Advances in technology are rolling out rapidly throughout the global accounting industry, and firms must quickly learn to embrace cutting-edge tools to evolve on pace with their peers.
Leaders that continue to weigh the return on investment of automating versus continuing to audit “the old-fashioned way” already are falling behind their competitors who have committed to becoming a firm of the future.
To further illustrate the current state of the industry, a recent QuickBooks Accountant Technology Survey found that 48% of accountants expect to invest in and adopt automation tools and AI, and 47% plan to invest in blockchain technology this year. These statistics clearly demonstrate that more and more firms are finding that the pros of joining the technological revolution far outweigh the cons.
From improving operations and services to enhancing the employee experience, below are the top benefits associated with taking a proactive approach to inevitable change and embracing new technology at your accounting firm.
Assurance
Gone are the days of auditors painstakingly sampling small portions of datasets. Advanced technology increases the depth and breadth of analysis by allowing auditors to assess entire populations of data quickly, efficiently and holistically. It also enhances the sophistication of risk assessments using predictive analytics, modeling, process mining, and third-party data to better understand clients’ businesses.
In short, utilizing innovative analytical tools allows for a complete and accurate risk identification and risk assessment process that picks up patterns that are not necessarily intuitive to humans. This improves the overall accuracy and effectiveness of the audit.
Employee Experience
Today’s accountants are looking for more out of their professional experiences, and performing repetitive or mundane audit tasks is no longer in their ideal job description. Automation can provide a more meaningful experience for audit professionals by streamlining routine tasks such as data entry and reconciliation.
This allows employees to focus on more engaging and value-adding aspects of their jobs while avoiding the risk of human error commonly associated with these tedious tasks.
Overall, companies that invest in automation are likely to see positive benefits in the form of increased retention, better work life balance, and more fulfilled employees.
Client Service
If the pandemic taught the accounting industry anything, it’s that auditing on paper is no longer practical or sustainable. The industry quite literally would not have survived 2020 had technology not allowed auditors to work remotely.
Better yet, technology gives clients more options beyond local public accounting firms, leading to endless opportunities for firms to expand their client portfolios. Video conferencing, secure document sharing, and collaboration tools also allow auditors to deliver work to clients conveniently and efficiently, while also making it easier to foster client relationships from anywhere.
Industry Transformation
By more firms getting on board with the technological revolution, we have the opportunity to upskill the entire accounting profession. To get there, accounting firms must invest in their people through training and professional development.
Adopting new technologies and tools and taking time to thoughtfully onboard talent will develop intellectual curiosity, encourage teams to really understand the businesses they’re auditing, and foster deeper insights. In turn, this will allow the accounting industry as a whole to better serve clients.
Not only does automation allow for more valuable, data-driven audits, but by embracing technology, accounting firms can better position themselves to meet the challenges of the future and implement strategies that both increase opportunities for their employees and create a better experience for their clients.
Implementing an effective digital transformation will help you become more than just an auditing partner, but a trusted business advisor.
Jennifer Wood
As leader of the Assurance Service Line at The Bonadio Group, Jennifer Wood is responsible for quality and excellence, driving innovation, and supporting growth with highly trained practitioners. Her role includes challenging the status quo and using her experiences to transform the way we work. She strategically reimagines assurance processes, use of technology, and staffing models.
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