In today's fast-paced world, it is imperative that businesses must get accustomed to the latest developments in their organisation's various functions--including accounting.
Accounting automation, which involves streamlining accounting processes and standardising tax inputs and workflows using technology, is among the developments rising in the business landscape as this provides more accurate results in less time.
It is understandable how automating accounting can be intimidating especially to the workforce, but with the right management, automation can serve as an accountant's pathway to a more high-value work.
The value of APIs
Application Programming Interfaces, or APIs, enable businesses to increase efficiency and better serve their clients. This include the ability to:
- Tackle the most complex tax returns, such as multi-tiered consolidated return processing for corporations and partnerships and build the entire tax return from scratch using an imported data file
- Streamline data entry, deploying one's team simultaneously across a single return to allow each specialist to take on their role at the same time
- Ensure data integrity through multiple layers of security, including network security, virus protection, encryption schemes, and more
- Easily file advance tax returns
- Improve firm value through shifting high paying staff from tactical work to focus on higher value advisory services.
Technology will not replace accountants
Even in the face of the ever-changing business scene, technology will not completely replace accountants. Although roles and relationships will change—in a good way.
Technology is meant to make accounting focus less on manual, repetitive, and time-consuming tasks, bringing about the perception of the accountant as a trusted advisor and consultant. This provides an opportunity for more interesting and valuable work along the way.
By capitalising on experience, personality, relationships, and creativity, accountants can carve out careers.