Keeping ahead of the curve in the accountancy sector means looking around for emerging trends.
Of course, few firms can afford or have the time to implement every new piece of technology. Some practices are more digital than others.
The key questions are:
- Where do you currently sit,
- Where do you want to be?
While many firms have been focused on the core elements of online accounting and practice management, integration with other platforms that fulfil important functions within a firm are easier to overlook – but not for much longer.
At the moment the big trend is automation. More and more of the mundane accounting tasks can be carried out via automation. This helps professionals to tackle key challenges, such as time management and reducing the urgency to recruit to grow.
Using automation reduces the chance of human error. It also allows skilled professionals to concentrate on more strategic issues for themselves and their clients.
The human touch still represents a key role within this technology, which centres on the ability to collate and leverage knowledge from the amassed data using professional experience.
Cloud computing will of course continue to play an important role. An example of this would be the continued integration between platforms that allow clients and firms to access and work on the file at the same time.
However, wider automation within a practice offers higher degrees of safety from cyberattacks and the addition of cost savings through better teamwork, delegation, and integration.
Automating routine accounting tasks and improving existing processes also allows accountants to spend more time on value-added activities that require their expertise.
Overall, these are exciting times for the sector. One where accountancy firms need to implement solutions across their practice that not only handle their clients’ accounts, but also allow for greater collaboration, oversight and workflow efficiency.
Of the 10,000 or more accountants and auditors that use our systems, many of them have turned to us for just that reason – to stay ahead of the curve.
If you are worried about being left behind, sign up for our next webinar to learn more.