Three technology trends to watch in accounting and what they mean for CAs
Three technology trends to watch in accounting and what they mean for CAs
The COVID-19 pandemic has drastically altered the business landscape and working life.
At the start of our many lockdowns, finance teams and accountancy firms were presented with significant challenges, with some staff unable to access office-based servers from home, in-turn leading to problems accessing reports and work.
Many teams and companies pivoted to technology.
Now, digital transformation in accounting is well and truly underway, accelerated by the pandemic according to a recent McKinsey study.
At Joiin, we’ve also seen a huge rise in the number of accountants signing up for and using our Joiin platform for multi-entity consolidated group reporting. Our app for has never been more popular.
If you haven’t yet made the leap to new technology, or perhaps you’re just starting to consider what tech could be right for you, these three current trends will provide you with the information you need to make an informed decision that works for both your business and clients.
1. Processes are being increasingly automated
Automation has been a growing trend in the accountancy and finance sectors, with routine administrative and rules-based tasks being automated more and more.
This sea change is in part being driven by the downward pressure on fees being felt by CAs, who look to save time and boost efficiency. An increased focus on automating processes by adopting new technology has started to gather pace, something many practices are currently embracing.
The time that automation can unlock for CAs allows them to focus on being more strategic and providing advisory services. This is how we see it at Joiin, too.
Our Joiin platform has been created so accountants can spend less time wrangling with resource and time draining spreadsheets when producing consolidated reports every month and more time growing their business.
What does this mean for CAs? An opportunity to strip away the burden of manual reporting processes – to simply click and connect different accounts; to let algorithms, rules and system settings manage data; to utilise inbuilt currency conversions when consolidating multiple currencies; to benefit from off-the-shelf time-saving reports; and more.
2. Data insights driving better decision making
Gaining time allows CAs to focus on strategy, growth, and profitability with their clients, providing them with insights, advice and added value.
Gone are the days when accounting teams were seen as bookkeepers or number crunchers, processing transactions, or working discretely behind the scenes.
Today, the right technology can not only save time for CAs but provide them with instant access to powerful reports and analysis – also generated automatically – that deliver the accurate insights they need to be more proactively strategic and advisory.
Our Joiin platform delivers a range of reports automatically, either straight off-the-shelf or with the help of editable features so you can create reports exactly as you want them.
What does this mean for CAs? A seismic shift away from a more static mode of working (simply crunching numbers) to one where data is dynamic and enables you to easily grasp the figures and make fast, accurate decisions; be inquisitive; explore ‘what will happen next?’ and predict outcomes.
3. Greater collaboration central to successful remote working
During the pandemic, successful accounting firms adopted technology that could be accessed by staff at different remote working locations and provided a single source of data and reports for all to see.
Whether accounting firms were trying to collaborate within immediate teams or wanted to better involve clients, there was a need for greater collaboration and the ability to share reports easily.
Now, with hybrid/home working a top agenda item around business efficiency and costs, platforms like Joiin continue to help accountants better collaborate and deliver services remotely. For example, Joiin users get unlimited licences, meaning colleagues or clients can access and share reports. Our platform is mobile-friendly and accessed on the go. We also recently introduced Report Packs – board-style reports that can be shared with or sent directly to clients digitally.
What does this mean for CAs? A way to collaborate and communicate better with your internal teams and clients alike, in turn, helping to improve business revenue, profits, and operations.
________________________________________________________________________________________________
About Joiin
Joiin are an official ICAS Evolve partner, who can help you to manage your multi-entity and multi-currency group consolidations, creating great looking financial reports and management reporting packs from your Xero, Quickbooks, Sage, and Excel Data.
ICAS member firms can try Joiin for free by clicking here