In order to help you the best, tell us what kind of business would describe you?

In order to help you the best, tell us what kind of business would describe you?

Why accountants should implement technology.

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You know you need to sharpen or learn new technology skills, maybe even add software to improve performance.

What’s holding you back?

Are you hesitant to give it a go? Are you wondering where you should start? Do you feel like you’re not ready to spend the additional funds? Are you already knee-deep in running the business and can’t think about adding one more thing to your plate?

You are not alone.   

According to Sage, in their Practice of Now Report 2019, many small to medium accounting firms are hesitant to adopt technology.

The accounting firms surveyed gave their hesitancy, stating that 13% lack time, 38% lack money, and 25% lack expertise.  

Whatever the reason, it will be vital to find a way to break past the barriers preventing your company from adopting the new technologies available. 

When asked what will be the driving force behind successful accounting firms?  Justin Hatch, CEO of Reach Reporting, quickly said,

“Technology is the driving force behind successful accounting firms! It allows accountants to shore up their process, decrease wasted time, and increase efficiency and productivity for their clients. Technology showcases the accountant’s hard work while increasing client satisfaction and loyalty.”

-Justin Hatch CEO Reach Reporting

New CPA’s & Technological Literacy Skills

Admittedly, 57% of accountants say that it’s essential for those coming into the profession today to join with an additional amount of “technological literacy skills.”  This added skill set will be critical for accountants to compete in the future with the rapidly changing technological demands in the accounting industry. Even during the COVID-19 pandemic, the advancements in Technology have not stalled; they have accelerated. 

Upskilling within the Workforce 

For those currently in the workforce, upskilling provides additional training to gain the appropriate skill set needed. Upskilling initiatives by companies, universities, and colleges will help fill the workplace skill gaps created by new Technology. In the years ahead, this gap will only grow.  PricewaterhouseCoopers (PwC) 2020 analysis surveying over 200,000 jobs in 29 countries found that 30% of jobs will be affected by automation by the mid-2030s.

According to PwC, “The Fourth Industrial Revolution has ushered in new business models and new ways of working that require critical new technical, digital and soft skills. Those skills are in very short supply. Indeed, the availability of key skills has been a top ten ‘extreme concern’ for the last decade, impeding innovation and prompting higher people costs. Businesses cannot hire their way over this skills gap at a price they can pay, so the imperative is clear. Employers and employees must join hands and invest in upskilling or risk irrelevance.”  

“The Fourth Industrial Revolution has ushered in new business models and new ways of working…Employers and employees must join hands and invest in upskilling or risk irrelevance.”

-PricewaterhouseCoopers

Those learning the necessary technology skills have found rewards for their efforts.

Rewards from Upskilling

  • Stronger Company Culture
  • Greater Innovation
  • Increased Workforce Productivity
  • Higher Employee Retention

Learn new ways to take advantage of technology-enabling processes.

Tools Making Life Better for Accountants

Artificial Intelligence (AI)

A collection of technologies functioning cohesively to improve job-related processes significantly impacts accounting firms. AI provides a competitive advantage and helps to retain customers as well as employees.

Robotic process automation (RPA)

Streamlines operations and significantly decrease costs. It completes tedious and time-consuming tasks speed up business processes and allows for greater accuracy and convenience. It can reduce risk by reducing user error and allows instantaneous reporting, which helps you recognize any potentially costly mistakes and correct them. It saves time, money and provides insight.   

Natural language processing (NLP)

Provides fast, affordable analysis of financial data. This tech makes daily reporting possible where companies may quickly make any needed updates. NLP allows machines to interpret human language, extract required information, organize and categorize.  

Forbes shared an article with an example of the efficiency of using an NLP tool. Deloitte, the accounting firm, spends less than a month reviewing hundreds or thousands of legal contracts for clients. In the past, this activity would take approximately six months and a team of dozens of employees. Deloitte is just one example of many where accounting firms derive immense value from NLP tools, and the Technology keeps getting better.  

Cloud Technology

An essential tool for accountants.  Research from Sage reports that 67% believe that cloud technology helps their business thrive. They cited client collaboration and improved service offerings as to what has benefitted them most. Eliminating the need to install software on every desktop saves time and money. Employees may access data anytime and almost anywhere in the world.          

Advanced Microsoft Excel skills

Benefits anyone, but especially accountants. It is the workhorse of most accounting and finance firms. A study conducted by Software Advice reports that 19% of job postings on Indeed required Excel, which is more than any other software in their research. Refine your Excel skills by learning about advanced pivot tables, external data ranges (ODBC), named ranges, V LOOKUP, related functions, and the “If” function. These new skills are just the beginning of all that Excel has to offer.

Sage reports that “85% of accountants believe the profession in their country needs to pick up the pace of technology adoption to remain competitive internationally.” The technology industry is providing phenomenal tools to make the business of the accountant so much more efficient. The mundane tasks can now be automated and focus on the more critical work, such as analysis and advisory. Take advantage of what is available to add value to both you and your client.  

The Accountants Best Friend

Justin Hatch has built Reach Reporting a financial reporting software that truly is an accountant’s best friend.

Reach Reporting have a glimpse into the future of accounting and what we see is endless possibilities. With that as our vision, we went to work. We created a tool that empowers the financial professional to do their job and then take that complicated spreadsheet and showcase it in a way that both the accountant and their clients find insightful and engaging.

Let Reach Reporting demonstrate to you the simplest way to deliver understandable data to your clients.

Let me know when more articles are posted.

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