As technology continues to evolve, accounting firms must adapt to stay competitive. However, many small to medium-sized accounting firms are hesitant to adopt new technologies. According to Sage, 13% of firms lack time, 38% lack money, and 25% lack expertise.
But, the driving force behind successful accounting firms is technology. It streamlines operations, increases efficiency and productivity, and showcases the accountant’s hard work, leading to increased client satisfaction and loyalty.
Moreover, with the rapid changes in technology, it’s crucial for accountants to upskill and gain technological literacy skills to compete in the future. PwC’s 2020 analysis surveying over 200,000 jobs in 29 countries found that 30% of jobs will be affected by automation by the mid-2030s.
The good news is that upskilling provides additional training to gain the appropriate skill set needed, and companies, universities, and colleges are initiating upskilling initiatives to help fill the workplace skill gaps created by new technology.
Some of the tools that can make a significant impact on accounting firms include Artificial Intelligence (AI), Robotic Process Automation (RPA), Natural Language Processing (NLP), Cloud Technology, and Advanced Microsoft Excel skills. These tools streamline operations, decrease costs, provide fast and affordable analysis of financial data, improve client collaboration, and make the business of the accountant much more efficient.
One of the most significant tools that accounting firms can use is Reach Reporting, a financial reporting software that empowers the financial professional to showcase complicated spreadsheets in a way that is insightful and engaging for both the accountant and their clients. Reach Reporting offers an intuitive and straightforward way to understand financial data, making it an accountant’s best friend.
The technology industry provides phenomenal tools to make the business of the accountant much more efficient. It’s vital for accounting firms to take advantage of these tools to add value to both themselves and their clients. Don’t let barriers like lack of time, money, or expertise hold you back. Embrace technology and let it drive your firm’s success.