As time changes and technology evolves, in less than 3 years this topic will be history! Recently we are coming across loads of articles on how technology is changing the accounting practice; therefore we have outlined what this does for our clients.
Clients (especially younger generations) will be more remote and facilities like online meetings, collaboration on a cloud accounting and/or bookkeeping software, will make it possible for an accountant to work from anywhere and have clients beyond travelling distances in the UK.
We reckon what it will come down to is how effectively the accountant explores technology that is currently available and how efficient and frequent is the collaboration with a client to discuss, understand and help grow their business.
Technology will allow you to find problems sooner (if numbers are frequently reviewed by collaboration) rather than at the end of the year, allowing you to make live decisions than regretting on lost opportunity to save tax or a making better business decisions. The benefits are innumerable and immense; both the accountant and their clients need to recognise this fact quickly. Some accountancy firms have already made this transition and are running their businesses simply on technology, making it easier for the staff and clients to access any information at any time.
Technology in an accounting firm will save time and money, it’s not just accountancy practises that are making the change, it’s become and will continue to be a global transition. The initiative of Making Tax Digital by HMRC also proves the point that traditional ways of working may not work in the near future.