Updated: Aug 23, 2021
The pandemic has disrupted the accounting industry. Due to the remote and isolated set up accounting firms and accountants shifted from pen and paper to a more cloud-based accounting system. The industry realized that staying connected and having the right technology will surely make their work more efficient and productive.
Accountants will not anymore be just accountants
There was a debate a few years ago that Accountants will no longer be needed due to the emergence of high-tech software. Many feared that the career path would become obsolete overtime. However, it is not the case. What will simply happen is that the Accounting profession will simply evolve. Accountants in the future will need basic education on data analytics and software engineering, as they will break down information to their clients to bite size pieces. Accountants in the future will lean on consulting their clients and guiding them to better financial decision making.
Automation will become the norm
The use of automated software will increase especially in larger accounting firms. According to a study done in Deloitte, they said that routine, rule-based tasks that were automated impacted their company’s overall performance. They were able to create clearer and strategic decisions since automation had less human error. It fared better in the online set up, where automated processes made working far easier in the remote cloud set-up. It is clear that having great cloud accounting software should be the next big investment.
The use of artificial intelligence
Cloud-based accounting and artificial intelligence accounting software will redefine the accountant’s work. Accountants will also be able to check in real time, different transactions, do payroll and bank reconciliations. They will also be able to provide real time, accurate decision making. The big data that they software has collected can help give a more accurate view on the client’s financial health and trajectory. What is great is that this software helps all financial professionals ease their workload and gives them powerful tools to manage their accounts. These programs will allow accountants to be more flexible with work and allow them to work remotely.
Remote work will continue.
According to a survey done by PwC, last June 2020, 54% of CFOs plan to continue or create a hybrid of remote work set up for their employees. In order for this set up to be successful accounting firms must commit to providing the right cloud accounting technology for their staff. Next is that they have to create a virtual environment that relies heavily on teamwork and collaboration. This remote setup also is a great opportunity to acquire bright talent from abroad. Here diversity of education background and experience will help creative innovative solutions and increase productivity for the firm.
The pandemic may have shifted the current work set up, but the changes are here to stay. Accounting work will need to be aided with advance cloud software that will decrease human error and increase efficiency and performance. Accountant’s jobs too will evolve to more analytical, and data driven. They will be the bridge of the big data and software to their client, where they have bigger responsibility in breaking down data ang give strategic decision making.