The future of Accounting and How technology will transform work The future of Accounting and How technology will transform work


The future of Accounting and How technology will transform work

In today’s business world, moving your employees from mundane manual repetitive tasks to more value added work can bring a host of benefits to your firm. Technology has always raised the bar when it comes to adding direct efficiency gains and cost savings.

For example, Henry Ford’s assembly line changed the manufacturing process on its head. The business world too, has looked to technology to provide a more efficient way to complete complex tasks. With the advent of computers these efficiency gains have multiplied over the years. Accountants no longer use a white and green colored paper for their ledger reports. They are working on computers that use software that assists them in filling out worksheets.

Modern accounting software has allowed accountants to record, track, prepare and store statements and documents electronically. Software can move and calculate data much more quickly and accurately than the old manual process. But in today’s business world there are still many processes that are being done manually and inefficiently. This exposes firms to risk, lost opportunities and lost revenues. Firms that do not move toward technology will be at a great disadvantage in their market space. At the heart of any accounting technology transformation is the ability to track, record and report information accurately.

Advanced accounting software, such as AgilLink by Datafaction, has allowed accountants to eliminate most of the everyday manual accounting tasks such as recording transactions, storing and tracking invoices, maintaining paper receipts and paying bills.  The ability to instantly retrieve information and pull up reports as needed for your clients is critical to your firm. AgilLink allows accountants to move away from inefficient processes and time consuming manual tasks. Your employees can now spend time doing more value added work that will drive revenue and cut costs.

The ancillary benefit of moving to advanced software such as AgilLink is that your firm will be better able to attract quality talent and retain that talent longer. In fact, many recent college graduates that join today’s work force are looking for firms that have adopted more modern technology. This is key to their decision making process when reviewing employment opportunities. Millennials in today's job market want to work on more value added projects. They are gravitating towards firms that can provide those types of opportunities and not "just a job" that include time consuming repetitive manual tasks.

Firm reputation is a critical component not only when it comes to attracting and retaining accounting talent but also with clients. Firms that adopt a tactical technology accounting transformation can offer their employees and clients - efficiency, accuracy and, most of all, mitigate risk. 


Related Blogs:

Tired of Manual Reconciliation? There is a Better Way

How Payment Methods, Affect Costs and Workflow