Many businesses, including the accounting industry, have recently altered and adapted. Every sector has been influenced by the volatility of the previous several years, with new procedures, rules, and behavioural shifts affecting how we all function.
Accounting is on the front lines, and accountants must adapt. 2022 is expected to bring more of the same issues we’ve looked at. Many companies are expecting more from their accountants. Rather than ‘simply transactional accounting’, they want comprehensive counsel.
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What is the role of an accounting advisor?
Traditional accounting tasks like bookkeeping and tax filings are difficult and time-consuming, yet they only yield a little revenue. However, the days when an accountant’s job was to do the numbers and write a report are mostly gone. With the assistance of technology, you may expand your professional position by giving insights and analyses that go well beyond the numbers.
The good news is that offering these high-value services is a promising development sector that may be financially and professionally rewarding. You may save time on computations and ‘number crunching’ while increasing your analytical and advisory contribution by using the power of automation. In other words, you’re adding more value while wasting less time.
What role will technology have in the future?
Although technology in accounting is not new, it must now become second nature and take centre stage. Mobile solutions are critical for serving your clients, especially as the epidemic has accelerated the distant working culture.
Technology will increasingly play a role in professional accounting partnerships. It is shifting from a single annual gathering toward a continual stream of smaller encounters made possible by secure, cloud-based solutions. There will be a trend toward seamless, continuing contact between you and your customer throughout the financial year, backed by different channels such as text messaging and video conferencing.
Accounting software such as QuickBooks and Sage have freed accountants from the time-consuming task of manual data input and simplified the process. According to McKinsey, currently, existing technology can automate 50 per cent of accounting activities.
It is how technology will aid your transition to a more profitable and fulfilling career as a professional adviser. You can now present your clients with the most up-to-date, accurate financial statistics based on real-time analytical data: thorough, relevant reporting supporting their core business plan.
Outsourcing is becoming more popular.
Over 60% of accountants want to outsource their compliance work to a third-party firm. It’s a terrific strategy to save money and free up time to do more profitable advising work. Entrusting this job to a specialised expert allows you to benefit from their expertise and experience. An outsourcing business will update the current regulations, methods, and technology.
Digitalisation is the driving force behind this expanding trend through increased cybersecurity and automation. Outsourcing was long frowned upon, but it is now safer and more secure because of advances in technology and stronger government regulations.
customer loyalty
In 2022, the age-old dilemma of retaining long-term clientele will be alive and well. Because of the large number of rivals, there will always be another accountant attempting to promote your best connections.
The solution is to improve and personalise your business interactions, eventually requiring AI and automation. Beyond ‘the books,’ you must establish yourself as a trustworthy advisor on various business challenges. It’s critical to show that you have a thorough awareness of their goals, pain spots, and the industry.
You will be able to develop reliable, long-term connections with your clients if you can provide personalised services and bespoke solutions that seem distinct.
Virtual world
In 2022, one thing is certain: you will still be able to work remotely, away from the boundaries of the workplace and the usual 9 am-5 pm routine. It will be able to work more flexibly and when you are most productive or when your clients want your assistance. You didn’t become a better accountant by commuting and sticking to strict routines…
If you lead a team, you’ll continue to benefit from your colleagues’ improved grasp of how and when they perform their best work and higher morale and important employee retention. In the advice profession, there are several advantages to working remotely.
Drive for Industry Transformation
According to a global study of 3000 accountants conducted in 2019, a large majority (about 90%) predict that the accounting training and business will undergo a cultural transition during the next decade.
Furthermore, the consequences of such a change have begun to emerge in the form of:
- In the direction of developing technologies
- Services for businesses
- Recruiting procedure
- Practices for working from home
Even with a score of 62 per cent, current respondents feel that today’s accounting training programs will be insufficient to keep up with accounting developments in 2030.
Automate Accounting process
Like practically every other industry, accounting has seen significant changes due to automation. With complete solutions that decrease mistakes and prevent misunderstanding, the whole management process has been automated.
Because the procedure relies heavily on computers and servers, organisations are vulnerable to money fraud and security breaches.
As a result, in-house auditors are more likely to examine financial inputs and data correctness. So there’s no reason for in-house employees to be concerned about being replaced by bots.
Conclusion
The accounting sector is changing in 2022 and beyond. These changes will be good for tech-savvy workers. Ensure you have the necessary technology and accounting training skills to utilise it.
Always be ready to adapt to new technologies and keep an eye out for ways to make yourself a valuable asset to clients – since this is the key to success. You must function as an extension of their company, precisely connected with their goals and objectives, and aware of the obstacles they face.