Digital Transformation Guide for Accountants - Part 2
It has been widely predicted that millennials will take up 50 percent of the workforce by 2030, and these digital natives will expect efficient and intuitive software that will enable them to perform tasks at an optimal level. So what does this mean for the accountancy profession, and how will finance experts need to adapt? We investigate!
First off, it's time to evaluate your current system
At the most fundamental level, the finance lead needs to ensure that day-to-day departmental processes are in place and that reporting packs are delivered while continuing to act as custodian of assets and resources. However, innovative finance directors are confident enough to leave processes of the past behind and embrace new systems that not only deliver reports, but management insights in an efficient manner.
Whilst affordable cloud solutions – such as applications that are sold in the software as a service (SaaS) model have been in existence for quite some time, and perform adequately in basic accounting, the level of knowledge to choose the most effective software is low. The challenge for finance directors lies in their need for more advanced software to offer increased flexibility in reporting. However, the reality is that migrating to a new system and processes comes with a much higher level of risk and investment.
How embracing technological change will improve the way you work
While there may be challenges, the good news is that Cloud accounting software is advancing for the middle market, making it easier to use, as well as more affordable and feature rich.
There is now an established range of Cloud accounting applications which goes beyond the typical SaaS model to provide a flexible set-up and tailored implementations such as customised reports. For the well-prepared financial director, these implementation projects can happen in days or weeks rather than months or years.
Embracing new cloud technologies (such as artificial intelligence and advanced scanning software such as Optical Character Recognition) means that job descriptions of entry level employees in your accounts department will no longer involve keying in paper receipts. Instead, new members of staff will be empowered to take on more challenging tasks and progress at a much faster rate within your organisation.
Meanwhile, reporting packs for senior managers will contain relevant, updated and accurate management information that will be available at any time via a web browser. Hosted in the Cloud, your accounting application will easily integrate with other business applications at this core level.
Read on for part 3 of this series, where we outline the first steps you should take towards digital transformation!
About the Author
Michael Quinn is a highly experienced and professional Associate Director for Accountancy & Finance/ Legal across Search Consultancy’s Northwest offices. Not only is he both quality-focused and results-driven, but his extensive background in recruitment has enabled him to embrace, initiate and facilitate change across a wide range of businesses. His goal is to build long term relationships based on trust. As such he is a firm believer that integrity, honesty, professionalism and hard work generate long term success.
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