This poses a tremendous opportunity for professionals to harness the power of technology and to support customer needs in 2017.
Innovation is happening all around us at a remarkable speed and shows no signs of slowing down this year. For example, artificial intelligence and machine learning is poised to disrupt industries across multiple sectors and the accounting sector is primed to take full advantage of the automation offered by intelligent learning systems.
But accountants and technology is not a new subject. It’s now front and centre of our industry so it’s vital professionals see technology as a key survival tool and an opportunity to grow their business.
Every day, technology is having more of an impact on accountants and those embracing the changes are reaping the benefits. For example, automation is delivering:
- More free time to provide an advanced experience for clients like identifying who you need to speak to when and why; and
- Opportunity to speak with clients more frequently and provide value-added services, for example, succession planning. Baby Boomer SME owners will begin retiring in increasing numbers over the coming years and too few are planning ahead now for the changes that will inevitably come.
It’s important to understand that automation won’t replace the role of the accountant. It’s a tool to assist with tasks that accountants are already doing. Business moves quickly and those in charge want to have financial oversight, especially in the world of the SMEs where cash is king. Mobile data and cloud-accounting tools also allow for the client to take on a more active role in the accounting process, like checking real-time updates and processing invoices on the go.
With automation, there are no rule books to follow. Accountants need to be prepared to fly fast, fail fast and quickly learn from this process. It also helps to partner with people who can help navigate your journey.
What does the accounting firm of the future look like?
It’s connected – firms will need to adapt to change easily and leverage the latest technologies which will result in more mobile communication and a strengthened connection to clients.
It’s collaborative – the ability to work with staff and clients anywhere, anytime provides enormous time-saving benefits to your business and the capability to maximise knowledge sharing, use agile communication tools and utilise the latest technologies for staff development.
It’s client focused – understanding client needs is crucial to providing the best services to match. Accountants have always been the trusted business adviser, and to continue in that role, firms will need to offer specialised advice and essentially be a one-stop shop to succeed in 2017.
Digital disruption is a given. Your digital transformation is what matters. Drive the change, don’t be driven by it.
By Sam Allert, managing director, Reckon, Australia & New Zealand
