What we learned in our 5 Years: Tech growth and development insights

Over the past five years, the tech industry has experienced significant growth. As technology continues to evolve and integrate into the tax domain, the lessons learned from these developments have become invaluable. From the increasing importance of tech knowledge in job requirements to the role of internal development teams, these insights offer a great deal of help in understanding the current tech sector. This article delves into what we have learned in our five-year journey, providing valuable information for companies and individuals with the same challenges. 

Tech is booming 

Technology is higher on the agenda than ever. In today’s rapidly advancing world, technology has become a central focus for many industries, including the tax sector. When examining job vacancies, it is easy to see that tech knowledge is now a crucial requirement. Particularly for young tax professionals, investing in tech skills is essential for growth and staying competitive in the market. Tax professionals are increasingly encountering tech projects such as tax reporting, ERP upgrades, and software selection and implementation. Five years ago, technology in tax was still in its introductory phase. Today, it has transitioned to a growth phase, characterized by a significant boom in technology usage. As we move forward, once people adapt to working with new tools, tech usage will stabilize, and workflows will become more streamlined. While every problem may have a tech solution, it is essential to balance quickly adapting to new technologies without overdoing it. 

Tech can be scary 

For many, technology can still be intimidating, especially when they are not fully familiar with it. The initial encounter with new tech tools can be the most daunting. However, our experience has shown that clients quickly become comfortable with new technologies when proper scoping and planning are in place. A valuable suggestion for navigating this transition is to start small but think big. Rather than trying to change everything at once, take small steps to adjust at your own pace, while keeping ambitious goals in mind to improve tech growth. 

The importance of an internal development team

One of the most significant lessons we have learned is the importance of having an internal development team as a tech company. Outsourcing would be most flexible from a business perspective, but an internal team is invaluable not only for the company itself but also for clients. With an internal team, you can respond more quickly to issues, enhancing both your and your clients’ workflow. This capability allows for faster and more efficient problem-solving, ultimately leading to higher client satisfaction and better project outcomes. 

Know your domain 

As a company, understanding your product, domain, and the challenges faced by your clients is crucial. To provide the best possible service, it is essential to improve knowledge in these areas continuously. By doing so, you can offer quick and effective solutions without needing extensive research. Additionally, understanding the impact of your solutions on clients, rather than just the technical aspects, fosters better client relationships and more successful projects. As a result, our transfer pricing knowledge kickstarted our company’s growth. 

Security is top priority

In today’s tech-driven world, security is a top priority for IT companies. With the rapid tech growth, ensuring the security of client information and maintaining trust are more critical than ever. Clients greatly appreciate knowing that your business is up to date with the latest security measures. Not only that but being able to guarantee the safety of their data will make them far more comfortable with the ongoing changes. Staying on top of the latest developments in the IT security domain enabled us to educate tax professionals to prevent any shortcuts. This focus on security not only protects client information but also strengthens client trust and loyalty. 

Learning from disasters

The COVID-19 pandemic showed the importance of technology in maintaining communication and workflow. It accelerated education on the significance of tax technology and highlighted the need for robust tech tools. A large part of the workforce got used to working remotely and felt less connected to their current workplace. The true lesson emerged post-pandemic when companies realized the importance of knowledge retention and the risk of keyman dependency. The pandemic emphasized the need for tools that store knowledge, work processes, and essential information, ensuring business continuity despite employee turnover. 

Be part of your client 

Companies greatly value flexible support that acts as an extension of their tax team with domain knowledge. This approach provides clients with a reliable support system they can depend on during unforeseen circumstances. It offers a more accessible way to ensure continuous workflow and support, fostering a stronger client relationship and better service delivery. 

Conclusion 

The past five years have taught us a lot about the tax tech industry. From the critical role of internal development teams to the importance of IT security and flexible client support, these lessons helped us become the company we are today. We hope to pass this through to grow yours as well.