There’s Never a Right or Wrong Time

There’s Never a Right or Wrong Time for Doing Something New — There’s Only Now!

The Beanieverse

Picture this: it’s the late 1980s, and the accounting world is abuzz with the arrival of Microsoft Excel. Some bookkeepers and accountants embraced it immediately, while others clung to their trusty ledgers. They’re uncertain whether this newfangled technology would really make a difference. Fast forward to today, and it’s hard to imagine a world without Excel. But here we are again, faced with a new wave of technological advancements. Cloud-based accounting software, AI-driven analytics, automation tools — and once again, the industry is divided. Some are eagerly adopting these tools, while others are hesitating, waiting for the “right time” to make the leap.

But here’s the thing: there’s never a right or wrong time for doing something new — there’s only now. And if there’s one thing history has shown us, it’s that those who wait too long to embrace change often find themselves at a disadvantage.

The Reluctance to Embrace New Technology

Bookkeepers and accountants are, by nature, meticulous and detail-oriented. It’s a profession that values accuracy, stability, and adherence to tried-and-true methods. This cautious approach has served the industry well for centuries, but it also means that many professionals are slow to adopt new technology. According to a 2023 survey by Xero, over 40% of small business accountants in the UK still rely on paper-based processes or outdated software, despite the availability of more efficient, digital solutions.

This reluctance often stems from a fear of the unknown. What if the new software is too complicated? What if it disrupts the workflow? What if it doesn’t work as promised? These are valid concerns, but they can lead to a dangerous cycle of procrastination, where the fear of potential pitfalls outweighs the potential benefits.

Waiting Too Long: The Risks

The problem with waiting too long to adopt new technology is that it can leave you playing catch-up. A 2022 study by Sage found that businesses that were slow to adopt cloud-based accounting software were significantly less productive than their more tech-savvy counterparts. They spent more time on manual data entry, were more prone to errors, and had less visibility into their financial health. This lag in productivity not only affects the bottom line but can also lead to burnout and frustration.

Moreover, the longer you wait, the harder it becomes to make the transition. Technology moves quickly, and those who delay may find themselves overwhelmed by the sheer volume of new tools and updates that have emerged since they last checked. It’s like trying to jump onto a moving train—the longer you wait, the faster it’s going, and the harder it is to catch up and get on board.

The Psychology of Early Adoption

So, why do some people eagerly embrace new technology while others hold back? Research into the psychology of early adoption offers some insights. According to the Diffusion of Innovations theory, individuals can be categorised into five groups based on their willingness to adopt new ideas: innovators, early adopters, early majority, late majority, and laggards. Innovators and early adopters are typically more open to risk, more curious about new things, and more willing to experiment. They’re the ones who jump on board with new technology as soon as it’s available and often gain an early movers advantage.

On the other hand, the late majority and laggards are more conservative. They prefer to stick with what they know, and they often wait until a new technology has been thoroughly tested and proven before they’ll consider using it. While this approach can sometimes prevent costly mistakes, it also means missing out on the benefits of early adoption, such as increased efficiency, a competitive edge, and the ability to shape the development of the technology through feedback.

Break the Cycle: How to Embrace New Technology

If you find yourself hesitating to adopt new technology, it’s important to recognise that this hesitation can hold you back. But how can you overcome it? Here are a few strategies to help you make the leap:

Start Small:

You don’t have to overhaul your entire system overnight. Start by experimenting with a single new tool or feature. For example, if you’re still using spreadsheets to manage your clients’ finances, try out a cloud-based accounting software for a few clients and see how it goes.

Educate Yourself:

One of the biggest barriers to adopting new technology is a lack of knowledge. Take the time to research the tools available to you, read reviews, attend webinars, or even take a course. The more you know, the more confident you’ll feel about making the switch.

Learn from Peers:

Talk to other bookkeepers and accountants who have already adopted the technology you’re considering. Ask them about their experiences, the challenges they faced, and the benefits they’ve seen. Learning from others can help you make an informed decision and reduce the fear of the unknown.

Focus on the Benefits:

Instead of dwelling on the potential risks, focus on the potential benefits. How could this new technology save you time or money? How could it improve motivation of your people? How could it improve accuracy or provide better insights into your clients’ financial health? Keeping these benefits in mind can help you overcome your reluctance.

Partner with a Tech-Savvy Colleague:

If you’re not comfortable navigating new technology on your own, consider partnering with a colleague who is. They can help you get up to speed, troubleshoot any issues, and provide support as you make the transition.

The Bottom Line

There’s never a right or wrong time for doing something new—there’s only now. The accounting and bookkeeping industry is evolving rapidly, and those who fail to keep up risk being left behind. By overcoming your reluctance to embrace new technology, you can position yourself for success, improve your efficiency, retain the best people and provide better service to your clients.

So, don’t wait for the “perfect” moment to make a change. The time is now.

And if you’re struggling to get the support you need within your practice, you should check out the previous blog ‘Getting the right Buy-in & Support‘ for our guide to a successful transformation in your firm.

Are you ready to take the leap with cutting-edge tech? Bots For That offers a range of ‘Beanie Bots’ to help bookkeepers and accountants reduce cost, maximise profit and retain top talent. Head to The Beanieverse to learn more!