Collings discusses difficulties of adapting to technology

Steve Collings, the audit and technical partner of Leavitt Walmsley Associates Ltd, a firm of chartered certified accountants who specialise in tax advice, has discussed the role of technology in the industry in The Parliamentary Review’s podcast.

Detailing the importance of technology and the need for businesses to invest heavily, Collings told host Jonathan White that, “certainly as a firm we invest an awful lot in technology”.

He continued, noting that “we use all the leading software and keep up to date with all the developments in that area”.

Collings examined the challenges faced by his competitors, specifically noting the difficulty in keeping up with technological improvements, stating: “it moves so fast, a lot of accountants do become quite exasperated by just how quick things do change nowadays”.

He told White that technological developments existed on both ends of the scale, stating that “certainly with accounting and tax, but I think in a lot of firms, particularly the smaller firms, the sole practitioners, there is the challenge of keeping up to date with absolutely everything, I do see it from both ends of the spectrum really”.

Collings’ observations come at a time when blockchain is becoming an increasingly significant point of discussion in the world of accounting.

The establishment of the Accounting Blockchain Coalition is intended to educate businesses about specific issues impacting both blockchain and digital assets.

ABC hopes to use their expertise to make the adoption of blockchain far easier for all those considering investing in it.

The enterprise hopes to see the growth of blockchain technology and is supported by a number of technology firms.

You can listen to Collings' Parliamentary Review podcast here.