Cloud software and other technological developments are changing the role of accountants forever. They are becoming less number crunchers and more creative advisors. According to an industry survey, 83% of accountants believe that an understanding of technology is now as important as knowledge of the trade itself, and that accountants who continue to practice the same way will eventually find themselves obsolete.
Below are some important developments within the accounting industry that can help your team stay ahead of the curve.
Knowledge of Cloud Software
Making use of cloud-based software is more crucial than ever to the success and efficiency of your team. While there is a staggering array of cloud accounting software in the market, it’s important to understand which platform would offer the most benefit to you and your organization. Conducting in-depth research, attending product demos, and reviewing testimonials is key to choosing the right software for your needs.
Automation, Automation, Automation
Much like in other professions, automation will soon overtake human’s performance in the role of administrative tasks. Automating elements of your reconciliations or close processes ensures that your final product is standardized, streamlined, and delivered on time. When administrative operations are improved and human bias removed, the resulting data is clearer and has more integrity.
Accountants Must Advise
Accountants should see cloud computing technologies as a huge advantage in managing their everyday tasks. Cutting time on manual processes allows your team to compile financial information quicker, thus, leaving more time for valuable analysis on business processes.
To learn more about accounting automation tools schedule a demo of ART today.