Report finds accountants and bookkeepers “on brink of change”

It’s difficult to grasp that not long-ago artificial intelligence was a myth and only found in science fiction films. Today, technology is taking advantage of artificial intelligence and shaping the accounting industry as it serves to automate repetitive tasks, to help accountants improve productivity and achieve their goals. In this short article, you will read highlights of the latest research from the Practice of Now 2020 report gathered from 3,000+ accounting professionals across the globe.  

An industry on the brink of positive change 

The world faces extraordinary challenges in 2020. Accountants and bookkeepers are providing guidance and reassurance to clients struggling to adjust and maintain continuity, in what can only be described as unprecedented times.  

Accountants are recognising the role technology plays in innovating their services they offer to clients. 54 percent of accountants who Sage spoke to provide clients with a faster service thanks to technology. Clearly, a tangible benefit of automation is the amount of time it saves. However, it can also be valuable because it has the potential to bring accountants and their clients closer. Dedicated platforms can make communication easier and instant. This is invaluable for giving them a real time view of their financial situation, helping you to offer the most relevant and up-to-date advice. 

Clients expectations at the forefront 

The report suggests that those accountants with a digitally focussed skillset will be more attractive to a client looking to modernise. According to this year’s research, 82 percent of accountants agree that new technologies means they have had to invest more radically in technology in order to keep pace with the market. Not only does this show that clients expect business strategy advice that is beyond the realm of the usual services, but that accountants are responding quickly and positively to the need for a diversified service offering, regardless of any technological or societal factors. 

Changing regulations  

79 percent of accountants that we talked to, agreed that regulations from government are forcing changes to working practices. Clients around the world are seeking advice on how to apply legislation, utilise government subsidies, as well as solve cash flow issues. Switching to accounting technologies not only eases the manual workload of these regulatory changes but it improves efficiencies and allows you to offer a high-quality service to clients. 

Chris Downing, a former chartered accountant and now director for accountants and bookkeepers at Sage shares his views. 

“A highly rated accountant is always there for clients, regardless of unpredictable circumstances, and is doing his or her utmost to shape-shift with the moving parts of the industry.” 

He adds: “Put simply, ‘disruption’ is just another word for change. However, whereas you can plan for some types of change, you will cede more control to disruptive powers like technology, as it’s simply much trickier to anticipate what is going to happen next.” 

Download your free copy of the Practice of Now 2020 to unlock more valuable insights into the accounting industry and discover the latest trends that every accountant needs to get ahead.