Digitisation Holds a Firm Place in the Future of Accounting

The technological evolution upon us, which has led to the up-take in digitalisation and cloud software at a lightning-fast pace, can be overwhelming for people employed in those industries currently feeling the brunt of this transformation. 

Accounting has been experiencing the swell in cloud computing up-take by businesses for a few years now, cloud is indisputably the way of the future for the field, so bookkeepers must embrace the opportunities such advances provide and adapt to the changing accounting environment. After all adaptation is the key to survival, and in this competitive job market accountants must keep up with digitisation or they will be outpaced by more technologically-savvy rivals.

Digitalisation in Accounting over the Years

Around 20 years ago, the introduction of MYOB and QuickBooks introduced much more efficiency to bookkeeping and today the latest cloud computing digital tools are revolutionising the sector further.

Cloud software is probably the biggest change to hit accounting over the last couple of years. The up-take in cloud has just exploded amongst accounting firms as its streamlining advantages are beyond compare, making day to day operations and accounting duties much easier.

The Changing Nature of Accountants

This new software is allowing accountants to move from data entry to business advisory roles, as increased efficiency and ease of data gathering & analysis allows expert accountants to delve into the data and extract key insights to develop business strategy.

This transformation may shake up the client-accountant relationship leading to greater productivity.

The Application Programming Interface

The latest and greatest innovation in accounting software is the Application Programming Interface (API). The API is a vital data sharing and communication software application which allows accountants to plug their cloud accounting programs straight into their client’s inventory, expenses or point of sale systems.

Co-founder and director of Receipt Bank, Michael Wood believes Australia is undergoing a digital revolution and those firms utilising API and cloud are seeing increased efficiencies and margins, along with improved client service-levels. To remain competitive into the future, adopting digitalisation advancements will prove vital to business survival for accounting firms.

This article was originally published on AccountantJobs.com.au