How Will Accountants Thrive in a Digital Era?

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2018 will require accounting professionals to hone new skills and develop an understanding of new technology like AI and machine learning. The digital era has changed the landscape of accounting so here’s how accountants can not only survive, but thrive in the new age.

Implement the Right Technology

Automation is more prevalent than ever in the accounting profession. While it might be costly to implement initially, a future-focused mindset will allow you to keep up with the advancements in technology and improve old processes.

Understand Up and Coming Technology

It might surprise some firms how quickly the latest trends and technology that were once far removed from their day-to-day lives are catching on. With new technology popping up so frequently, accountants will be swimming in a sea of information. Accountants can start with understanding these new tech trends in the context of their role and how the technology can be beneficial to their clients.

Develop a Supporting Skill Set

It might be daunting for accountants to think that automation and machines will soon take over their role. However, opportunistic accountants will be able to develop their skill sets in a different way.

For accounting professionals who are tired of trawling through their client’s spreadsheets to reconcile transactions, recommending or implementing cloud-based software to help their clients manage their business processes from inventory management to accounting and payroll. This will allow the accountants to take on a more analytical and advisory role, instead of the traditional hands-on method they were used to.

In order to survive in the tech future, accountants need to be adapt their role by delivering insights that help make data-driven decisions. They are the ones who know their clients’ business deeply enough to provide reliable advice.

Distill Data

As we move away from traditional financial management, more software will be geared towards real-time data. Real-time data has many benefits for a business but for accountants, accurate real-time data can help in their analysis and decision-making.

In order to stay competitive, accountants will now have to be open to change and adopt an agile mindset. 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!

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Melanie - Unleashed Software

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.

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