Making Accounting Work: The Balance of Technology and Teamwork

By Ting Song.

Accounting is often one of the last areas a company invests in because it’s traditionally seen as a cost center rather than a revenue generator. As teams grow, the straightforward solution might seem to be adding more staff. But do companies typically increase headcount in proportion to revenue growth? This tends to be the case in departments like sales or marketing, but not in areas like accounting, HR, or operations. As a result, accounting managers frequently find themselves juggling an increasing workload without a corresponding increase in staff. So, what’s the solution?

Many companies turn to technology, believing that investing in new systems will automatically boost efficiency. However, it’s rarely that simple. The adoption of new technology also requires investment in training, as systems are only as effective as the people using them. Any technological change depends not just on the tools themselves, but on the human effort and adaptability behind those tools.

Software Customization:

Today, Excel remains the most commonly used tool for reporting and data tracking among accounting professionals. This isn’t because accountants are unwilling to adopt more advanced systems, but rather because many advanced tools lack the necessary customization. Migrating data into a new system often requires a massive data migration effort, and standardized systems may not meet the specific reporting needs of each organization. Excel, while not ideal, often becomes a temporary fix—easy to adjust, but not a permanent solution.

The Human Element:

Another key challenge is ensuring that all stakeholders are on board with the new technology. Human nature tends to resist change, and employees are often hesitant to adopt new systems. Engaging team members early in the development process, rather than presenting them with a finished product, increases the likelihood of successful adoption. Moreover, many employees fear that automation will lead to job loss, and this concern is valid. The balance lies in addressing these fears transparently while also demonstrating how technology can enhance, rather than replace, their roles. Resistance to change may not only slow adoption but can also drive rejection of the technology altogether.

Management’s Resource Commitment:

For any process improvement or technological transformation to succeed, management must be willing to commit the necessary resources. How much a company is willing to invest—both financially and in terms of time and personnel—determines the project’s success. While hiring external consultants can offer expertise, it’s often more effective to dedicate internal resources, particularly from within the accounting team. These individuals are already familiar with the system’s limitations and pain points and can help shape solutions that truly address the team’s needs. Too often, consultants are brought in with little understanding of the current system, which leads to months of onboarding and troubleshooting. If they depart before the project’s completion, the organization may be left starting over from scratch.

Time and Patience:

Implementing new processes or systems takes time and patience. There will inevitably be challenges along the way—training issues, technical hiccups, and the need for problem-solving. However, with persistence and resilience, these hurdles can be overcome, leading to long-term benefits and sustainable improvements in efficiency and productivity.

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Ting Song is a director at First Republic Investment Management, a company that has recently been acquired by JP Morgan Chase.

Technology