According to a new survey, 83% of accountants have considered moving their practice into the cloud using the latest technology and digitalisation. These technologies help them to reduce manual processes in a fraction of the time while eliminating human errors and freeing up accountants to focus on more value-adding tasks. The Covid19 pandemic has significantly changed traditional ways of working and opened new opportunities for digital transformation and today there’s a significant cultural shift towards embracing innovative technology. Hence, accounting firms can gain a competitive advantage by using digital transformations like advanced and predictive analytics, automation including RPA, and Artificial Intelligence.

Technology offers many advantages to accounting firms and here are the following benefits:

Championing remote, flexible working

With most accounting firms working remotely over the last year, it’ll be challenging to return to an office-only mentality and employees spending half their week at home and half in the office.

Accounting technology supports this approach by helping accountants collaborate remotely and flexibly. Eradicating the office commute means that accountants can work more efficiently and tailor their working patterns to their and clients’ needs.

Enhancing workflows for greater productivity

One of the major impacts of technology on the accounting profession is its ability to streamline workflows, improving efficiency and productivity. Automating accounting processes removes manual tasks, like handling large volumes of data, to help accountants manage a more significant workload by focusing on higher-thinking tasks. 

With AI and RPA taking tedious tasks like onboarding clients, accounts have more time to spend on creative problem-solving or nurturing client relationships. 

Offering higher-value services without increasing costs

With remote working, new ever-changing government schemes and support packages, and geopolitical issues like Brexit, clients have turned to their accountants for guidance. Accounting firms have had to cope with bigger workloads, fewer resources and external challenges. Technology allows firms to move away from crunching numbers to focus on providing strategic business advice and delivering higher-value services without increasing costs.

Developing more efficient and cost-effective business models

Accounting technology also helps accounting firms gain a competitive edge and levels the playing field to make it possible for smaller firms to compete against industry giants. By digitising business procedures and how you process and store data, accountants have greater bandwidth to focus on areas where you can add the most value, increase profitability and deliver best in class services.

We always use the latest technology and apps to help our clients to meet today’s business challenges and gain a competitive advantage, potential growth, profitability, and compliance.