Technology disruption affects all verticals and sectors, and accounting is no different. The regulatory environment is demanding that accountants make use of technology in order to meet compliance requirements, and the accounting process is increasingly moving on to digital platforms and online as paper-based financial records and forms become obsolete.
This disruption is having a meaningful impact on accountants, who are finding an increasing need to digitise their work processes and find solutions for an increasing volume of data and tasks that are expected of them. In such an environment, it’s important to understand where the drivers for change are, and what solutions are available to assist with capitalising on those changes.
So that they’re an opportunity, rather than liability.
The five drivers for change in modern accounting
As with so many other professional fields, accounting is increasingly driven by data and regulation. Data is becoming more granular and easier to collect into central repositories, allowing accountants to make better projections, analyse costs more effectively, and assist the business with securing lines of credit and cash flows against that data.
Regulation, meanwhile, is being driven by authorities such as taxation offices, as they look to clamp down on poor or misreporting of data.
Brought together, we can see that there are five dominant trends in terms of where technology is influencing and impacting on accounting. This disruption isn’t inherently a problem; in fact, in all cases the disruption means that the prepared accountant will be operating with greater efficiency and feeding better data back to their clients and/ or executives. It is, however, important that an accountant understands these technology trends and finds solutions that allow them to capitalise on them.
Our Technology Disruption e-book details the five drivers in modern accounting and offers a practical guide on capitalising on these trends.
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