Are accountants ready for the new digital age?

Are accountants ready for the new digital age?

Technology is everywhere today and changing at lightning speed. Children are learning on computers and tablets at an early age and professionals have conceded to automation, artificial intelligence, and technology as methods and tools of providing professional services.

In an article posted on December 17, 2018  on Director of Finance Online (UK), the author, Jennifer Warawa writes, “How accountants can stay on top of the digital wave.”  Ms. Warawa further states, “Accountants need to stay ahead of technology to anticipate client needs.” The article speaks to the changing times in the accounting profession.

“As technology continues to develop, today’s accounting firms are quickly discovering that key tasks such as matching purchase orders and flagging invoices for payment can be expedited by leveraging the likes of machine learning and artificial intelligence (AI). As highlighted in research from the McKinsey Global Institute (MGI), collecting and processing data can be achieved better and faster by machines, and they will only keep improving. This enables AI tools to carry out many time-consuming, manual processes. In turn, this frees up firms to maximise the time spent on delivering informed, trusted advice to clients.

Being operationally prepared to transition to a modern way of working is therefore essential to staying competitive in the long term. With that in mind, here are three key steps accountancy practices can take to make sure they are prepared for technological transformation.” Read more…

Accountants, like other professions, have embraced technology as a tool to better provide services, improve client retention and increase efficiency and profitability.

The Expex application enables accounting firms and their SMB QuickBooks users with a dashboard and tool set that automates bookkeeping and accounting tasks. The application provides accounting firms and their clients with the ability to operate more efficiently, with improved profits and cash flow. Ask us for a free demo and see how Expex can  be there as you ride that digital wave.