“The secret of change is to focus all of your energy not on fighting the old, but on building the new”
-Socrates
Change is inevitable and the accounting industry, as many other businesses, is not invincible. The accounting industry can be affected by changes in regulations, processes, and most especially, technology.
Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers.
In this day and age, technology plays a vital role in our day-to-day. We recognize the help that it provides, and professionals can’t help to feel insecure about how their ways of working will be replaced by technology. The question is, should we feel this way?
In this blog, we will give some insights on what technology may bring to the table for professionals in the accounting industry.
As reinforcement, not to replace.
Many companies have integrated different software in their work processes. In accounting, the use of software for data entry and storing data is a massive game-changer. Gone are the days when the accountant will have to browse through hundreds of paper files to reconcile their numbers. Today, accountants will be able to generate reports with just a few clicks, making their days more efficient and productive. This reinforces the way an accountant accomplishes their deliverables in a clear, timely and accurate manner.
Maximize the potential of the cloud, automation and AI
Data management is never an easy task, especially if it involves numbers, clients, formulas and computations. The Cloud offers data storage that is safe and manageable for users. To have information automated means less time for accountants to manually input data and apply specific calculations. This also reduces the risk for errors and allows more time for accountants to analyze and give meaning to the figures.
What does the future accountant look like?
Creative, logical, strategic, analytical, and collaborative. As accountants continue with their work, having the technology to support them offers valuable and best-in-class service to the company and its customers. The result of the partnership of technology and accountants will propel the business to greater heights. Companies will be able to provide meaningful figures and analysis that will guide them to making decisions and planning for the future.
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