Technology has transformed the accountancy sector, rapidly altering how accountants process data, inform business strategy and interact with their clients. While advances in technology have led to some much needed improvements in efficiency and time management, some tech developments have also caused practices and individuals some issues.
Things like the relevancy of the accountancy role long term; staying ahead of the competition; and how to best leverage the artificial intelligence opportunities, are all potential issues.
To give the best accountancy advice, it is important to understand the fundamentals of someone’s business. If you don’t have a good understanding of what drives a businesses income streams and profitability, it’s difficult to give meaningful advice.
All this new technology is going to require that people in the accounting profession learn new skills. Long gone are the days where accountants in manchester use pens, paper, and calculators to balance the books. These days accountant software technologies have changed the accounting profession.
According to the latest estimates, 7% of all jobs will be replaced by artificial intelligence by 2025 and there is no reason to think the Accounting profession will be immune.
Accountants are going to have to keep up their constant personal development as they do not want to be left behind by the technological change.
The first wave of technology was about the automating tasks like adding up columns of figures and doing financial calculations much faster than is possible by people. This is great, because it will speed up the work and be more efficient, but it also mean the accountants work could be reduced too much.
This worry is likely to be premature, as people still like having a face-to-face relationship with their accountant. The important thing as an accountant in today’s world, is to stay up-to-date with the most recent advances in technologies in order to be competitive and increase your productivity – use tech to your advantage!
The new technology benefits business owners because of its accessibility. It means you can conveniently store of financials, and have the ability (if needed) to be discussed with accountants over the phone with ease.
Shying away from the tech is not beneficial for accountants. Instead accountants and accountancy firms need to embrace it! Look at the many intriguing ways technology has changed the accounting industry and embrace these changes! It is likely to will prove to be greatly beneficial to you and your career in accountancy.