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Accounting Firm Tech Stack Guide: Tools for a Cohesive Tech Ecosystem

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Be honest. When was the last time you had a good look at your firm’s tech infrastructure? Do they make your life easier and improve efficiency? Do they collectively create a cohesive tech ecosystem that adapts to how you work and not the other way around?

In this blog, we’ll help you build the ultimate accounting firm tech stack that would enable your firm’s success.

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Accounting and technology have never been more intertwined. Every aspect of running an accounting practice today involves some degree of digital input. 

From spreadsheets to blockchain to AI, modern tech is reshaping the accounting profession faster than ever before.  

Read More: AI in Accounting—Can Tech solve the CPA Shortage? 

That’s why it’s vital to have a solid accounting tech stack to survive, and ultimately, thrive in today’s highly tech-dependent and ultra-competitive business landscape. 

This blog is your ultimate guide to building a future-ready accounting firm tech stack that will put your practice in the best position to succeed. 

But first, let’s get the basics out of the way. 

What is an Accounting Firm Tech Stack?

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An accounting technology stack or ‘tech stack’ refers to the collection of digital tools for accountants specifically designed to simplify, accelerate, or automate accounting workflows.

This can include various types of accounting software solutions, such as practice management and workflow automation platforms, general ledger and tax preparation software, client relationship and payroll management systems, data management and analytics, and other relevant tools.

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58% of accountants believe technological advancements have made their jobs significantly easier.

Why it’s Important to Build the Right Tech Stack

Your firm’s tech stack can make or break your business’s overall viability. As integral parts of your day-to-day functions, these tools can either enhance your productivity and efficiency or bog you down entirely.

However, the benefits of having a solid accounting tech stack extend beyond your business and professional life.

From a personal perspective, a cohesive tech ecosystem improves your quality of life by eliminating dreadful manual work and accelerating your processes, allowing you to reclaim time for yourself and your loved ones.

That’s why regardless of your role in your firm, whether you’re a partner, an intern, or an independent practice owner, it pays to assess your tech infrastructure.

However, as more accounting software solutions flood the market, choosing the best fit for your firm is becoming increasingly more challenging and, at the same time, crucial. So, how can you avoid getting lost in a sea of software options and build the best accounting firm tech stack that enables your practice’s success?

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The accounting software market size is expected to grow from $19.74 billion in 2024 to $30.66 billion in 2030. 

Things to Look for as You Build an Accounting Tech Stack

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Although there’s no such thing as a ‘one-size-fits-all’ solution, we’ve identified four key characteristics most sophisticated accounting tools have in common. This should serve as your north star when choosing individual software systems for your accounting tech stack.

Accounting Tailored Features

Generally, it’s wise to choose software that’s purpose-built for accounting firms and professionals. Specialized accounting software often comes standard with accounting-specific features like tax preparation and financial reporting. 

Enhanced Usability

Besides specialized features, the next thing you should immediately scrutinize a software solution for is its usability. Sophisticated software should strike a balance between being feature-rich and user-friendly. So, make sure to take advantage of free demos to get a feel for the user experience.

Seamless Integration

Different areas of practice operations require specific types of software solutions; thus, you’re bound to implement multiple systems to meet varying needs and functions. To streamline your processes and eliminate manual data transfers, it’s crucial to choose software that seamlessly integrates with your other software systems and existing workflows. 

Security and Privacy

Given the confidential nature of the data accounting firms handle daily, security and privacy should always be on your software feature priority list. This is one of the reasons why choosing tailored solutions will bode well for you since most specialized accounting tools tend to implement more robust cybersecurity and data privacy measures compared to generic ones.

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With an 18.9% share of all cybercrime incidents, the finance sector is the 2nd most vulnerable industry to cyberattacks.

Scalability

Unfortunately, scalability is a software characteristic that often gets overlooked. However, it is vital for future-proofing your firm. You must ensure that the tools making up your accounting tech stack can adapt to your changing needs and handle increasing demands as your firm grows. Otherwise, you are bound to run into bottlenecks and slowdowns. 

Top Accounting Software Solutions

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Here are our top recommendations for the best accounting software solutions to make up your accounting firm tech stack. We’ve derived this list from our over 10 years of experience providing elite accounting outsourcing services to over 1,100 clients worldwide.

In other words, we didn’t just stumble across this list on the internet; our clients have used and continue to use these software solutions to enable their firm’s growth. The TOA Global difference doesn’t just end with our best-in-class staffing solutions; you also gain access to our vast network of trusted technology partners.

We’ve broken this list into 6 categories: 

  1. Automation and Workflow
  2. Finance and Payroll
  3. Protection and Security
  4. Systems and Services
  5. Sales, Marketing, and CRM
  6. Team Communications

Automation and Workflow

Jetpack logo

Jetpack Workflow is a software solution designed from the ground up for accounting firms and professionals. Its tailored features promise to solve project management challenges and workflow inefficiencies so you and your team can focus on client work and business growth.

It also easily integrates with other accounting software systems, allowing users to effortlessly jump between platforms for a seamless, hassle-free multitasking experience.

karbon logo

Karbon is an accounting-specific practice management software best suited for firms with 5+ team members. Its comprehensive features support all kinds of accounting service offerings, from auditing, tax, bookkeeping, budget management and more.

With a built-in CRM, direct email integration (Gmail, Outlook, and Exchange), and other advanced features, Karbon makes grueling everyday tasks hassle-free.

taxdome logo

TaxDome caters to accounting firms of all types and sizes, whether you’re a solo practitioner or a multi-member firm.

Its affordable pricing paired with sophisticated features, such as workflow automation, built-in CRM, document management, and client portal make TaxDome an appealing option for firms who are looking to get the most value for their money.

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If you’re a small to mid-sized firm looking to introduce practice management software to your operations for the first time, Financial Cents could be a solid option for you.

As an entry-level solution, it may lack sophisticated features, but its straightforward interface makes it approachable and easy to learn. This is perfect for firms that are still in the early stages of their digital transformation.

canopy logo black 1

For firms that primarily provide tax-related services, Canopy is the tool for you. Its integration with the IRS makes tax resolution a breeze.

With a modular pricing scheme, Canopy is a highly customizable and scalable solution. This means you only have to pay for the features you choose to add on.

Finance and Payroll

ADP logo

ADP is a comprehensive HR software system with a robust payroll solution for businesses of all sizes.

The platform also offers a complete suite of HR management tools like employee and business performance reviews, time and attendance tracking, and data analytics and reporting.

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QuickFee is a payment solutions provider helping accounting firms improve cash flow with customizable solutions that get you paid faster without putting a heavy financial strain on your clients.

What does this mean for your business? QuickFee saves you from late and default payments, allowing you to maximize revenue while building stronger client relationships.

Protection and Security

Practice Protect

Practice Protect is a cybersecurity platform designed for accounting firms. Its built-in tools are tailored to provide essential protection for sensitive financial data, ensure compliance, and enhance client trust.

It offers features like password management and multi-factor authentication to fortify digital security. Even if you have outsourced accountants based in different parts of the world, Practice Protect’s robust risk mitigation mechanisms give you the peace of mind to expand your firm and operate remotely.

Systems and Services

quickbooks

QuickBooks is a comprehensive accounting software designed to simplify financial management for businesses. It offers tools for invoicing, expense tracking, payroll, and reporting.

Tailored for businesses of all sizes, QuickBooks streamlines accounting tasks, ensures tax compliance, and provides valuable insights to drive business growth. Its user-friendly interface makes it a suitable shared platform for accounting professionals and their clients.

corpay

Corpay is a financial technology company specializing in automated bill pay and expense management solutions for businesses. Their platform helps streamline the accounts payable process by automating invoice capture, approval workflows, and payment execution.

Corpay aims to simplify and optimize financial operations for businesses, saving time and reducing manual errors in the accounting process.

Sales, Marketing, and Customer Relations

Hubspot logo

HubSpot offers a comprehensive suite of software solutions for customer relationship management (CRM), marketing, and sales. Although not specifically designed for accounting firms, many practices utilize its tools to attract prospects, convert leads, and engage customers.

Suitable for businesses of all sizes, HubSpot helps streamline marketing and sales processes, improve customer interactions, and drive business growth.

Team Communications

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Microsoft Teams is a messaging platform with video conferencing, and file and screen sharing features.

Aside from its integration with all Office 365 apps, Teams also integrates with major digital tools for accountants making it an ideal addition to your accounting firm tech stack.

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Although Slack and Teams offer similar functionalities, each platform has distinct features and value propositions that separate them from each other.

Slack is more of a chat-based, productivity platform that puts more emphasis on project or task collaboration. However, just like Microsoft Teams, Slack also offers video conferencing, file and screen sharing, and integrates with some popular accounting software solutions.