How to succeed at technology driven accounting

2nd May 2019
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Most accountants expect to be able to use data to drive decision making in the near future and expect new technology to affect accounting and finance roles in a significant way.

The future of business is most certainly going to be driven by advances in technology, and accounting is no exception. Accounting is no longer just a desk job in the back office and it is now much more about getting out to see clients and working “on the go”.

Mobile devices, remote access to office servers and cloud tools have already changed how many within the industry work and many in the industry expect technology and software to have a big impact on their futures.

Automating audits

Auditors today are inundated with great amounts of information that they need to interpret to provide actionable insight that provides value to their business clients.

To sift through the huge amount of information they have at their disposal, auditors need to take advantage of technology. Using analytics technology, auditors can analyse details of every transaction and identify the relationship between data sets and parts of audit files, allowing them to identify risk and raise issues of non-effective controls more easily.

Increasing flexibility and collaboration

Being flexible and collaborative is now extremely important for accountants to help them meet their clients’ requirements.

Cloud computing can really increase flexibility in the workplace, as it allows employees to work from anywhere. It also makes it possible to making central changes and enforcing them on a workforce easily.

Improving workflow with dashboards

Dashboards have been one of the most beneficial business applications within accounting firms because they allow for complicated data to be displayed in a simple, usable format.

Something as simple as splitting an audit into the different stages – from the planning, work and completion stages – can make the process much more efficient and also allows new or inexperienced users to complete these tasks with relative ease and minimal supervision.

Dashboards also make it possible for businesses to use accounting data more effectively by taking audit information and identifying areas of risk more easily than trying to scour through reams of spreadsheets.

The need to understand new technology and how it can be used is vital for the modern accounting firm. For more information on future proofing your accounting firm, download our “How to Digitally Future-Proof your Accounting Practice” eBook.