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Using the 1% Advantage

by | Nov 11, 2009 | Observations

Gary Boomer, accounting industry guru, recently wrote about the 1% Advantage in his Inside Views column for Accounting Today.

He challenges CPA firms to commit an additional 1% of revenue to the technology budget.  He advises focusing the additional investment on workflow, processes and training.

This is exactly the same type of investment PKF Texas encouraged in our R3 (Retool, Retrain, & Retain) Entrepreneurs Playbook tips and Leading Edge magazine article.

The better you train your team, the more efficient they are and the more capacity they have.  Boomer cites a Gartner Research study that reports for every hour of training, firms gain five hours of increased capacity.

He makes the point, and I agree that it doesn’t make sense to invest in technology and not train your people.  Training of any kind is an investment, not an expense. Training your staff also shows you care about your human capital; the staff plays an important part in the quality improvement and long-term success.

Do you agree with Boomer’s challenge to invest more in technology?  If not, what alternatives would you suggest?
 

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