With the rise of the digital era, accounting and the role of accountants have changed dramatically. Accountants are no longer just filling out forms and managing the balance sheet. In the ever changing digital environment, here are some tech trends accountants should keep an eye on.
Automation will continue to reduce paperwork
Optical Character Recognition (OCR) technology scans a physical document and translates the content in a digital format. For example, when you scan a receipt, OCR technology will process the image, translate the numbers and generate structured data. Once the OCR technology has extracted the data, tools like AI and machine learning will take that data and use it to interpret and generate something more valuable than discrete sets of data.
OCR tech is speeding up, meaning that images can be converted to digital data quicker, allowing nearly real-time processing. Similarly, AI is also developing quickly. With all the data at its disposal, the AI can make recommendations, generate forecasts, and spot patterns with the data.
What does this mean for businesses? Automation is great for categorising information without wasting time so that staff can spend their time on more value-adding tasks for the business. Applications like Receipt Bank, Xero, QuickBooks have already begun to implement this.
The role of accountants are changing
With automation speeding up processes, accountants will have more free time to move towards a consulting role. The less time they spend handling paperwork, the more time they have to provide real value for your business by making recommendations about how businesses can overcome challenges.
For businesses, this means that their accountant will play a more involved and value-added role in the business. They will be able to couple their in-depth knowledge of their clients’ business with a deep knowledge of accounting to give their clients relevant recommendations.
What can accountants do about it?
With the shift away from traditional accounting practices, accountants can help their clients’ business in a different way.
With Unleashed Software’s new partner programme, accountants can do more for their clients as an Unleashed Implementation Partner. Accountants will be equipped to help clients make the most of our powerful inventory management solution. Because Unleashed integrates with other SaaS management tools, it forms an important part of a complete business solution.
Inventory can be fast moving and large in scale. In order to gain an accurate picture of a business’ financial situation, it is necessary to properly account for inventory. Depending on how a business calculates their inventory, it can reflect in different ways on their cash flow statements, income statements and balance sheets. Better inventory management means better accounting.
Unleashed Software will be at the Accounting Business Expo in Sydney this week so head over to our booth to find out more on how accountants can maintain their competitive advantage in the digital era.
Unleashed Software relies on our great network of partners to spread the word about our great inventory management software. Find out how you can be a Referral Partner or an Implementation Partner today!
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.