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Small practices need to take a different approach to staying up to date
Running an accounting practice as a sole practitioner presents some unique challenges. In many cases, you need to provide the same services to your clients, at the same level of quality, as a larger firm would, and often do this with far less resources at your disposal, it's a daunting task, but not impossible.
Larger practices often have a substantial budget for technology. This means that they can operate with the most powerful hardware and latest software. If a firm's budget for technology is $1,000 per year per staff member, a practice with a staff of 100 is going to spend as much on technology as some sole practitioners take home as income.
That doesn't mean that a sole practitioner has to operate with technology that's a decade behind the times. It just means that your budget for technology needs to be employed effectively.
BUY FOR THE LONG TERM
Large practices have an IT plan. They map out their needs for both the short and long term, and try to cover the short-term needs with equipment, software, and a reserve for maintenance that will carry the practice's needs into the long term. Of course, the future is unknowable, and the best laid plans... well, you know.
But having a plan is even more necessary for the sole practitioner or smaller firm. Being small provides the advantage of being able to move quickly when necessary to adapt to changing conditions. But it also imposes the constraints of working with a more limited budget and operating funds.
Developing an IT plan for your specific needs and circumstances isn't difficult. First look at what you have right now. Is your PC or laptop more than a few years old? If so, you'll probably want to upgrade or replace it before too long. Do you own a tablet? If not, or if it's a first-generation iPad or Android model, you'll probably want to plan on replacing it soon - many of today's accounting applications support remote and mobile access, and there are also numerous inexpensive apps for tablets and smartphones, many of which require an up-to-date version of the tablet operating system.
If you have...