In today’s fast-paced business world, companies that do not adapt to new technology may fall behind. Accounting firms are no exception to this rule. However, many small and medium-sized accounting firms are hesitant to adopt new technology, as per Sage’s Practice of Now Report 2019. They cited time, money, and expertise as the primary barriers. This article will discuss the benefits of technology for accounting firms, and how Reach Reporting can help.
New CPA’s & Technological Literacy Skills
The accounting industry is undergoing significant changes due to technological advancements. Even during the COVID-19 pandemic, technological innovations have accelerated. For accountants entering the profession, it is essential to have technological literacy skills. According to a survey, 57% of accountants believe that it is crucial to have additional technological skills. The rapidly changing technological demands in the accounting industry will require them to compete in the future.
Upskilling within the Workforce
In addition to new CPA’s, upskilling is crucial for accountants currently in the workforce. Upskilling provides additional training to gain the appropriate skill set needed to fill workplace skill gaps created by new technology. PricewaterhouseCoopers’ 2020 analysis found that 30% of jobs would be affected by automation by the mid-2030s. Therefore, upskilling programs by companies and universities will be critical to fill the gap in the years ahead.
Benefits of Technology for Accounting Firms
Companies that have invested in new technology skills have found rewards for their efforts. Technology has allowed accountants to streamline their processes, decrease wasted time, and increase efficiency and productivity for their clients. Additionally, technology showcases the accountant’s hard work while increasing client satisfaction and loyalty.
AI, RPA, NLP, Cloud Technology, and Excel Skills are the five essential technology tools for accounting firms. AI provides a competitive advantage and helps retain customers and employees. RPA streamlines operations and decreases costs while improving accuracy and convenience. NLP provides fast, affordable analysis of financial data, while cloud technology helps accountants collaborate with clients and offers improved service offerings. Finally, advanced Excel skills help to refine your Excel skills by learning about advanced pivot tables, external data ranges, related functions, the “If” function, and more.
The Benefits of Reach Reporting
Reach Reporting is an accountant’s best friend. It is a user-friendly financial reporting software that empowers financial professionals to do their job, take the complicated spreadsheet, and showcase it in a way that both the accountant and their clients find insightful and engaging. With Reach Reporting, you can provide understandable data to your clients, showcase your hard work, and increase client satisfaction and loyalty.
Final Thoughts
The technology industry is providing phenomenal tools to make CPAs more efficient. With Reach Reporting, you can take advantage of what is available to add value to both you and your client. As Justin Hatch, CEO of Reach Reporting, said, “Technology is the driving force behind successful accounting firms.” It is essential to break past the barriers preventing your company from adopting new technologies. Improve your efficiency, productivity, and client satisfaction with Reach Reporting today.