How accountants can use technology to modernize their firms
June 17, 2015

Accountants need technology to increase efficiency and transparency. The business industry is changing dramatically, placing new requirements on employees. Accounting professionals must be able to collaborate with others. However, is technology taking the place of professional skills?

In the past, accountants needed to have the right skill set, but technology now handles a great deal of the legwork, changing the demands on modern accountants. Even taxes are more automated than before. Financial professionals need to adapt or risk losing relevance. Accountants are expected to make strategic forecasts and take a more active role in maintaining compliance. Rather than just having the basic skills, accountants need full access to data to make more accurate predictions. 

How can organizations modernize accounting?
Bringing accounting applications into the 21st century requires more than just installing new software. Reducing paper usage, enhancing security, and streamlining operations are all essential to maintaining a more efficient workflow. A one-size-fits-all approach is no longer effective. Companies need a solution that fits their unique needs, such as a customizable reporting dashboard or cloud storage for quicker reconciliation. 

Because of the complex new demands on accountants, financial professionals need tools that help them automate administrative tasks so they can focus on strategic priorities. Making it easier to generate customized reports simplifies the process for accountants and helps them visualize data in new ways. This is especially important for small companies because employees often do not have the time to spare on administrative tasks. Automating certain processes allows the team to focus on key competencies instead of getting bogged down with repetitive tasks. 

Accountants need to act as advisors
It isn't enough to just be able to prepare business tax returns. Accountants need to serve as advisors and tell businesses how to allocate resources for the coming years. Business leaders want to see how their investments will perform over time, opening a clear role for accountants to fill. However, taking a more strategic position increases the demands on financial professionals, and many firms are adding new services to stay competitive. Accountants need the right tools to make these new techniques feasible. 

Modern accounting software is flexible to meet a firm's unique needs. Accountants can more easily maintain compliance, store data in one location, and pull reports. 

Nexus: G-WEBCD2