Covid-19 has forced many people, including CAs and accounting professionals to work from home. The pandemic has not only speeded up the beginning of a technology revolution in accounting but has also highlighted the need for cloud adoption and automation of many tasks.
Adopting automation technology has become essential for accountants to work effectively in the Covid-19 era. Accountants now need to pace up with the rest of the business around the world by adding effective technologies to their profession and adapting to these technological changes.
Let’s explore why automation in accounting is beneficial for accounting teams, how new tech adoptions help accounting practices in facing the biggest challenges of the accounting profession in a covid era, and what accounting tasks can be automated to support the new work policy of these challenging times.
Adopting the hybrid approach to work policy
In a rapid adaptation to covid times, work from home became the norm across the world. Work from home is definitely not the holistic solution that can replace the physical office approach. Rather, it’s a negotiated solution with a hybrid approach to work policy—a split between traditional office work and work from home.
Now, as the employees are working from two or more locations, seamless document storage, and file access from anywhere is essential to enable smooth workflow management across distributed accounting systems with the hybrid approach. This makes adopting cloud and automation a number one priority for accountants.
Tech adoption is set to continue increasing
While the initial shift to automation may have been driven by external forces, many accounting professionals have seen how the adoption of automated accounting solutions can reap exceptional benefits. The first and the most crucial among them is the time saved by taking away the most manual elements of an accountant’s workday and does them automatically and instantly.
Many manual accounting tasks can now easily be reinvented by transforming the way it operates with the help of automation, such as invoice processing, supplier inquiries, supplier payments execution, purchase order matching, new supplier registration, and payment reconciliation. The accounting practices which are embracing automated tools and are reinventing their processes are sure to gain a competitive edge.
Accounting automation is the future
As tech adoption in accounting continues to evolve, the accounting professionals of the future will need to be highly competent in how these new technologies function.
Modern accounting practices need to have a firm grip on the implementation of automation tools and cloud technologies whereas leaders need to ensure that the new and existing accounting professionals in their teams are well trained to handle the transition ahead to ensure the best chance of success.
New technologies are constantly being produced and are giving accounting companies a competitive edge. Being well versed with the latest automation tools in accounting will help you steer your company into 2021 and beyond. Covid-19 is an obstacle that has arisen in the path of many industries without warning. New similar challenges will continue to arrive, but is your company equipped to transcend them?
To be able to survive challenging times you should keep a close eye on new technologies and integrate them into your current workflow management and be more efficient, agile, and be ahead of the curve.
As the world of accounting is in a moment of evolution, accounting professionals must adapt to survive in a new business landscape. The companies that will be able to manage the transformation will set to emerge fitter and stronger than ever.
If you are thinking of preparing your team and your accounting practice for tech evolutions, we can be your helping hand.
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