Key Tech Innovations That Help Accountants Transform Their Business
Essex accountants share their top five tech innovations that have transformed the industry and how it has allowed them to save time, money and add more value to their clients by delivering in real-time.
Now more than ever, technology enables accountants to connect more effectively with clients they serve, prioritising advice and guidance with helpful systems to work alongside. Technology is not replacing accountants, but instead opening up more opportunities to do the work that makes a difference.
Cloud based accounting systems
Accounting software and online bookkeeping systems such as Xero and Quickbooks allow both the accountants and the clients to view their data at the same time from anywhere with an internet connection. This form of accessing data from desktop software is transformative in this industry.
Daily automatic bank feeds
The ability to integrate these into the cloud accounting system mean that both accountants and business owners can see data updated every day without any manual intervention. HSBC for example have led the way, and Yodlee feeds are crucial for banks without their automatic feeds.
Paperless receipts, bill collection and data entry by optical character recognition
Integrating these with both cloud-based accounting systems and bank feeds have done more to save bookkeepers time than anything else in the last give years. Gone are the days of wading through boxes and boxes of receipts; accountants can now process paperless records and update data in real-time at the tap of a button.
Slick reporting dashboards
Xero, Spotlight and other reporting add-ons allow accountants to instantly and directly report to business owners in a clear and easy to understand format, without resorting to data exports and manipulation in Excel. This has allowed timely sharing of management information in a way that more people will respond to.
Improved communicating tools
Digital tools such as Skype, Facetime and Zoom have allowed accountants to talk to their clients from anywhere, while providing face-to-face communication – crucial when talking about confusing, difficult or sensitive data. This allows accountants to provide relevant, real-time financial advice, all whilst maintaining that human connection.