Learn How to Earn 39 Percent More Revenue per Employee

You’re not dreaming. Earning nearly 40% more per employee can be a living, waking reality. In fact, that’s what many firms are reporting—those that embrace connected, collaborative accounting technology, that is.

High earners leverage data to make informed decisions and are generally more technology-mature than their slower-to-adopt counterparts. This adds up to 39% more revenue per employee.

Want to know how you can boost revenue? Read on to find out what high-performing, modern firms are doing to make this happen.

And the survey says…

In Rightworks 2024 Accounting Firm Technology Survey, nearly 500 firm leaders and decision-makers provided insights and attitudes on the role of technology in their practices. The big takeaway: No matter firm size, technology adoption helps significantly elevate revenue per employee.

So, if technology has a major, positive impact on revenue, why are so many firms still hesitant to adopt and implement advanced apps? It’s a good question to ponder as we dig deeper into how adoption fuels revenue while identifying key blockers to achieving double-digit profit gains.

Tech maturity fuels revenue

Survey respondents were asked to plot themselves on The Modern Firm^® Maturity Continuum. The continuum serves as a rubric for grading a firm’s technology maturity—enabling leaders to evaluate where they fall—and by default, what they need to do to advance.

The Modern Firm Maturity Continuum lays out as follows:

Firms that fall within the top three levels—Contender, Collaborator and Leader—are earning more per employee. Consider each:

• Firms that identified as Contenders (mid-continuum) realize at least 29% more revenue per employee than Initiators and Followers.
• Firms that identified as Collaborator or Leader realize 39% higher revenue per employee than Initiators and Followers.

The data speaks for itself. Adopting advanced cloud-based, connected, and collaborative technologies contributes to increased revenue per employee.

What are the challenges to earning more?

Long-held beliefs about technology adoption prove to be blockers for many firms, per survey respondents. Those who landed near the bottom of the continuum earn considerably less than their tech-adopting counterparts. But why?

The core issues are cost and resources. Survey data also indicated that mindset plays a role in the lack of adoption—with 28% of respondents citing internal resistance. Top responses included:

• Lack of technology expertise: 44%
• Cost/budget: 43%
• Lack of understanding of choices: 29%
• Internal resistance to new technology: 28%
• Lack of time: 27%
• Current tech hampers moving to the cloud: 12%

Despite this reasoning, the fact is that technology maturity elevates revenue per employee. That means it’s time to move past “how things have always been done” and adopt a new, modern mindset around technology and its value—including higher revenue per employee, operational efficiency gains, and heightened security (more to come on the last two value props in future posts).

Ascend the modern firm maturity continuum

Modern firms are harnessing the power of connected, collaborative, and cloud-based technologies to significantly increase their earnings—on average, 39% more per employee.

Take some time to figure out where you land on The Modern Firm Maturity Continuum, and be honest in your evaluation. From there, you can start to chart your path onward and upward, taking your place as a Contender, Collaborator, or Leader and enjoying the revenue hike that comes with it.

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