May 13, 2022

Accounting 3.0

Accounting 3.0

When I entered the accounting profession over 40 years ago, no one thought of it as a technology field. But today, we’re operating in a very different world, one where accounting firms have to think like Silicon Valley startups to keep pace with a world that’s increasingly lived online and in places like the Metaverse.

As regular readers know, I’ve always had a passion for technology in the workplace, and at Marcum, we are regularly early adopters. We’ve doubled down on this commitment in recent years. Marcum was just named a 2022 Best Firm for Technology by Accounting Today because of our “heavy investments in machine learning, AI and robotic process automation as part of a larger effort to instill a tech-forward culture.” Technology has always been one of the two pillars of our strategic plan, the other being talent.

Accounting Today also pointed to the innovation workshops we conduct for training and onboarding at all levels of the Firm and our work at Marcum Labs, the firm’s in-house technology incubator. This is where we develop new products, solutions and services for internal use and client engagements.

We have already commercialized two innovations that emerged from Marcum Labs—Intelligent Prism, an automated data analytics service, and, a secure, streamlined process for preparing and filing IRS forms—and there are more to come. It’s all about finding smarter, more efficient ways to work. And making it more interesting for our people, the talent pillar of Marcum.

We’re also working with many of our clients to help them use technology in ways that make them faster, more efficient and more competitive. Our Marcum Technology practice has been busy around the clock enabling these businesses to become more responsive, profitable and sustainable.

As many middle-market companies have found, taking their operations online during the pandemic was a great first step but was only just the beginning. Now it’s time to optimize so they can reap the rewards of their investments.

Embracing technology isn’t just about enhancing operations. Technology is a big part of the employee experience in today’s workplace, and it’s important to our Firm’s culture. Any employer who wants to win the talent war needs to offer its associates access to technology that helps them do their best work. Today, both younger generations of workers who’ve grown up with technology and experienced pros expect to be able to use technology to innovate. Technology allows me to write/edit this column from anywhere, at any time.

We’ll continue to make heavy investments on this front, as part of our commitment to attracting and retaining the talent we need to deliver outstanding service to our clients. Marcum just climbed six ranks to the number 13 position overall on the Vault Accounting 25, and 14 in Prestige. We also achieved Top 20 rankings across all Practice Area, Quality of Life and Diversity categories. But there’s always room for growth, and I believe prioritizing tech is a big part of that.

Ultimately, accounting is a people business, and there’s no substitute for breaking bread with a client or brainstorming at the water cooler with a colleague. But technology can augment our performance in many areas of business, and I’m looking forward to continuing to discover new ways to do that in the future.

On another note, our Consumer Products & Retail Symposium takes place in Los Angeles on May 19. If you’re looking to keep your finger on the pulse of the retail industry, this is the place to be. It will be a great opportunity for networking (remember that?) with retailers, manufacturers and other industry professionals.