The increased use of technology has meant that the accounting industry has undergone significant transformations in recent years—reducing the amount of mundane administrative tasks. However, a recent survey revealed that 39% of accountants still devote more than half of their workday to manual tasks.
And, worryingly, 30% of those surveyed lack the necessary tools to automate their processes.
As more individuals seek the guidance of accountants as trusted and reliable advisors, it is crucial that accountancy professionals do not become overwhelmed with administrative duties. Accountants have a chance to improve their workdays—it comes down to automation.
Slash admin time and remove manual data entry from your to do list
For accountants, manual data entry has always been a tedious task. Despite its history and significance in the profession, a recent survey disclosed that more than two-fifths (42%) of accountants with over 15 years of experience identified manual data entry and record keeping as the most troublesome part of their job.
Such tasks are a significant strain on both time and energy. And, despite the progress in software technology, numerous accounting practices continue to operate without accounting software. The reluctance to adopt accounting software could be attributed to apprehension or a lack of resources.
But the reality is that not utilising such technology is losing accountants valuable time.
Automated data capture is a prime example of how technology can benefit accountants. It enables them to scan physical receipts and financial documents, for example, utilizing optical recognition technology to extract and process all the information that would typically need to be entered manually.
Most importantly, automated data capture guarantees accuracy, significantly reducing the likelihood of errors and eliminating the need for data verification. This saves hours of tedious manual administrative work.
Make the change from paper trails to digital insights
The move towards automation is not only enhancing time efficiency, but also fueling the need for actionable data. Accounting software extracts data and generates client-specific information that enables teams to evaluate business activity, identify trends and gain benchmark insights. This opens up another level of data analysis.
The expansion of big data is therefore leading to the utilisation of a wider range of real-time data, more variables, and advanced modelling techniques. Bookkeepers and accountancy firms can then compare client datasets, detect patterns and identify errors that require attention.
Become the trusted advisor with the power of technology
The responsibilities of accountants should extend beyond their traditional roles, and clients should perceive your team as business partners. Forming relationships with clients will enable accountants to surpass their basic duties of number management and tax return submissions, and offer reliable guidance to help clients manage their business.
When it comes to the workflow in action, implementing automation will not only save you time, but will also allow you to accomplish more in a shorter time frame. And, with the aid of precise and practical data generated by data analysis, you can detect trends in compliant data feeds and provide astute advice supported by this evidence.
This helps to position yourself further as a vital component in your client's business operations.
Take the next steps to optimise administrative productivity
Manual administrative tasks have been an essential part of an accountant’s role in the past. But the role no longer has to be solely focused and overwhelmed by the same set of mundane responsibilities. Unlike 15 years ago, software is now readily accessible to alleviate this burden.
Looking to the future, the increased adoption of automation and technology—including AI and machine learning—will be the most prominent changes to the role of accountants.
In combination with extra time and having access to a flow of actionable data, technology empowers accountants to provide concrete advice to enhance their clients' businesses. In return, accountants can expand on their role as the dependable business partner, while removing administrative hassles, and allowing time to be used efficiently.
Sabby Gill is CEO of Dext. He has more than 35 years’ experience in the technology sector, spanning sales, operations, development, support and customer service. He has spent his career supporting businesses of all sizes with technology that looks to unlock their potential—both at home and in international markets. Prior to joining Dext, Gill was CEO of Thomas International, a leading talent assessment and psychometric provider, as well as leading Sage in its home market of the UK and in Ireland. Gill also serves on the CBI Tech Council and is a member of the UK’s Digital Economy Council with Secretary of State, and Chair at Digital Leaders Advisory Board.
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