Work smarter, not harder with accounting technology

Work smarter, not harder with accounting technology

Tom Kelly, strategic lead for accountancy and employment services at Modulr, explains why embracing innovation and automation in accounting is key to streamlining everyday operations

Now, more than ever, accountants need to be working at optimum efficiency. Digital innovation and automation can help them manage these busy times by working smarter, not harder.

In the UK, accountants are off to a busy start in 2021. While firms are expected to fulfil their typical responsibilities, the pandemic and Brexit deadlines have compounded an already packed schedule.

The pandemic continues to directly affect business continuity as operations seesaw, supply chains fluctuate, and consumer demand rises and falls. And now that the UK has officially left the EU, there are still significant changes to business, trading and financial processes to come amidst the disruptions caused by the pandemic.

Accounting professionals have a responsibility to understand how these events will impact their own business processes, as well as their clients’ operations.

So that you and your firm can stay up to date with the latest industry deadlines and regulatory developments, we’ve created a guide with the most important details in one place. Be sure to check in regularly as we’ll add more key dates for accountants as the year goes on.

How to embrace innovation and automation in accounting

Despite being an industry fuelled by numbers and process, digital transformation in accounting and finance has been slow and steady. But 2021 isn’t the year for legacy systems and manual processes to hold back thriving accounting firms.

Automated accounting technology

A large part of an accounting team’s role likely involves data entry, among other admin tasks. Often, this work is time-consuming, mundane, and despite best efforts is highly-prone to human error. To avoid payroll miscalculations or potentially costly data entry issues, accounting firms can replace manual processes and drive efficiency with automated systems.

Work remotely & flexibly

Remote working and video conferencing is now standard practice for businesses across industries. That means there’s less need to be constrained by traditional office or banking hours. Digital platforms allow your team to work flexibly from any location. With real-time payments 24/7, accountants have the tools to work productively when best suits them and their clients.

Increase visibility

It’s easier to manage workload when you have full visibility over your firm’s daily operations. Digital technology can turn this into a practical reality. Organise and manage your time with an intuitive dashboard that provides end-to-end visibility of workflows to easily prioritise the most urgent client actions, payment initiations and approvals. Use real-time data to empower strategic decision making, fuel collaboration opportunities and make meeting statutory deadlines painless.

Don’t ignore the bigger picture

Keep an eye on industry trends and new regulations. Aim to be the first to embrace new innovations. Becoming part of ground-breaking initiatives like Modulr’s accountancy pathfinder programme will help you stay ahead of the competition and ensure you’re in a prime position to manage busy times and take advantage of the opportunities for organisational growth.

Use tech to maintain the best accounting practices

The wide variety of accounting technology available allows firms to provide a more tailored, individual and efficient service for their clients. Precise reporting and detailed financial analysis enable businesses to make better decisions, increase functionality, process payments faster and more accurately, and prepare for future uncertainty.

Not only does accounting technology ensure accountancy professionals are well-equipped to handle busy work periods, but they’re also able to take full advantage of the commercial opportunities they bring.

Streamline accounting practices and procedures

  1. Big data is everywhere – collect, process and use it to your advantage.
  2. Use smart data validation and verification to streamline payment processing and invoicing.
  3. Automate invoicing approval processes to cut time, hold-ups, costs and human contact.
  4. Link business accounts and credit cards to automate transaction data and simplify reconciliation over time.
  5. Upload every bill, invoice and document into your accounting software as you go to keep all the essentials in one place.

Discover innovative accounting technology

Modulr’s Accountancy Pathfinder programme brings together industry innovators and forward-thinkers to explore, discuss and learn about new innovations shaping the future of accountancy. Become an accountancy pathfinder today.

And, don’t forget to prepare your accounting firm by putting these key dates for cccountants in 2021 in your diary to ensure you are well-positioned to navigate the busy year ahead.

About Modulr

We’re the payment partner of Sage, QuickBooks and My Digital. We’re transforming the way companies do business, by automating and streamlining their payment processes.

Our Payments Dashboard (due for release in 2021) lets accountants view and manage all of client payment workflows from one powerful dashboard – no matter which accounting software they use. 

Accountants can assess funding needs, view pending payments, approve beneficiaries and automate workflows. They can also view their entire portfolio at once or drill down into the data of individual clients. 

Not only does this save valuable time, it also helps accountants provide a richer service to clients with real-time performance insights.  

Do what you do, smarter.

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