Accounting Change: Is Your Business Ready for the Shift in Accounting Practices?
The rapid pace of digitization is causing disruption and phenomenal change in virtually every market, including accounting. It's expected that the accounting industry will change drastically over the next 5-10 years. Is your company's accounting department or bookkeeper ready for these changes? Here's a quick look at what some of these changes may look like.
Digitization and disruption are hot terms right now, but what do they really mean for your accounting processes? Part of digitization is improving the compatibility of software and apps to work together seamlessly. Until recently, an estimate made by your sales department would be figured in one piece of software, entered into a quote on another piece of software, adjusted in that software in the office and then, when the bid was accepted, the accounting department would have to set up a new file for that client's prices for that project. Once the project was finished, marketing and sales departments would follow up with emails to try to bring in more business.
Today's software allows the estimate process to be completed in a single piece of software. Those numbers are then automatically imported into your accounting software to be handled by your accounting team and followup is handled by an included or related analytics software that determines the right time to send out the email to see the best return on investment.
But what will tomorrow's software and accounting professional look like? Instead of handling the bulk of the accounting work, the accountant will need to know how to handle a range of computer systems to set up the initial system and check exceptions where the system can't determine the right course of action or the account falls outside a set of parameters. This rapid and drastic change in the market is part of the reason many businesses are beginning to outsource their accounting rather than educating in-house personnel.
The dramatic shift in accounting over the next decade will leave us with a completely different industry. How will your company respond to these changes? If you need help determining direction or want to investigate how outsourcing your business' accounting needs, please feel free to contact us today for more details. At AccountRely, your business' future is safe in our experienced hands.