Future-Proof Your Firm: Preparing for Accounting Automation
Since the previous decade, accounting automation has been widely discussed and for good reason: many finance and accounting professionals have expressed fear about this apparent threat to the human workforce.
In fact, The Economist has previously reported that within the next two decades, there is a 94% chance that computerization and other technologies would lead to job losses in the fields of accounting and auditing.
How can your firms prepare for accounting automation?
Here are a few tips:
Brace for Impact
Instead of succumbing to automation, we have to prepare ourselves to find ways to add value to our firms. That is, accounting professionals should understand how new technologies such as robotic process automation (RPA) can impact our professions. Likewise, businesses and firms should also understand what the disadvantages and the benefits of shifting to RPA are.
Leverage Your Skills
Moreover, rather than competing with automated processes, accountants should seek to complement their software programs. After all, AI are tools designed to make our lives easier, so why not take advantage of their capabilities?
To increase your value, you can positioned yourself as a trusted advisor who can do more than handle tax returns and audits.
By giving clients advice and support that no machine could provide, we can offer what computers are unable to: business sense and professional judgment, which is important to your clients.
As Jason Ackerman, a columnist for the CPA Journal opined, CPAs should focus the bulk of their time on providing value for their client and not get caught up in performing administrative tasks.
Move to the Cloud
Many accounting activities such as invoice processing can now be automated. To streamline your work processes and improve data security, introduce your team to cloud-based business accounting software such as Xero or Quickbooks. As your firm adopts new accounting tools and moves certain processes to the cloud, your team can become more productive and start devoting their time to other value-adding tasks.
Get Your Staff’s Buy-In
As with any change, it is crucial to involve your staff – and even your clients – in your transition to automated processes. Listen to your clients to find out what they need and consider soliciting their suggestions as to what technologies should be adopted in your firm. The same can be done with your staff: consult your workflow experts on what and how it needs to be done.
Change Your Perspective
As we have written previously, RPA will alter, not supplant, existing accounting roles. Nevertheless, there’s no reason for accountants to idly sit on their hands and wait until their roles are no longer needed in their firms. Instead, it should be seen as an opportunity to adapt to the changing demands of their role through constant training, upskilling and continuous education, if needed.
Is Accounting automation easy to learn?
The ease of learning accounting automation depends on several factors, including your prior accounting experience, the specific software you are using and your willingness to learn new things. In general, however, accounting automation is not as difficult to learn as you might think.
Here are a few reasons why accounting automation can be easy to learn:
- Most accounting automation software is designed to be user-friendly and intuitive. This means that you can usually get started with minimal training.
- Many accounting automation software programs offer built-in help and tutorials. This can be a great resource for learning how to use the software and troubleshoot any problems you may encounter.
- There are many online resources available to help you learn about accounting automation. This includes websites (ex. Youtube), blogs and forums where you can find tips and advice from other users.
Of course, there are also some challenges to learning accounting automation. For example, you may need to learn new terminology and concepts. You may also need to spend some time setting up the software and configuring it to meet your specific needs.
Overall, accounting automation is a valuable skill that can save you time and money. With an effort and willingness to learn, you can learn how to use accounting automation software and start automating your accounting tasks today. This will save you time and money and allow you to focus on more important things.
The Bottom Line
The accounting industry is undergoing a period of rapid change and automation is one of the most significant factors driving this change. However, by taking the steps outlined above firms can prepare for accounting automation and ensure that they remain competitive in the years to come.
If you need help in preparing your accounting automation journey, Get in touch with us today! D&V Philippines is a trusted finance and accounting outsourcing powerhouse that can help you prepare for your accounting automation journey. With our extensive experience and top-notch services, you can trust that your business will be in good hands.
You can also read our whitepaper, D&V Philippines: Your Talent Sourcing Partner, to learn how we can help you find the right finance and accounting talent that your firm needs
This post was first published 11 July 2017 and edited 09 June 2023. Edited by: Angelica Garcia