Practice Success Podcast

Liz Scott on Tech Selection: Empowering Accountants as Tech Advisors

• Liz Scott • Season 1 • Episode 10

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In this episode of Canopy's Practice Success podcast, Liz Scott discusses the critical aspects of technology in accounting. She draws an analogy between selecting tech apps and shopping for shoes to emphasize the need for careful selection to ensure they meet the firm's needs. The conversation covers the evolving role of accountants as technology advisors and the significance of managing a tech stack effectively. Scott advocates for a thoughtful approach to technology, highlighting its impact on the efficiency and growth of accounting firms and their ability to serve clients effectively.

KC Brothers:

In today's episode of Canopy's Practice Success podcast, we get to chat with Liz Scott, co host of the Appy Hour podcast. She is also an accountant, trainer, and writer at Accounting Lifeline. We'll dive into topics like how technology apps are like shoes, why less is more when it comes to tech, and the changing role of accounting professionals as tech advisors. Welcome to an episode of Canopy Practice Success. I'm KC Brothers and I'm here with Liz Scott, co host of the Appy Hour, and I'm sure you do many other things. Will you give a brief introduction, Liz?

Liz Scott:

Sure. I'd love to. So thanks for having me here. This is fun. Liz Scott, what I do is I spend a lot of time in, in development of training on behalf of the app. For my peers, the accountants.

KC Brothers:

So you're a coupler of sorts. It is a labor of love. Or a

Liz Scott:

filter maybe. You know, I, I, I feel, you know, it's almost like I'm, I'm an enabler. Yes. I want my fellow peers to have this goodness.

KC Brothers:

And, and have the best tools, find those best tools, the most efficient way possible. There's so many out there.

Liz Scott:

There's so many good ones to choose from. And that's the part that, you know, you go shopping and, and you look at way too many dresses and it's really hard to decide which one, because

they're all good.

KC Brothers:

Oh, I don't know if this is. If we can extrapolate this metaphor here, but man, when I go shopping for something specific, I can never find it. And you feel the same thing applies to apps. Like if you're too set on, I need a strappy dress. In this color,

Liz Scott:

I feel like, you know, it's the, it's the evaluation of what it is that you're doing. And then being able to say, what do I need the solution to do? And then you can pull in what would I like it to do? And that's where you're able to then go around and be very specific whenever you're looking for apps. Does it do these various things? Because where I see a lot of fails is whenever there is not a clear communication about what it is that they need. Because they'll implement something and a lot of apps have workflows built into them. And if it's, if it's going to fight your culture, if it's going to fight your workflow, then it's not going to be a good thing. fit. And you've invested time and you've invested resources into that solution. So I really think that, you know, strongly is it's the process evaluation first and then the solution.

KC Brothers:

Yeah. Which can be hard because you, you see a pain in your firm and you just, you just want, you're done. Just fix me. Yes. Fix me. You don't want to take the time to to say, okay, here's the pain. Let's describe it out in detail. That's painful. But also here's. What I'm hoping for on the other side going from the pain you're existing to that what what gets you there?

Liz Scott:

So I I love that journey that you're you're talking about because it is it's a whole process and it allows you to grow So, you know, I Instead of thinking about needing to document every piece of it, capture bullets. Like what is it that, you know, you're specifically needing here in one word? I mean, so it's okay that it's just going to be, you know, a high level, but then being able to, what you said, pull in, like, where are you going? That's the piece where I feel like. Now you're starting to explore what are my options, and that's exciting.

KC Brothers:

Yes, because, and then, and communicating that to the vendors you're communicating with. If they don't know where you want to go, I mean, I, I think I've had some great experience with sales reps in all different types of situations, whether it's been in companies I'm working with them or, or people trying to sell me something where I feel like it's not so far out of this world that a sales rep rep will say. You know, I don't think we're the right solution for you because of what you've just told me. I don't think that that's out of this world that sales reps are doing and will do that and, and help us identify quickly that let's not waste any more time exploring the solution because I've painted clearly the outcome I want. And they can tell me they're not going to be a part of that.

Liz Scott:

Well, it's not just the dollar bills that you're throwing at something. It's, it's, you're wanting an outcome and to have that clarity about. You know, maybe this isn't a solution. That's a good fit. You know, a recent scenario is a client looking for a real estate app and they were looking at some of the really good ones, but they weren't big enough. And so they were told right away, no. And they're like, well, I can pay for it. And they're like. It just is too much. It's more than what you need at your size. So they actually recommended another solution that was baby size, perfect for them. And so that even, that established relationship with other solutions to be able to say, We get what you're wanting. We're not quite it, but there are other people on the market that are doing something that you're, you're describing.

KC Brothers:

And if you get to that point in a few years, come back and we'll chat. Yeah, absolutely.

Liz Scott:

Cause you know, growth is exactly where a lot of people are going, but to make sure that you're in a tool that's going to scale with you, a tool that's. that's in the right size, wherever it is that you're going.

KC Brothers:

Yeah, as you were saying that, I thought of, I have two littles. And when you put them in shoes that are too big, even though they know how to walk or run, they will trip. Those shoes are not servicing them. They are hindering them. Just like the wrong app, the wrong solution, the wrong software can hinder you. If, it's the wrong size.

Liz Scott:

It's fun to play dress up, but it's not practical. Yeah. So, to, to be able to say Yeah, of course, try on the fun shoes. Of course, do that

KC Brothers:

and look at it and and have stars in your eyes and be like Yeah, I want to be a user of this you see that as like the big leagues almost

Liz Scott:

Yeah, well it and you know, your kids will eventually grow into those shoes that the people will eventually grow into those places I mean, that's the goal But you know you you do need to have good fitting shoes in order to walk and then run forward You want to be stable.

KC Brothers:

Yeah. And same goes for two small shoes. And that can be hard too, as a firm. Recognizing when you have outgrown something because there's comfort there. You've worn them in. You're not getting blisters from these shoes, but man, they're feeling cramped. And, and knowing By sizing up, getting a new pair of shoes, you might have to break those in again, but man, it's going to be so much more comfortable. That change, that change is hard.

Liz Scott:

You know, so staying in our shoe theme here, I love shoes anyway. So you know, one of the other things I think is important is changing your shoes. So not not just thinking about all in with one solution, but really a lot of us are needing multiple different apps in order to feel fulfill a lot of different needs. And so the relationship between those apps. That is actually really key. And that's where tech stacks. That's where we need to pull in that whole conversation about what are you using? Because holistically, does that work?

KC Brothers:

Yeah. I mean, I'm not going to wear my trainers with what I'm wearing now.

Liz Scott:

You need different apps. You need different solutions for different problems, different days, different, you know, you know, proposals, whatever it is that you're doing. You need the solution for that.

KC Brothers:

What is the ideal number of shoes? Is there? I mean, because that's another thing, right? We can be inundated with software creep and have too many where we're not being efficient with our money and even, and losing efficiency in our teams because there's just too many things to manage or something's just not getting utilized. It's getting pushed off to the side. I mean, what are your thoughts there on the amount that a firm might need? I mean, I'm sure it changes. For every firm.

Liz Scott:

Yeah. I think that every firm has specific needs. And the more that you can evaluate different areas and you start to think, you come to a conference like this and you start to think about what are the different options for that particular area. You know, I recommend writing down what apps do you need? Are you doing some type of review for your client? Are you doing some type of backup or, you know, whatever it is that you're doing as the firm. what do you need internally? And then to look at your client base and also say, what do I need externally? And to divide those two, because they're very different. Sometimes there's a bit of crossover there, but who's going to pay for it? Who is it serving? What is it doing for your firm? What is it doing for your client? That all has to be part of the evaluation. And I'm not. I'm not saying don't, don't have all the apps that you need in order to serve your firm. Oh, no. But yeah, instead. If you've got too many shoes, you can't wear them all. It's just not possible. And so you really do need to, to look at what's too much, what's actually working for you. A lot of the solutions that I'm seeing are starting to incorporate various different areas, different aspects. So they're reaching out a little further in order to be a one stop shop for a particular need. Yeah. And that's helpful to us.

KC Brothers:

So, that leads it to, like, maybe taking an inventory sometimes, too, of everything that you're paying for. Because I could see there being an opportunity that when you begin to, you have a pain, and you want to evaluate solutions for that pain, but to take a step back, do that inventory, and say, what do we already have, and have any of these made progress to such that we can now consolidate and actually just expand one of our current softwares.

Liz Scott:

There's so many moving pieces. Yes. In, you know, that's, that's the area where we're moving rapidly as an industry. I think that I, this is one of the areas that excites me the most. We were an industry that was very Irrelevant. Our clients didn't want to talk to us unless, you know, it was year in, it's like, okay, tell me what to write the damn check for. And now they're getting to this point where they want this information. They've always wanted it, but we're getting to the point where we can actually provide them with the information that they need. And that piece of, of where I think the industry is going is exciting. But. We are now that industry who's all of the front runners in trying the new tech and looking at all of the apps that are available for not just our firm, but our for our clients. And so we are now the technology touch point. That's exciting.

KC Brothers:

Yeah, I mean, because it's your also puts you in a position, depending on who your clients are and how you're serving them to be a tech recommender.

Liz Scott:

Yes. And I think that that's going to be even more so. I think that we're going to continue to create a custom package for a particular client. And I think it's going to be even more important to have some type of niche, because you're going to have your tech stack. Of course, you don't want to go in and invest time in a gajillion different areas. You shouldn't.

KC Brothers:

No. Yeah. Because you've got your tech stack internally. But then if you're not careful, even if you identify an industry or trying to think of what else, but an industry, you may also need to further segment or identify an ideal customer based on technology and saying, we are only going to work with those who use this general ledger software or who whatever it might be, because It's just like exponential, the amount of technology internally combined with externally and then personal life. And you have to help bring that in. It's

Liz Scott:

not surprising that our industry is also overwhelmed. Yes. They are overwhelmed. And the amount of workload. that accountants have, they are not compensated correctly for it. They don't have big enough teams in order to support all of the needs. So if there was more compensation for the services that are being provided, they would actually have the resources to really have the team to be able to say, spend Friday. Going through training spend next Friday, looking at our apps and evaluating. Have they encumbered included a new feature that we actually need? You know, that's where I think that accounting firms are going to need to get to a place where They are considering the solutions that are being offered as a must offer to your clients. I, I, I think we are, we are, we're actually kind of past there. So it's like, come on, catch up because this, this is moving.

KC Brothers:

Would you say that accounting firms then need a specific role or individual to do this? And if so, what would you call that?

Liz Scott:

You know, I so an app advisor, that's, that's just kind of like the standard. You know, it's advisory, you know, one of

KC Brothers:

Is it an IT professional? Can they be that broad? Or do you I mean

Liz Scott:

I I believe that it needs to be somebody who's connected to what the accounting needs are. Okay. So, or, or industry specific needs. So I, I think it's even different than it. Mm-Hmm. I still want to have my IT and I wanna have security built in with my IT person. But what I'm doing as far as connecting apps and I'm working with the clients and I'm listening to them and I'm finding the solutions that's different. And I think that what, what? I'm seeing is there's more accounting firms that are just like doctors niching. They're starting to say this, like you said, this is my tech stack or what they say is we are app advisors. You're coming to us. That is maybe all that we do. And so they're going to be some of those solutions that are going to be connecting apps, maintaining apps. There's several of them out there right now. And our firm was one for a while, but I realized that the need was truly in the training development for our peers, but I think that that industry advisory is going to continue to grow.

KC Brothers:

Yeah, you can't, it is a job in and of itself to, to think through, evaluate, manage, and not just evaluate, you know, vet and implement, but ensure the success of it long term because you softwares every year, especially, and you have to look at the way you're changing technology is also affecting your clients, right? You don't want to unintentionally create a bad experience by switching over and seeing, you know, the overlap between the technology that they might use and you need to use internally. And then the.

Liz Scott:

It's a lot. Yeah, it's a lot. And so one of the things that we're doing on the Appy hour is we're actually having what we call firm spotlights. And so we have peers that are in our community from various different walks of life. They're coming onto our show. And when they're talking about what's the tech stack that's being used in their firm, and they're sharing that with our community because that is exactly where we're at right now, which apps are best in class. And then. Tell me where they fit into my app stack. What is their role? And so what happens before that app? What happens after that app? Because there is this continuation of information. You know, there's a, there, analysis, communication, documentation. I mean, like, all of this matters. And it's got to have a flow that actually works for us. Yes.

KC Brothers:

Well, we will link to your podcast. And it has been a delight. Thank you so much. Thank you.

Liz Scott:

Thank you for having me.