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Automation is driving the future of accounting

February 15, 2024
in Accounting
Reading Time: 5 mins read
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Automation is driving the future of accounting
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It is an exciting time to be an accountant! There are ample opportunities for growth and positive changes driven by automation and new technologies. However, that doesn’t mean the industry isn’t facing its share of challenges. 

In “Automation: Putting accounting on the right path,” ShareFile found that 93% of accountants expressed satisfaction with the current state of the profession. At times accountants may feel overworked and they don’t feel like they can work at top efficiency, but at the same time, they realize that technology could help solve those issues. 

Firms have more work than staff to do it. That’s both an opportunity and a problem, right? We aren’t hurting for clients, but we have to figure out how to get the work done. That’s why automation is coming into play; it’s being fueled by the influx of private equity and venture capital dollars in the profession. And after years of being heads down focused on Covid-related issues, the Paycheck Protection Program and the Employee Retention Credit, accountants are once again focusing on their firms, and we are ready for the tools to help. 

In a recent conversation with Geni Whitehouse of the Impactful Advisor on this topic, she pointed out that accountants can provide a level of service that wasn’t possible before thanks to new tools and a new perspective on client expectations.  

“We have come into this profession to serve,” she said, “and that keeps us motivated regardless of the challenges we face on a day-to-day basis. So, the more automation we can apply to relieve the burden, the better the service.”

The automation opportunity

It’s hard to separate automation from the work that accountants do. Think about it: We’ve embraced mainframes, desktops, laptops, mobile devices, etc., so automation has always been instrumental to what we do. What is new is the influx of data coming our way and the weak process in place to drive the effectiveness of new technologies. 

Accountants are frustrated that technology can’t solve their problems, the ShareFile study found. They want to make a greater impact, but that will require firms to first update their outdated technology. Almost 80% of respondents believe they are doing their jobs effectively, but not efficiently. 

COVID taught us — forced us — to become advisors, and there is no turning back. Our value is based on the impact we provide to the entire organization. As more automation, more AI and more everything comes into our space, technology is impacting what we’re delivering to the business as a whole. We need to figure out how to utilize the tools to do our jobs as impactful advisors. We can’t just operate in the what and forget about the why. 

An increased client experience

You can’t just add technology without being more human. It doesn’t let you off the hook for picking up the phone and talking to a client — clients still want to talk to their accountants. The more you automate, the more human you have to be. 

Most accountants agree. The study found that 97% of respondents agree that technology will support and improve client experience. The time savings that come from automation will give accountants time to do what they love most — serve their clients. 

Linda Bucklin/AlienCat – Fotolia

“Much of the historical focus for automation has been how can I make it easy for me to do stuff inside the firm and not what’s the impact on that client experience,” said Whitehouse. 

The focus should be on communicating with clients proactively, not once a year, she explained. We want to exchange information in a way that serves both the client and the firm. But that requires that we free ourselves from those things that keep us from doing so. 

Automation is fueling many tools to help accountants be more advisory. It’s that newfound time that lets you use these tools and have more meaningful conversations with clients about what matters most to them. 

Always be learning

Accountants need to be aware of what’s going on around us, both in the market and in the technology itself. We’re innovative by nature, so tap into it and lead the charge to understand what clients need to do better. Then educate the clients on how we can provide even greater value.

“We’ve got to continue to seek solutions that better serve our clients. That helps us provide more timely, relevant service to the client, not just a balanced financial statement or GAAP-compliant financial statement,” said Whitehouse. 

But as technology becomes more pervasive, the focus has to be on choosing the right technology. Throughout the study, respondents were clear they wanted new technology solutions that would help them be more efficient and provide a better client experience. Not having the right resources is a problem for 69% of accountants. You need to learn about the options and how they solve your unique problems. 

“Knowing the language of numbers is the base level of understanding for anything that you do in the business world,” said Whitehouse. 

When you understand the data and the tools that will automate much of what you do, you will be on fire. That’s where we need to go as a profession. 

Credit: Source link

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