My last Boomer Bulletin focused on the importance of quarterly forecasting in technology budgeting. This time around, I want to extend that timeline.
At Boomer Consulting, we’ve started looking at a three-year window and beyond to better align technology decisions with long-term strategic goals. Of course, predicting the future with precision is impossible. The window gets murkier the further we look ahead, but there’s still value in taking a long-term view. Firms that plan ahead with flexibility, focusing on both current needs and future potential, position themselves to be competitive, agile and ready to meet client demands.
Visibility into technology lifecycles
One immediate benefit of taking a longer view of your technology budget is gaining visibility into the lifecycle of your equipment, platforms and software systems. Knowing when your current tools will reach their end of life helps you avoid the frantic scramble of last-minute upgrades or replacements and allows you to plan for significant expenditures in advance.
For example, if your firm uses a software system on a three-year license, you likely know when that renewal is coming. However, are you bringing this information into your strategic decision-making? Many firms fail to connect these routine IT expenses with their broader business objectives and miss opportunities to align technology refreshes with future service delivery needs and growth goals.
Strategic alignment and business transformation
Technology decisions don’t exist in a vacuum. Your firm's strategic plan and vision should be at the forefront of your technology budget. As firms evolve to offer new services, enter new markets or grow in scale, the tools of the past may no longer be sufficient. Taking a longer view of your technology budget allows you to evaluate whether your tools are equipped to help you meet future business objectives.
Anticipating changes in service delivery also helps you discover new revenue opportunities and serve clients in more innovative ways. Technology plays a central role in this transformation. The platforms you choose today must be agile enough to evolve alongside your firm’s changing needs.
Reassessing vendor relationships
Another benefit of long-term planning is being able to evaluate your current vendor relationships fairly. Sticking with the same software or systems because they’ve “that’s the way we’ve always done it” hinders your ability to deliver best-in-class services. Firms using tools with elaborate workarounds to adapt to new service lines may fall behind competitors who invest in purpose-built solutions.
For example, many firms that offer advisory services use project management tools like Asana rather than the same workflow solutions they use for tax or audit. Similarly, firms that handle a wide range of document types may use broader document management solutions, such as Dropbox or Box, for client collaboration—systems that don’t require the same stringent file management protocols as those needed in the tax department.
Taking a long view allows you to reassess whether your current tools are still the right fit. Is the technology helping or hindering your growth? Are you staying competitive using the best available systems or lagging behind firms with more modernized tech stacks?
Preparing for the future: Balancing complexity with functionality
Thinking beyond traditional accounting tools is an essential aspect of taking a longer view. It’s easy to become accustomed to systems that may not be the best fit simply because they’re familiar. However, looking at solutions outside of accounting can open up new possibilities for functionality, efficiency and better client service.
Firms should evaluate what they’re currently using and ask whether they are best suited to meet future demands. This requires balancing functionality with its complexity. It’s tempting to select the “best in class” solution for every task, but too many tools increases overhead, complicates training and leads to inefficiencies. Ideally, you want to focus on the best-fit tools while keeping the total number of systems manageable.
Flexibility and adjustability in your long-term plan
While long-term planning provides visibility, you need to stay flexible and adaptable. Technology changes quickly, and your business needs can shift just as fast. Your technology roadmap is an evolving plan you can and should adjust as new tools come out or your firm’s strategy changes.
Taking a long-term view of your technology budget doesn’t mean rigidly sticking to a predefined plan. Instead, it’s about understanding the lifecycle of your current systems, aligning your technology investments with your firm’s strategic objectives and maintaining the flexibility to adapt as technology and business needs change. By proactively planning for the future, you give your firm the time and space to make thoughtful decisions about its tools, ensuring that they support your immediate needs and long-term goals.
The most successful firms invest in the right tools for the job and have a clear vision of how those tools align with their overall strategy and vision. Now is the time to start thinking further ahead—and to do so with the flexibility needed to adjust course as the future unfolds.
Do you want to hone your leadership skills beyond technology?
The Boomer CIO Circle is a peer group for Chief Information Officers in the accounting profession. Together, they work on growing their skills in innovation, budgeting, finance, communication, project management, marketing, sales and human resources to grow into confident leaders in their firms. Apply now to start building valuable long-term relationships with other forward-thinking CIOs.
As Technology Manager for Boomer Consulting, Inc., Chris Rochford leverages a diverse background in web development and technology consulting. His role involves managing Boomer Consulting, Inc.’s internal technology, as well as researching how new and emerging technologies can be leveraged internally and for our external clients.
Before joining Boomer Consulting, Inc., Chris spent 15 years in tech, doing web development for state and local government agencies and commercial clients.
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