Technology is helping accountancy teams and their clients future-proof their businesses as they face challenges from all sides.
FREMONT, CA: A new generation of digitally savvy businesses demands real-time collaboration between accountants and clients. It is only possible if you have relevant, integrated technology, including bank feeds and open banking. It may take some time to persuade other clients to adopt technology, but if you integrate it into your practice's everyday life, they will soon realize how it can benefit them too.
By focusing on these areas, accountants can help their clients increase efficiency, reduce waste, and grow profits. Technology will also play an essential role in attracting and retaining new talent.
Technological advancements enable people to collaborate and give them flexibility.
Automation: A key component of automation is artificial intelligence (AI), which will revolutionize accounting operations by delivering efficiency, reducing errors, and optimizing workflows, as well as assisting professionals with real-time business decision-making based on insights derived from accounting data. The surge in digital payments sparked by the pandemic has increased demand for AI-based accounting software.
There are still many manual steps in payment processing, so it's easy to get it wrong. Automation tools give businesses a more accurate, real-time view of their operations thanks to real-time data.
Finance industries can use the increased automation to focus on things such as collecting payments within a reasonable timeframe and collecting other receivables such as deposits, structured payment arrangements, or any other item a business requires.
ESG and sustainable credentials: As businesses become increasingly accountable for not just their finances but also their sustainability of operations, we have learned how fundamental environmental sustainability issues are to their survival. A widespread growth opportunity exists for auditing as environmental, social, and governance (ESG) issues become important concerns and a major attraction for global investors.
Greater value: Besides enhancing internal efficiency, accountants can create value by analyzing and interpreting data. The data-driven decision-making process will also include forecasting. Businesses that adopt the right technologies can develop new roles, skills, and competitive advantages. If companies do not keep up with these ever-changing technologies, they could lose their competitive edge, staff, and clients.
