6 reasons why tech is important for your accountancy practice

Accountants need to keep up to date with technological advances in order to respond to market conditions and clients’ needs.

Technological innovation has led the way in how accounting is done nowadays. Digital resources and online tools improve productivity and organisation. Manual accounting has virtually disappeared and has been replaced by electronic accounting.

This has not only reduced errors but, at the same time, provided better and more accurate reporting, among other advantages. It is therefore imperative that accountants keep aware of the latest technological advances and use them to drive business.

This article highlights six advantages of online accounting.

1. Virtual storage of documents

Keeping paper records is an expensive and time-consuming task. Few would argue otherwise. And there are other issues to consider such as physical space.

Digitising documents has gradually been replacing physical storage. Speed of access is one such benefit, but there are many more, particularly through the use of cloud computing.

2. Elimination of bureaucracy through the use of platforms

Online accounting systems are simple and intuitive platforms that provide direct channels to clients as well as conduits for information, documents and any other materials that can be digitised.

This flexibility eliminates layers of bureaucracy and therefore saves time. These platforms also provide online management tools that help complete tasks and achieve goals.

3. Virtual calendars and task management

The online diary is the cornerstone of the day-to-day running of the office. Digital platforms offer calendar management tools such as alerts that will contribute towards meeting deadlines and avoiding fines.

These tools are easily accessible via mobile devices and any updates are shared instantly between all those involved.

4. Use of specific online tools for accounting and tax

Some digital platforms offer specific tools for accountants. You’ll want a system that is fully compliant and updated regularly to reflect the latest changes in legislation.

If it offers additional tools such as automation and reporting, the end result is increased productivity and operational efficiency.

5. Importance of regular training

In order to maximise any gains derived from technology, it is essential that employers provide training. It is only through regular training that accountants and other professionals will be able to deliver and fulfil expectations.

A trained professional will avoid mistakes and save time for the business. Training should also go beyond technology to include legal compliance and changes in legislation.

6. Connecting to customers

Technology has brought accounting professionals and customers closer. Dedicated platforms make communication easier and instant which for many clients translates in saving time and increased efficiency.

It also makes it easier to track customer service and easily make improvements, therefore, improving customer satisfaction.