The event was hosted by Uptime, a company that provides outsourced helpdesk and technical services to organizations worldwide. With many accountancy and bookkeeping customers, there has never been a more prominent time to review where we are heading.
Embracing AI and digital automation
The acceleration of technology in the accounting industry is undeniable. Artificial intelligence and automation are not just buzzwords; they are true game changers that can redefine how firms operate. Let’s have a look at the core three reasons for this:
Driving Efficiency: In all industries, there is a desire to spend more time doing the strategic and higher value elements of our work. Accountancy is no different. The day-to-day items that are repeated time and again become a distraction away from the more value orientated work. Technology can help automate such repetitive tasks and free up time for accountants to focus on more complex matters.
Enhancing Profitability: Diving into automation and digital adoption is expensive to look at and scary to start. But the truth is, the journey fundamentally changes your customer’s experience, your staff’s experience and ultimately the accuracy and quality of your output. Once these things fall into place, you unlock one fundamental change: doing more with less. Managed Service Providers have the expertise and the experience to help with technology adoption, from uncovering those areas in your business where technology can really make a difference through to choosing and implementing the right solutions.
AI-Powered Insights: One of the most exciting applications of AI in accounting is its ability to analyse vast amounts of data quickly. This capability allows for the identification of patterns and trends that might otherwise go unnoticed. Improved forecasting accuracy, enhanced risk assessment and timely compliance with regulatory changes are just a few benefits that can position firms as leaders in their field.
To help bring this to life a little, I can explain how we work with one of our accountancy clients. JTP Accountancy has been in operation now for two years and thanks to their digital alignment, as a team of six, they are now delivering the same output as a team of 15.
Due to their lean and effective operation, JTP Accountancy are able to be competitive with almost all competing organizations whilst being more accurate and more profitable. They are amongst a new breed of accounting firms which are taking market share 1% at a time and growing.
Read more at International Accounting Bulletin blog here
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