Technology has influenced business in so many different ways over the last few decades, and that influence is growing exponentially. While plenty of businesses and professionals have embraced the use of technology, there are still plenty of people in traditional sectors who are mistrustful of adopting new technologies.
A good example of this is with accountants – where some accountants prefer to stick with more traditional approaches to their line of work; however, there are lots of ways in which modern technology can assist accountants. We discussed this with a company that provides managed IT services London accountants have used extensively in the past. There services include supporting accountant’s IT and helping them adopt modern technologies that help them work more efficiently and productively.
How Technology Helps Accounting
Technology is beginning to transform accounting in significant ways. There are many companies who can help, like TechQuarters who are a trusted company that provides small business IT support London accountants use, they described some of the ways they have seen modern technology benefit their clients in the accounting sector.
- Cloud-Based Solutions: The cloud has been one of the biggest disruptors across virtually every sector and industry in the world. According to the company we spoke to that provides IT support for accountants, leveraging cloud computing is a frequent high priority of their clients. For accountants, the cloud can be utilized in a few different ways. Firstly, businesses can digitally transform – meaning they get rid of their on-site servers and other antiquated networking technology, and instead utilize the cloud to build a scalable, future-proof cloud-based infrastructures that allow them to operate with more mobility and flexibility. Another way in which accountants can leverage cloud computing for their benefit, is by adopting cloud-based accounting systems, which can be accessed across multiple platforms (desktop, web, mobile), and can help accountants streamline their workflows.
- Task & Process Automation: One of the great things about modern technology is it’s ability to make simple and common tasks quicker and easier to complete. The most common way that this is done is through automation. Many modern accounting systems enable accountants to automate various aspects of their workflow – mainly tasks or processes which must be repeated with every account. Eliminating the predictable or manual aspects of one’s work means that you can go above and beyond your regular duties. For instance, if an accountant can streamline the process of calculating taxes and organising client’s files and records, they will have more time for things like data analysis, and finding insights that the client’s can use to refine their financial strategies.
- Better Client Relationships: There are many ways in which technology can help accountants build better client relationships. Firstly, as has been mentioned in the previous points, technology can be used by accountants to make their work more efficient, and by extension quicker. This means that the fundamental services an accountant offers can be done in a shorter timeframe, and they can dedicate more time to additional services, such as data analytics to help the customer with their financial strategy. Furthermore, technology helps accountants offer a more flexible services. For example, videoconferencing technologies and cloud-based accounting systems enable accountants to hold remote meetings at the convenience of the client. Using cloud-based systems also means accountings can offer greater transparency – cloud-based accounting systems enable both accountants and the client to view the financial data.
Mobile Accounting Solutions: One of the biggest ways in which business in general has been disrupted through technology is the prevalence of mobile technology. Nowadays, virtually everyone in business has a smartphone, because it allows them to work, communicate, and collaborate from anywhere, at any time. Many of the latest accounting systems have mobile apps that allow accountants to access information on the go – the mobile app may not be the ideal way to use these systems, but the option means that professionals are not tied to their desks like they used to be. Furthermore, using mobile devices such as a tablet can be a great way to present data to clients at meetings in an easy and interactive way, too.