The accountancy profession is likely to benefit significantly from embracing digital transformation. However, it’s also an industry that’s already subject to digital disruption. Leading online accounting software publisher Xero, in its 2016 State of Accounts research report, suggested that 59% of small businesses don’t think they’ll need an accountant in 10 years time!
Digital Transformation is about how a practice or department responds to, and ideally benefits from, digital disruption. Robotic Process Automation and government digital initiatives such as Making Tax Digital are just some of the services that are, or soon will be available online. These will join the low-cost, highly-functional, cloud-based, integrated accounting and analytics solutions that are already widely available, of which Xero is just one.
Digital Transformation is the only strategic issue for accountancy practices to worry about… Obtaining a better touch with our clients so they can see what we are doing each day, understanding what we are missing and having one space to see all their tax related headaches is the way forward.
Matthew Creed – MD, Pomfrey Accountants
This article on the ACCA Global website explores six key technologies for accountancy practices to focus on. It’s a thought-provoking read that includes:
- Robotic Process Automation – enabling firms to utilise workflow technology to automate repetitive tasks including data entry and document review and sign-off.
- Data Analytics – take advantage of emerging technologies to bring greater insights to the business.
- Cloud Computing – taking IT applications and infrastructure out of your accountancy business. You are not an IT Services firm!
- Cybersecurity – handling confidential financial information you need to be aware of the risks and the sensitivities of the data that you hold and maintain security and data compliance to adhere to GDPR.
- Artificial Intelligence – delivering benefits including saving time, reducing costs, increasing productivity and improved accuracy by applying AI to administrative tasks in, for example AP and AR.
- Social Media – using social media tools to improve your external presence and internal collaboration.
Cameo Innovations will work with you to embrace these, and other areas, of digital transformation in your accountancy business – but rather than a scary digital revolution, our methodology is to implement change in step-by-step small, discrete, incremental projects, each one separately costed and designed to deliver real business value.
We call it Digital Evolution. Contact us to find out more.