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How Important is Technology in Accountancy?

August 2018

The accountancy industry is typically seen as a traditional sector, so you’d be forgiven for thinking that the accounting industry isn’t very “techie”.

Technology in Accountancy - Accounting Software on Mobile Phone

This couldn’t be further from the truth. Accountancy firms are often responsible for portraying a traditional, old-school image which leads many to think that technology plays a small role in the accounting world. This couldn’t be further from the truth; many firms rely heavily on technology to deliver their services to clients.

We can’t speak for all accountancy firms, but here at Aston Shaw, we embrace technology and the benefits it brings. We believe that with every advancement, there is an opportunity.

A great example of how technology has helped accountants provide a better service to their clients is real-time data. Most modern cloud accounting software operates on real-time data instead of historical, which means we as accountants can provide better, more accurate advice.

Cloud accounting software makes things quicker and easier for both the accountant and the client. Cloud software can save time on the more routine and repetitive aspects of data analysis, this frees up more time for the more challenging aspects of accountancy such as advisory services.

Many cloud software’s now integrate with online banking, making it possible for a business to manage its finances seamlessly across multiple platforms. There is a misconception that these products remove the need for an accountant. The role of an accountant has always been about more than just number crunching, so we can happily leave that to the automated systems.

Accounting software won’t help with many of our client’s needs such as succession planning, assistance with strategy and making commercial decisions, or tax planning for example.

Technology and finance go hand-in-hand, so as accountants it is our duty to be on the cutting edge of technology. The short answer to the title of this blog “How Important is Technology in the Accountancy Industry”, is… VERY!

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