Technology Adoption is Critical for Accounting

by | Sep 20, 2021

As technology continues to evolve, accounting firms must adapt to stay competitive. However, many small to medium-sized accounting firms hesitate to adopt new technologies. According to Sage, 13% of firms lack time, 38% lack money, and 25% lack expertise.

Benefits of Technology

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.

Technological Literacy Skills

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.

Artificial Intelligence

Some of the tools that can significantly impact 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 accountant’s business much more efficient.

Reporting Software

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 accountant’s business much more efficient. It’s vital for accounting firms to take advantage of these tools to add value to 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.

More articles

Actual vs Budget Report Template

Compare Financial Results to Budgeted Expectations Are you looking for an Actual vs Budget Report Template to help you track financial performance? This template allows you to compare actual financial results to budgeted expectations, providing valuable insights into...

Cash Flow Insights Template

Keep an Eye on Cash Flow with Clear Looking for a Cash Flow Insights Template? This template provides clear, real-time insights into your company’s cash flow, helping you manage liquidity and make informed financial decisions to ensure your business stays on a stable...

HR Analytics Template

Detailed Payroll Insights for Better Decision-Making Searching for a comprehensive HR Analytics Template? This template, designed to integrate seamlessly with accounting software and Gusto, provides actionable payroll insights to help you make informed decisions and...

Financial Planning & Analysis Template

Plan for a Profitable Future Looking for a Financial Planning & Analysis Template to help guide your business strategy? Our template provides a clear framework for tracking, analyzing, and forecasting financial performance, ensuring that your company stays on a...

Knowledge Center

Get Started With Reach Reporting