The accountancy profession is going through a period of transition due to the adoption of digital technologies. Accelerated throughout the COVID-19 pandemic, the adoption of technology has increased at a rate that no one could have predicted.
71%¹ of businesses are more dependent on technology. 68%² of businesses believe digital technologies are benefiting the delivery of services. It is important to understand how digital technologies are aiding professions and not making them obsolete. Embracing digital technologies can enhance roles and transition their value.
The accounting profession’s adoption of technology moves slower than the average profession. Finance and accounting teams still spend as much as 80%³ of their day on manual data gathering, data inputting and admin tasks. Tasks, according to McKinsey⁴, could be automated using digital technologies. McKinsey found that digital technologies can automate “general accounting tasks”. Whereas “business development tasks” needed an accountant’s knowledge and expertise.
Such stats reveal how digital technologies can aid accountants. Leaving more time to spend on tasks that technologies cannot replace. This is where accountants need to realise how digital technologies can transition their roles. Roles that no longer require admin and manual input. But roles that focus on business development, financial advice and business insights.
Digital technology use may appear daunting for the accountants who spend 80% of their time on manual tasks and traditional processes. But digital technologies exist to aid. From automation and AI technologies, to digital service delivery and data analytic tools. Automation technologies can replace data inputting and manual admin tasks. Digital service delivery can expand an accountant’s base and connect customers easier than ever before. And utilising data analytic tools will enhance the profession’s role to that of a business adviser.
Reducing manual tasks with digital technologies, provides accountants the space to be strategic with their customers and to ultimately help their business grow.
The change in accountant’s roles will only enhance the profession. So much so that The Bureau of Labor Statistics projects 10%⁵ growth (faster than average) for accountants and auditors from 2016-2026. Accountants need to show their customers that their role is changing. That the adoption of digital technologies allows the accountant’s role to be even more valuable. Embrace technology and be more relevant for your customers than ever before.
Sources:
¹ and ² https://www.techuk.org/resource/survey-results-lockdown-and-changing-attitudes-towards-tech.html
³ https://www.adaptiveinsights.com/sites/default/files/assets/Adaptive-Insights-CFO-Indicator-full-steam-ahead-automation.pdf
⁴ https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/bots-algorithms-and-the-future-of-the-finance-function
⁵ https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm
This is a guest blog from Unifiedpost Group. They are exhibiting at Accountex Summit North 2021 on stand J16.