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3 Signs your valuation firm’s technology is outdated

Mary Ellen Biery
November 11, 2016
Read Time: 0 min
For valuation professionals looking to grow their practices, technology plays a critical role.

In order to scale any business, leaders must reduce time spent on repetitive or mundane tasks as much as possible to create the capacity and time to develop and offer new services or to handle new clients. As Tom Hood, executive director and CEO of the Maryland Association of CPAs, has said, “Time is never going to come to you; no one’s going to give it to you. You’re going to have to create it.”

Some suggestions for creating capacity, according to Hood, include:

  • –Use the latest and most efficient technologies to solve business problems
  • –Make your workflow and processes efficient and
  • –Make the most of your current technology and tools with proper staff training.

Technology also plays an important role in standardizing systems and best practices across the firm. If you’ve ever lost a key partner or staff member who “owned” a specific service line, such as valuations, you know how hard it can be to figure out someone else’s “system” of spreadsheets, report templates and client information.

Technology bolsters collaboration and communication among team members. Web-based solutions that replace software housed on a desktop provide partners and staff who are traveling the ability to access, collaborate and make notes on a project as needed so that progress doesn’t stop when someone is on the road or out sick.

Finally, technology is important to your firm’s reputation. Many of your clients have adopted technology to boost results in their own businesses, and they are more vulnerable to offers from tech-savvy competitors if they view their current provider as “behind the times.” Technology consultant Sleeter Group surveyed small and medium-sized businesses and found that 3 out of 4 believe their own CPA is behind or just keeping up when it comes to technology adoption.

How do you know if your technology is outdated?

Erik Asgeirsson, president and CEO of, the technology subsidiary of the AICPA, and accounting software guru Doug Sleeter offer good advice for evaluating your practice and for mapping your tech strategy in the eBook, “Next-Level Accountants: Your guide to growing a firm of trusted advisors.”

In the meantime, however, here are a few signs that your technology isn’t the most current for growing your valuation practice:

1. Your most sophisticated technology for staff collaboration is the office intercom system.


2. Your version of Microsoft Office still incorporates the Office Assistant, “Clippy.”


3. Your idea of staff training is sitting staff in front of a VCR using Betamax videotapes.



Additional Resources

Whitepaper: The Automation Revolution: How Technology is Changing the Way Firms Operate

Practice Aid: 13 Steps to Building a Valuation Practice Before and During Tax Season


Sageworks Valuation Solution

Sageworks Valuation Solution is a web-based, business valuation solution that helps firms streamline workflow, scale existing processes and increase realization rates. Explore features and benefits by watching a one-minute walkthrough video.

About the Author

Mary Ellen Biery

Senior Strategist & Content Manager
Mary Ellen Biery is Senior Strategist & Content Manager at Abrigo, where she works with advisors and other experts to develop whitepapers, original research, and other resources that help financial institutions drive growth and manage risk. A former equities reporter for Dow Jones Newswires whose work has been published in

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