The Edge of Digital Era on Accounting
No area of business or industry has remained untouched by the developments in software and digital technologies. Complacency in adapting to the new technologies will inevitably result in a firm becoming obsolete. This is also true for accountants and accounting firms.
This is the time when accounting firms should strive to take their operations to the next level by understanding the latest technologies and incorporating them into their practices. With software tools for database management, data analysis, and even accounting, a lot of the mundane aspects of the job are being handled by automated features. Accountants thus need to update their skills and learn to operate more efficiently in this new digital environment. Mentioned below are some tips for accountants and accounting firms for staying relevant in this new age.
- Find a niche - Today there are tons of accounting software available for tax, audits, bookkeeping, advisory services, and others. Today there is no longer a need for the traditional accountant just for tracking the finances. The accountants of the new age should find their niche of expertise and be a meaningful contribution to that business. Establishing expertise in a particular field is one of the most sure ways of remaining relevant in today's times.
- Implement the latest communication channels - In the age of internet and social media, the way customers connect with various kinds of service providers and businesses is very different from traditional means. The latest communication tools such as social media platforms, email and blogs should be adopted by accounting firms. The only way to connect better with the consumers of this new age is to stay relevant on their preferred communication channels.
- Shift to online approvals - Nobody wastes paper in this digital age. Getting approvals done through online means is faster, safer and environmentally friendlier. Studies show that 24% of the professionals work remotely and 68% are expected to do so in the future. It is about time that accounting firms adjust to the new mobile age where all kinds of documentation and data reporting can be done online.
- Get accustomed to virtual meetings - Video conferencing is the chosen format for meetings today. It allows team members from different parts of the world to communicate together and discuss vital issues. Accounting firms should embrace the concept of video conferencing and incorporate it into their interactions with their clients.
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