It support for accountancy

Top IT challenges faced by the accountancy sector – Part One

8 May 2019
Get in touch

Share on social..

Strategic leadership

In this four-part series, we are going to take a closer look at the main IT challenges faced by the accountancy sector. While many firms understand that IT is a necessity, they are more likely to take the view that it is a necessary evil, rather than a valuable resource that, with the right investment, could help increase profits.  

In the first part of the series, we take a look at IT strategy. Having a top-level overview of IT provision that is aligned with your firm’s future plans is an essential part of your firm’s success.

What does strategic leadership look like?

You do not want an IT system that’s pieced together as and when something new comes along because ultimately it will not align to your business goals. Strategic leadership at board level affords an overview of a firm’s IT needs and business goals, ensuring they are closely aligned.

You know your firm lacks strategic leadership if:

  • your IT strategy is simply a list of projects
  • you can’t explain which business challenge a specific IT resource is there to fix
  • you’re spending more than the industry standard on IT (between 6% and 8% of revenue), but are still scratching your head as to how the business is moving forward
  • your IT budget is only about keeping the lights on

Ensuring IT becomes an asset

Strategic leadership is about making sure the technology in your organisation is treated as a vital asset. Technology is something that can help you achieve and exceed your business goals, offering a good ROI.

You need to have someone at director level who understands both business and technology in order to be able to provide the IT the firm really needs. A partner or director whose main role is accountancy-based might not have enough IT knowledge to achieve this.

Strategy is not just about replacing old hardware and software – it is about tying the IT to your firm’s business challenges to make sure you invest in the technology that will be the most beneficial.

Quick fixes do not solve the problem

When we meet with owners and partners of accountancy firms to discuss their IT strategy, we spend time getting to know what the business is trying to do. A useful analogy is replacing the tyres on your car. We need to know how you are going to use them – standard tyres are not the correct ones to use if you are planning to do off-road driving or racing. Similarly, if we were to simply replace a bald tyre without working out why it is bald, all we are providing is a quick fix. If there is an alignment problem, a new tyre will only serve its purpose for a certain amount of time before it too will need replacing. By investigating what caused the problem in the first place, you will save money in the long run by not having to keep replacing tyres.

In part two of our series, we will take a closer look at the technology itself, and why it is especially vital for firms in the accountancy industry to invest in it. In the meantime, if you would like to discuss how we can help you with your IT strategic investment, contact us to make an appointment.

 

What our customers say

Lumina Technologies have taken the time to understand the requirements of our business and work as our strategic IT partner, enabling us to concentrate on delivering a high quality service to our clients and focus on our growth strategy. They have delivered a 100% cloud solution to our business with no underlying infrastructure costs or maintenance, which gives us scalability for our planned growth. It also means our business critical applications and data are securely accessible from virtually all our user devices. Lumina’s professional approach and strategic expertise is highly valued and their management of our IT – based on their in-depth knowledge, leaves us confident that our systems are available 24×7.

Luke Harrison, Keidan Harrison LLP

Lumina have supported us so well through the difficult circumstances of 2020.  They worked extremely hard to ensure we were able to work remotely and continue to operate our business successfully.The support team are very friendly and knowledgeable, and have excellent response times.

The team have also enhanced our cyber security which is so important in the legal sector, and they continue to provide high quality advice to help us move forward with our IT goals.

Adams & Remers

The quality of IT Support provided by Lumina Technology is of the highest standard and is complemented by effective client liaison with impressive response times. Trap Oil Group plc has no hesitation in recommending Lumina as a dedicated and specialist group of IT professionals.

Martin David
Technical Director, Trap Oil Group plc

Richard and his team are a real inspiration to anyone who meets them and I have watched Lumina’s growth over the last few years with interest and admiration. Richard has been an amazing supporter of the Hospice of St Francis, being a Gold member of the Corporate Partner Network for almost two years. He takes an active interest in the community and is passionate about his company and his town: nothing is too much trouble, he is always willing to help, to give up his time and to provide business advice when asked. Lumina is an inspiration to any company wanting to set up business in Hertfordshire.

Carolyn Addison
Corporate Fundraising Manager, The Hospice of St Francis

Lumina Technologies Prism Hosted Desktop has allowed our business to centralise our global corporate data, allowing much faster access for all our staff – regardless of their location. We have also been able to simplify and reduce our infrastructure and management overhead. With the new Prism Hosted Desktop solution all staff now have simple and secure access to corporate data using any device they choose. Prism Hosted Desktop has increased the productivity of our staff and given us a single, consistent and familiar experience for all users from any device, in any location, 24/7.

Katherine Roe
Chief Executive Officer, Wentworth Resources PLC

The commercially sensitive and regulated nature of Lambert Energy Advisory’s business requires an IT provider able to maintain the highest levels of integrity and confidentiality, Lumina Technologies has consistently been unimpeachable in this regard over the nine years we have employed them.

Patrick Agar
Lambert Energy Advisory

It has been a great pleasure working with Lumina Technologies over the past two years. They have fully committed to being involved in the local community with volunteering and with professional advice and commitment, helping many local charities along the way. As a growing company it proves that being involved in the local community is helping them attract and retain a talented workforce and I look forward to working with them well into the future.

Cindy Withey
Connect Dacorum

Hawkstone Management Services Ltd is a small company for which IT Outsourcing is realistically the only viable option. Lumina Technologies have successfully performed this role for over fifteen years. They also provide innovative solutions to keep pace with technological progress. I would have no hesitation in recommending Lumina to similar sized businesses.

Stephen Pembury
Hawkstone Management Services Ltd

Charles Douglas Solicitors LLP have been using Lumina Technologies for a number of years now and continue to be impressed by the technical know-how and contemporary knowledge of their senior management, who provide a timely, efficient and friendly service. Whether it is a small issue with one computer, or a strategic IT decision, they maintain a current knowledge of available technologies. Lumina are always at the other end of the phone to help resolve issues and minimise business interference. The technical knowledge of Richard and his senior team means that there has not been a problem that they can’t solve to date. I am sure we will continue to use them in the years to come.

Charles Douglas
Managing Partner, Charles Douglas Solicitors LLP

The team at Lumina Technologies have made the Amoun Travel & Tours office IT transition seamless and problem free. The office set-up has been vastly improved and the IT Support services are flawless. No issue goes unresolved, which is extremely reassuring.

Adam Helmy
Amoun Travel & Tours Ltd

Lumina Technologies has been Salamander Energy plc’s IT provider since start-up in 2005 and has supported us in London during our expansion across operational offices in SE Asia. Their professional approach, strategic advice and close co-operation have been essential in making this a success.

John Bell
Group Technical Director, Salamander Energy plc

Richard and his team at Lumina have provided Perrett Laver Limited with high quality strategic and practical IT Services for over ten years. During this period, Perrett Laver has grown from 10+ colleagues based in London to nearly 100 colleagues located in six offices across the Americas, EMEA and Asia-Pacific. Richard and the Lumina team have not just been responsive to our ‘everyday’ IT needs, but have proactively sought to work with us on developing an infrastructure suitable for the type of operation we are today, and are planning to be months and years down the line. I would not hesitate to recommend Richard, especially for small to medium size business with growth in mind.

Clementine McKinley
COO, Perrett Laver Limited

.

Society Limited has been supported by Lumina Technologies since our earliest start-up phase. From large logistical challenges like an office move, through to smaller fiddly issues like fixing a faulty e-template, we know we can count on their support and advice. They’ve also been able to engage with us strategically on the challenge of scaling-up our infrastructure as the firm continues to grow and evolve. We always feel confident going to Lumina with a problem, since we know they genuinely care about sorting things out and helping us to get on with our core business.

Simon Lucas
Managing Director, Society Limited

The Vita Group HQ staff have worked with Richard McBarnet and Lumina Technologies for over 9 years, with Lumina providing all our PC, server, phone, and software support. The services have included C-level executives based in London, Manchester, the US, as well as supporting home office IT as well. The service provided and intellectual capabilities are outstanding and we would highly recommend Richard and his Lumina team.

Joe Menendez
CEO, The Vita Group

We worked with Lumina on a GDPR Audit. Richard was knowledgeable and professional throughout, and did the best he could to bring a dry topic to life through lots of real life examples and analogies. We were so impressed with the service Lumina provided and the value we got from partnering with them on this project – we couldn’t recommend them enough.

Holly Cottingham, Vintec Laboratories

Discuss Your Business’s IT Needs

Get in touch Request a quote