Or how continuous accounting solutions can help your business thrive
It’s not even 10.00 AM, and you’re already drowning in paperwork. You’ve organized it neatly: invoices, bills, orders, forms, and a large stash of unnamed documents. Well, at least this time, you didn’t have to chase your customers for it!
All you have to do now is go through each document, write its data into your software, validate and check for errors, and fill out the ledgers. Then the fun part begins: reconciliation, auditing, compliance checks, taxes, and accounting statements!
But that’s what accounting is all about, right? It might take its toll on you, but at least it’s a safe job, isn’t it? Well…
The Bad News: Traditional Accounting is Going Away
Bookkeeping has been more or less the same process for decades, mostly because clients’ needs were more or less the same. However, with the ascent of cloud computing and automation, this foundation is slowly sinking.
In fact, an Oxford Study claimed that out of 366 jobs, accounting, bookkeeping and audit checks were the 26th most likely to be automated. The truth is, accounting is not in a safe place, and the same study believes there’s a 95% chance it will be automated by 2033!
Another, more recent study from IFAC proves that technology is truly transforming the way we perceive accounting. How much? It looks like 78% of all respondents are convinced that technology completely changed the accounting function.
If you don’t believe the numbers (though you probably should), just listen to what the Asia Managing Director of a consulting company had to say at the 4th CFO Innovation Forum in Jakarta:
- “One might think that as long as humans trade with one another, we’ll have something like the invoice, but in reality this is not going to be the case. It is very likely that technologies would take away the need to send an invoice.”
To Good News: Your Job is Not Going Anywhere
As grim as it may sound, automation is, in fact, an enormous opportunity. The United States Bureau of Labour predicts a 24% growth in accounting services, while more than half of the IFAC study participants anticipate growth in advisory services.
How is that possible? Because it’s not automation that brought accounting’s swan song – it’s the clients! Their needs have changed and they see little value in crunching numbers. Struggling with manual input and extracting data might be routine, but it’s not really what clients expect an accountant to do.
Now customers expect things like financial consulting, advanced reporting and insights, business optimization, and other tailor-made services that bring value to your customers’ business and money to your practice.
An Oracle study on financial agility showed that financial and accounting departments in companies are faced with the same problems your practice is: 51% of them spend more time collecting data than analyzing it. Although the solution is clear, many companies still fear automation, as the same study points out.
Reasons to fear automation
Through a combination of OCR, EDI and machine learning, automation platforms can take care of simple tasks such as data input, copying and pasting information, but also more complex issues such as invoice control, approval workflows, and payments reconciliation. This will pave the way for the adoption of continuous accounting solutions.
What are Continuous Accounting Solutions
Remember when, after a long week of chasing papers and cramming them into boxes, you finally submitted a management accounting report or offered your clients a valuable insight? Remember how the “thank you” e-mail sounded? Continuous accounting is like one of those days… everyday.
Continuous accounting solutions allow you to move from providing consulting once a month (or whenever you get the time) to providing it in real-time and with little effort. How? By automating repetitive tasks like the ones you do on a daily basis and optimizing the accounting calendar.
Continuous accounting solutions are the perfect combination between accounting automation and a progressive mindset. By adopting them, you and your practice will be able to focus on strategy. It won’t only help you overcome daily bottlenecks, but also protect your practice from competition. You will sell your personal expertize, not just individual tasks – and expertize is difficult to imitate!
How would your day look like if you had a continuous accounting solution in place?
For once, your desk would have less paper on it. Secondly, your clients would be much happier. Imagine being able to offer detailed profitability analyses and advanced reporting for a retail client, for example. You could balance the entire product offer and become a partner, not just a service provider.
Take the lead
The truth is that automation is happening, whether you’re using it or not. A very recent Robert Half report claims that all of those manual processes we’ve talked about will be slowly going away over the next two years. So why not turn change into an advantage?
Processes most companies will automate
in the immediate future
DocProcess offers a set of continuous accounting solutions that will allow automate data collection and extraction, as well as validation and optimization. We can also offer you an electronic archive service, a perfect replacement for the boxes you’re already out of room for. Don’t worry: invoicing and reconciliation can be taken care of too.
And the best part is our system it’s compatible with over 200 ERPs, including all major accounting solutions! If you want to read more about our platforms, you can check out our official website. If continuous accounting is on your mind, our latest whitepaper has got you covered!
Let’s face it: it’s time you take the lead! Free yourself of paperwork and become the financial consultant your clients need!