Automation continues to gain speed in the accounting industry. Automation simplifies menial tasks and reduces the risk of manual error, making it a huge boon for accountants as far as accuracy and data integrity.
While tech greatly improves much of an accountant’s job, with this shift comes fear and uncertainty about job security. Embracing changing technology and learning to finetune strategic and advisory skills situates you to continue to be a player in the accounting sphere even as the ground shifts.
Accounts receivable automation platform Invoiced recently published new research on adopting financial automation technology. The study was fielded in November and December 2019. The study surveyed 459 U.S. finance and accounting professionals.
Three big takeaways emerged from the report:
The report found that clients are coming to expect CPAs will deliver strategic, consultative services: Clients see that automation offloads many of the menial tasks that have historically been entwined with accounting. With more automation, billable hours would (theoretically) be reduced, leading to an expectation for increased expertise in strategy and consulting (or a reduction in price).
The report suggests that increased pressure will be put on CPAs to be tech-savvy: Businesses are expecting systems to integrate and tightly synchronize, and for CPAs to be aware of the ins and outs of it in order to deliver results and insights to clients.
The report highlights that challenges and opportunities are linked for CPAs as tech grows in accounting: It’s easy to get wrapped up in the pressure of a changing job in a changing industry. Accountants are expected to learn more and be flexible as the industry shifts, but many opportunities are shrouded in that challenge. For starters, taking the time and commitment to developing your tech skills will set you apart. Clients will also find you increasingly indispensable if you’re able to provide tech expertise and strategic and advisory services. And, though it isn’t always the case, increased skills could lead to a fatter paycheck.
Flexi can help you automate your accounting
Flexi’s comprehensive financial management software simplifies and automates the entire accounting workflow process without compromising security. Flexi’s open architecture meets even the most stringent security requirements yet allows data to flow seamlessly with any system, whenever and wherever business needs dictate. Learn more about Flexi today.