Recent studies by Oxford and Deloitte (2015) suggest that about 96% of what accounting firms currently do will - in the not-too-distant future- become automated.
Surely that means the accountant is soon to be redundant. Why is that? In recent years’ advances in technology are automating much of the data processing.
Your bank transactions (income and expenses) can now be automatically entered into your financial records with greater accuracy. Invoices can now be
scanned (or photographed with your smart phone) and put in the right place. Not only does this save you a significant amount of time. It’s accurate.
Every quarter you can file your sales tax returns at the touch of a button. At the end of the year, one click and your end of year financial statements
are almost done. So, do you really need an accountant anymore? What does this really mean for you? The technology is called cloud accounting. It is
a much better way to control your business finances. It gives you 24/7 access to up-to-date financial information and reports and it saves you a very
significant amount of time. But will it really make the accountant redundant? Probably not. Certainly a cloud accounting system will make your life
much easier. It also makes the accountants life much easier too. And that means you can expect slightly reduced accountancy fees when you operate your
business on a cloud accounting system. What it really means is accountants need to change. They will no longer be paid for just adding up the numbers.
Technology will do that. Instead they need to spend more time, using their skills with numbers, working closer with businesses and helping them to
interpret and improve their numbers. Some accountants will make that change. Some won’t. Either way, it’s a good thing for business owners.
Find out about the benefits of cloud accounting
Our firm specializes in cloud accounting systems and are Xero Gold Partners.
We are running a Free Xero workshop on 25th May 2017 from 4-5 pm so sign up here to secure a place
if you want to know more about cloud accounting software. These workshops will be run monthly and are open to both clients and others as they are informative and trouble shooting.
If you can't make it get in touch to set up a meeting