By Christopher T. Kosty, CPA, CIDA

As a CPA with a minor in philosophy and professional experience that spans auditing, data analytics, and technology consulting, I’m rarely afforded an opportunity where my educational background and interests align. I think we may be at one of those moments.

Dating back thousands of years, philosophers have talked about shifting perspective to appreciate and embrace change, including the processes involved in getting there. In the 21st century, we are largely a population with an appetite for quick fixes and instant results. Advances in technology shifted that perspective for us: ideas that were once unimaginable are now possible, and the enabling tool fits in our pockets. The business world is not immune to the shift in perspective. Companies want to know what technological fix is available now and how can they benefit from it?

The accounting and finance departments have been areas of focus for technological innovation within the business community. These areas are benefiting from advances in a variety of ways, among them are increased used of automation tools, improved data analytics and reporting, integrated technology/workflows, and digital workforces. As a result of these tools and many others, companies are realizing benefits such as higher revenue, reduced expenses, mitigated risks, increased workforce capacity, improved business process timing, faster closing process, more reliable data for clear and confident decision making, and so on. While these tools are certainly expanding capabilities and changing operations, a new set of challenges has arisen.

A common misconception is that technology can and will fix any business process issue. The reality is that technology, when implemented over poor or broken processes, may exacerbate those issues. Technology should be used to enhance optimized processes, not force companies to operate a particular way. By going through the exercise of aligning people, process, and technology first, companies can expect better results from their technology implementations, avoid common pitfalls, and have a greater probability of realizing the full benefits. Change is hard, but following these steps will aid in user acceptance and confidence, while developing a culture of new ideas and perspectives.  

And there it is again: perspective.  

Take a step back. Consider what is really changing in this new digital world. Sure, cutting-edge technology is being adopted, but it’s the change in perspectives and the reimagining of how we do things (i.e., process) that promote efficient and effective technology implementation producing the greatest benefits. Thinking critically about a problem you are trying to solve, the value to be derived from solving that problem, and how technology plays a role in that solution, will put you on the right journey toward facilitating successful change.

Join Chris Kosty at this year’s PICPA Annual Meeting & Celebration, where he will be a featured speaker discussing how the finance function is changing. He will include some of the impactful technologies being used, strategies companies are using to identify the right application of technology, and more. PICPA’s Annual Meeting is May 16-18 in Pittsburgh. Check out the agenda and sign up today. 

Christopher T. Kosty, CPA, CIDA, is a Manager in the Digital Transformation Services (DTS) and the Automation & Data Analytics Process Team (ADAPT) at Schneider Downs & Co. Inc. in Pittsburgh. He can be reached at ckosty@schneiderdowns.com.

Sign up for PICPA's weekly professional and technical updates by completing this form.

Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of the PICPA's officers or members. The information contained herein does not constitute accounting, legal, or professional advice. For actionable advice, you must engage or consult with a qualified professional.