When you think of accounting – what is it you imagine? Possibly a bookkeeper processing documents at a desk, or maybe an advanced piece of tech that runs quietly in the background? Maybe it’s both. Whatever your perception, the future of accounting is all heading in the same direction. According to a study where over 250 accounting professionals were surveyed, three-quarters believed that within the next five years, basic accountancy processes will be fully automated.
Why change to a fully automated system?
Well, aside from 89% of the target group stating it’s a more efficient use of their time, it’s also in response to the increasing demand of clients. As with most things in the modern world, demand for lightning-speed results is high. Automation and cloud software allows accountants to sort through data faster than ever before.
AAT’s (Association of Accounting Technicians) Chief Executive Mark Farrar believes that “technology is taking us on an exciting journey and accountants are already feeling the benefit of these changes. Roles are becoming more strategic as a lot of the more manual processes can be done by automation, which is freeing up time for more challenging work.”
Are the days of the conventional bookkeeping numbered?
Of course not. Despite a human not being able to work at the same speed as a piece of software, it doesn’t mean the two can’t work in harmony. In fact, if they’re smart, accountants can use this technology to streamline their own activity and refine their trade. Instead of spending time deep in spreadsheets, accountants can channel their focus to becoming specialised advisors fully versed in IT. It also means that more time can be dedicated to staying on top of changes to upcoming government regulations and processes.
Interestingly, this idea of accountants evolving beyond mere ‘inspectors’ is even set to change by dictionary definition. Software firm Xero are challenging the idea that the role of accountants has changed so considerably over the last few years, that simply referring to them as ‘A person whose job is to keep or inspect financial accounts’ doesn’t meet the mark anymore. Instead, the new wording suggested is ‘a person whose job is to keep or inspect and advise on financial accounts’.
As the head of ACCA UK (Association of Chartered Certified Accountants) states, “Xero’s proposed revision to the dictionary definition of the term accountant…is a positive development we fully support as it reflects the changing role of a professionally qualified accountant as a trusted advisor to business”.
The power of accounting partnerships
Here at Khaos Control Cloud, we understand the importance (and necessity) of partnerships. When it comes to the Khaos Control Cloud system, partnering with forward-thinking accountants such as Wright Vigar and Streets have allowed us to enhance the service we provide customers. Both accountants have highly qualified teams that utilise cloud software, are well versed in IT; and like us, are on top of upcoming events such as Making Tax Digital.
These kinds of partnerships allow two fields of expertise to come together and create new opportunities. It also means that our partners can reap the benefits of pairing with a company that has new technology at the forefront of their business.
To find out more about the partnership scheme, click here.
A battle that can’t be fought - the future of accounting
Technology is constantly changing the landscape of how we do business, so, instead of fighting it, we must learn to evolve alongside it. At Khaos Control Cloud we know technology isn’t out to take jobs and alienate business owners, but instead to provide valuable insight. The future of accounting doesn’t have to be feared, and neither do the processes that go along with it.
To learn more about how you can evolve with your own accounting, visit our dedicated page.