This year’s Accountex is coming up, and as ever we’re excited to be part of the event. Accountex has developed to be a pivotal conference for accountancy professionals in the UK, bringing together all disciplines across the industry. For us, it’s an opportunity to catch up with customers, hear from leaders in innovation and showcase our market leading solution, AutoEntry, at our stand.
Many issues will be discussed during the two days, not least the impact technology is having on accounting and bookkeeping. We’ve seen major advancements in the development of business applications within financial services, and better understanding these tools in order to drive efficiencies must continue to be a top priority for accounting practices. Indeed, it’s the focus of the sessions we’ll be presenting.
The cyclical pattern of heavy workloads, new market entrants and navigating complex client requests can make accounting a demanding profession. Excellent time management skills are required as a minimum in order to keep on top of emails and prevent an overflowing paper tray. Compliance work, in particular, has always been a time consuming service offering with tight margins. Yet, this work continues to become even more competitive despite ever increasing expectations from customers.
Elsewhere, research reveals that 40% of accountants claim their main audit and tax services are being requested less – with over half citing that their function has moved from traditional accountancy to more strategic financial advice. Combined with ongoing economic pressures, regulatory complexity, the impending shift to MTD, as well as factors such as talent acquisition and employee engagement – there’s more than ever to contend with in order to keep afloat.
Ease the pressure with automation
Until recently the industry has been rooted in tradition. However the role of the accountant is now changing rapidly, and with the advent of technology, accountants are increasingly turning to technology to drive efficiencies and restructure what services they can offer to clients. In fact, according to research by Xero, 83% of accountants believe that an understanding of technology is now as important as knowledge of the trade itself.
Systems that leverage data analytics and machine learning can detect patterns in data and predict outcomes. Advances in this field are growing at pace, impacting all sectors of business not least within accountancy. As evidenced by our growing customer base, many are leveraging solutions to improve accuracy, reduce costs and make redundant certain processes associated with traditional bookkeeping and manual data entry. And rightly so, automated tools like AutoEntry are disrupting the industry and empowering users. They’re helping accountants and bookkeepers to work smarter and make better use of every working day.
For our customers, the hours once spent manually logging data from paper documents, can now be spent making inroads on the business functions that matter most, such as advisory services and client care. Whilst the nature of the job means it may never be a 9 to 5, accountants can lean on technology solutions to make their everyday more productive, and in so doing, make their time more profitable. It’s great to see that many professionals are becoming more aware of the significant efficiencies afforded by technology, however there’s still more work to be done. And if you’re not yet benefitting from technology in your working day, you can be sure your competitors will be.
Hear more about how to leverage the power of automation in our sessions:
Automated accounting: Work smarter not harder (May 10th -11:00 am)
Your accounting practice, your digital future (May 11th – 12:00 pm)
Visit us at the AutoEntry stand: 432