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The Accounting industry is getting bigger by the day as customer demands are increasing and Accountants are taking over new roles and responsibilities. Client expectations are increasing as efficiency and exploring new strategies are being prioritized over day-to-day repetitive and low-yield tasks. Amidst the changing market dynamics, technology has been the heart of the transforming Accounting industry. From manual paperwork to Excel sheets and from ensuring the accuracy of financial documents to building forecasting models for their clients, the new-age Accountants have been completely mutated. The Gen Z Accountants who have already started to make their impact, are technically more tech-savvy than their predecessors.
If we go by the stats, the ‘Automation’ industry has already been creeping its way into various business sectors and Accounting is one of the key areas that has been influenced by the advances made in the Automation industry. And as the Gen Z Accountants start to dominate the Accounting industry, Automation seems to be a top tech pick for them considering the fast pace ways it offers Accountants to deal with low-value tasks and focus more on the tasks that can be impactful for their clients.
Also, there is a general misconception around the fact that Automation is slowly taking over the jobs of Accountants, however, it is only true for those who hate learning and adapting to the industry trends. But those who know that this is just another phase of evolution and a new opportunity to get the most out of their profession.
Now let’s take a sneak peek into how Automation is impacting the industry. Let’s start with what is Accounting Automation?:
What is Accounting Automation?
Accounting automation just like automation with any other business process uses software to automate day-to-day recurring tasks. In the accounting industry, these software are Accounting software (mostly cloud-based) that tend to eliminate manual data feeding, tracking of invoices, compliance, and many other manual tasks by leveraging built-in digital systems.
Accounting software has been in the industry for a long time but they all depended on manual labour. Excel sheets have been the most loved and adored Accounting tool, but not anymore. It’s not the way Gen Z works. The young generation of Accountants believes that Accounting is more than just recordkeeping and tax filing, it is about analyzing, strategizing, and business growth.
Fact check: Capgemini, a global leader in consulting, technology services, and digital transformation, described automation of their back-office operation as one of the easy and beneficial ways to up their productivity and profitability.
The availability of tons of data and information has transformed accounting as a profession and Automation is further offering Accountants an efficient and effective way to access real-time data and leverage it to make better-informed decisions faster and leap onto the more impactful side, which is to help steer businesses to new heights.
Accounting automation doesn’t simply focus on any single Accounting task, instead, it streamlines the entire accounting lifecycle. From data capturing to interpreting transactional data, accounting automation offers Accountants access to leap onto the more impactful side, which is to help steer businesses to new heights. Automation allows you to eliminate data discrepancies and fill in the missing information without manual labour.
Here are some of the key benefits of Accounting Automation:
- Time-saving
- Higher productivity
- Data accuracy
- Fast data retrieval
- Secure file storage
- Cloud access
- Real-time integrations
- Professional development
Conclusion:
The future of Accounting is brighter than it ever was and it is one of the key business processes. Although it has already been an important aspect for businesses, with the advent of Automation, the profession is starting to play a more strategic role than just simple accountability of business finances.
Through Automation and in-depth accounting, organizations can now empower their staff even more.
