Technology has revolutionized the accounting industry. The global business accounting landscape is experiencing an incredible shift toward automation and advancements. You might have encountered this shift already, and if not, it's sure to get your attention sooner than later. Technology won't immediately replace accounting professionals as there will always be a need for a human decision made in the accounting department, however it certainly will provide a quantum leap to get the job done.
Finance professionals are expected to produce much more than just reports on the debits equaling the credits. Finance professionals also need to be hands-on, future-focused, infusing efficiencies while contributing to company profitability. So, are you planning for what lies ahead? If not, this blog will help you get you started.
The sooner you embrace automation, the better for your business. If you are still using outdated accounting software that forces manual processes for your finance administration, you are behind the times. Contemporary accounting software automates manual day-to-day processes, alleviating repetitive processes consuming valuable time, giving the accountant room to focus on compliance, judgment and other high-value tasks.
With most of the processes automated, you have more time to develop a deeper understanding of the organization and help make accurate, strategic growth decisions. Your work is not evaluated by time anymore but by the value of the results. With this advantage, you will be able to invest the time saved from automation into developing new skillsets.
Finger on the global pulse
With an increasing number of entities accepting payment in electronic format, either by EFT, ACH, PAD's or Credit Card, understanding how payments work is vital. Knowing how to manage these payment channels and ensuring your business is compliant makes you a future-ready CPA.
Harness the power of Cloud
Cloud offers excellent advantages for a variety of reasons and many major accounting software companies provide cloud-enabled solutions. Cloud offers better security, disaster recovery, connectivity, and reliability. Understanding which is best for your organization's future is essential. Cloud solutions are the future of accounting software; embracing this trend could make a big difference.
Be more than an accountant
In the last decade, finance professionals have more freedom to implement the best possible tools and services regardless of location. Beyond the usual accounting tasks, finance professionals need to be more than just record keepers; you can do more by providing regular performance reports, business forecasts, KPI's, etc. Accounting professionals are now responsible for delivering meaningful business insight, giving sensible advice on strategic planning and business improvements. This makes you an advisor as well as an accountant — a sure way to be future-ready.
Even the spectacular automation in the accounting industry can't reduce the value of a professional accountant to an organization; it can only enhance it. With technological enhancements, a CPA is a vital part of the organization. Embrace the future of technology to make your service superior.