Four ways embracing digitalisation will improve your accounts production
21st Dec 2018
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Digitalisation is disrupting just about every industry. Manual processes are being transformed due to more efficient systems, with automation playing a significant role in businesses.
Automated tools are changing the landscape accountants work in, the role that they play and how efficiently they operate. Furthermore, regular compliance changes necessitate accountants to up skill and change the way they work.
Constant changes in legislation and accounting guidelines make fulfilling compliance tasks onerous and inefficient. It is the one area, however, which accountants can gain quick wins by streamlining processes and eradicating tedious tasks. These necessary but time-consuming tasks can easily be performed by software.
Here are four ways embracing digitalisation will improve your accounts production processes:
Streamline your working papers process
Gain better quality control with a centralised location for all your working papers for a more efficient, paperless way of storing and managing working papers.
Format, process and tag data
Quarterly VAT filing and fiscal year-end accounting can easily be fulfilled by digital software that can quickly access source data and apply the relevant data tags.
Improve the quality of the data by highlighting anomalies quicker and creating a more focused and relevant report.
Regulatory compliance filings can be submitted quicker as the financial statements can be converted in to multiple formats and compliance tasks can be completed automatically.
Harness market-leading technology to drive growth
There’s no denying how much of a transformation digital technology will continue to have on the accountancy industry. AI and machine learning will fast be integrated into businesses, transforming the service that accountants offer. The rapid pace of change will not slow down. Compliance changes such as MTD are a good opportunity to analyse processes and evaluate where improvements can be made to create a more efficient, cost-effective and valued team.
Automation is the key to unlocking the potential of your team, giving them the opportunity to learn new skills and contribute by creating a higher value offering within the organisation other than just reporting data. Taking a digital, systematic approach is key to unlocking your teams’ growth in this new digital environment.
For information on how Wolters Kluwer can help automate and improve your accounts production process, click here.