Not too long ago, everyone thought that accountants could be replaced by software, just like the travel agency. Isn’t accounting easy? It’s math and rules after all! If a software company can develop an algorithm for all the “rules” than it should be easy. Isn’t this what Turbo Tax does? Not exactly. In fact, many accountants actually appreciate TurboTax, as it often leads to new business. Those that use TurboTax may find mistakes or inefficient results that a good tax accountant can evaluate and take it to a completely different level.
Today, clients’ demands and expectations have gone beyond traditional number crunching; accounting professionals are transitioning over to an advisory role. With the complexity of financial tax laws, health care for example and intertwined finances, an accountant is far more than a number cruncher. They are becoming financial advisors or ‘trusted advisors” has become the industry term, aneeds they are unlikely to be replaced by software anytime soon.
Yet, how to do accountants come of age with technology? Software is great at doing repetitive tasks. Accountants can use software to do their jobs faster, which allows more time for consulting and advising.
Look internally at your operations and ask yourself what is a necessity but is:
c) Boring with almost no brain work
d) Time Consuming
For instance, chasing clients for their financial information on a continuous monthly basis is a great example. It “has” to be done; yet it meets the entire criterion listed above. Besides, today, clients have less time to dedicate to responding to inquiries such as what Check 534 was 6 months ago.
As such, find a software solution that automates these tasks as much as possible either through software such as using QuickBooks Online or Ledgersync.com.
No one is asking you to make seismic transformations of your office operations from paper to paperless or to go from a physical office to virtual. Rather, take baby steps and cut out the unnecessary waste by automating the jobs/tasks that you can.
In short, balance out your current operations with technology and weed out the manual, repetitive, no brainwork with existing proven technologies. You’ll be far more competitive and your customers will love having more access to you and your expanded set of advisory services.