like it came from 1995, employees get the real message

hero as leader concept

UK Brewer’s Cultural Hangover Highlights the Perils of Hero Leadership

by Steve Hearsum
June 12, 2024

What do hotshot startups and cults often have in common? A charismatic leader. But what happens when the public face...

Next Post
diversity in finance

How Project REACh Helps Banks Reduce Barriers to Full and Fair Economic Participation

No Result
View All Result

Privacy Policy | AI Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Research
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2025 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
No Result
View All Result
  • Home
  • About
    • About CCI
    • CCI Magazine
    • Writing for CCI
    • Career Connection
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Library
    • Download Whitepapers & Reports
    • Download eBooks
    • New: Living Your Best Compliance Life by Mary Shirley
    • New: Ethics and Compliance for Humans by Adam Balfour
    • 2021: Raise Your Game, Not Your Voice by Lentini-Walker & Tschida
    • CCI Press & Compliance Bookshelf
  • Podcasts
    • Great Women in Compliance
    • Unless: The Podcast (Hemma Lomax)
  • Research
  • Webinars
  • Events
  • Subscribe

© 2025 Corporate Compliance Insights