The changing nature of fintech accounting tasks - are you ready?

17th Jan 2020
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New technology, combined with less red tape, is transforming the way accountants manage their fintech clients.

The stereotypical image of the steady, cautious accountant is going through a shake-up. 

New tech, new software and new regulations mean the accountant's role, and particularly those within fintech companies is ripe for an overhaul. 

Transparency, cloud accounting, automation, Open Banking, Making Tax Digital all promise to remodel the accountancy profession and create huge new possibilities for the businesses they serve. 

So, what is driving this change? Is it down to the fintech's themselves? What is the significance for accountants? And what will be the impact on businesses?

Change is not happening; it's here, now

Financial data is flowing faster than ever. 

More access to information, automation of processes and integration of newer software tools is placing more power at the fingertips of crucial decision-makers within businesses, allowing for faster, more responsive and better-informed decisions.

Artificial intelligence, machine learning and task management in fintech software apps unearth far more significant insights than manual analysis can provide.

Increasing automation around task and invoice management, credit control and cash flow forecasts, has reduced the time accountants need to spend on traditional tasks, freeing up resources and expertise to focus on more value-adding projects.

Cloud accounting providers like Quickbooks and Xero bring together these capabilities and offer businesses access to accounting services from any location when required. 

To fuel this change, there is a proliferation of financial technology and software providers like Uku - aided in part to the launch of Open Banking in 2018

UK banks must now open up their data, with verified third-parties accessing information to offer new products to help businesses and customers. 

It is fintech companies who are offering newer products and services to their customers and other companies. 

These fintech developments have had a wide-ranging and transformative effect on accounting tasks within their businesses.

Both clientele and fintech clients experiment with the new services offered by fintech company technology, especially when it eases their banking needs. 

Fintech companies, therefore, must adopt their own technology to succeed in this new Open Banking era, meaning the accountancy practices who serve them must do the same. 

Fintech accounting includes spending smart, tracking expenses consciously and using secure applications that fulfil all their requirements at a click of a button. 

Tedious steps involving faxing and copying documentation or a visit to the bank only for a signature fuels frustration and annoyance.

What has changed within Fintech accounting?

Payments gateways like Stripe, invoicing and billing programmes like Freshbooks, along with more advanced cloud accounting software like Uku, are examples of applications that continue to reinvent the way fintech accounting is automating their business functionality

Although not all fintech companies are fully modernised, those transforming understand that creating manual invoices and payments are a thing of the past, being made redundant by the very technology they have created for their customers.

And the advantages are easy to see why.

Practice management softwares continue to reinvent the way fintech accounting is automating their business functionality

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