Embrace the Future: Transforming Accounting with Technology by FYI image

Embrace the Future: Transforming Accounting with Technology by FYI

Automation is reshaping accounting, driving efficiency, remote work, and client relationships, urging firms to embrace new technologies with support from FYI's comprehensive tools.

Posted byFYI
onThursday, 15 February 2024

The rise and rise of automation

In case you’ve been living under a rock (no judgement, rocks are great) you’d be fully aware the future of accounting technology is evolving thanks to automation. Data entry, document management and other daily administrative tasks are being streamlined, giving number crunchers across the globe the freedom they need to focus on more strategic and value-add activities, like data analysis, business advisory services and going to the movies once in a while. 

The seamless symphony of software 

Let’s dive into the world of integrations. It’s like accounting software decided to have a party, and everyone’s invited. The integration of accounting apps with other business tools has been a game-changer. We’re talking about a seamless data flow that’s cut down on the finger gymnastics of duplicate entries and turbocharged decision-making. It’s not just a step forward; it’s a giant leap in how firms operate, turning what used to be a chore into a smooth, efficiency-packed dance. 

The remote revolution 

Now, onto flexible working – the unexpected hero of the accounting saga, thanks to our pal, Covid. The move to remote work isn’t just about swapping suits for slippers; it’s a full-blown revolution in work efficiency. With technology that supports working anywhere (yes, even from your couch), firms have embraced tools for cloud collaboration and digital chit-chat. And hey, it’s not just about internal teamwork; we’re redefining client collaboration too. It’s the era where your office can be wherever you plant your laptop. 

The heart of the matter 

The advancements we’ve seen in technology aren’t just about making our jobs easier; they’re fundamentally changing the way we serve our clients. With more efficient processes and tools, we’re able to respond more quickly to client inquiries, provide more accurate and up-to-date information, and offer more proactive advice – meaning deeper client trust and more meaningful relationships. This positions accountants as indispensable advisors rather than just service providers. And it’s not just clients who are reaping the benefits. 

Another critical change we’ve seen is in today’s job market. The best talent is looking for more than just a paycheck; they want to work in an environment that’s forward-thinking, tech-savvy, and focuses on high-value-add work. Firms that lag in adopting modern tech may find themselves at a disadvantage, not only in terms of operational efficiency but also in their ability to attract and retain professionals who are essential for driving the firm’s growth and innovation. 

"We are literally seeing practices adopting the next-generation tech and doing it well, and getting up to a 25% increase in productivity, and that's in the first 6 to 12 months alone. That’s where the accounting industry is heading. It's not just a change; it's an evolution, a leap into a future where efficiency, collaboration, and satisfaction aren't just goals but realities."

Rob Cameron, CEO & Co-Founder at FYI

Look before you leap 

Right now, it’s a case of move it or lose it in the accounting game. Like it or not, companies have to be proactive in embracing new technologies and trends. From investing in advanced accounting software, integrating new tools and services, and continually upgrading technical skills, it’s jump on or jump out. But not in a risky ‘Tom Cruise jumping from a helicopter’ kind of way. Research is essential. Look carefully at what’s needed before leaping into a better, efficiency-filled future. 

Your map to treasure island 

Ever tried convincing your stakeholders to jump aboard the good ship ‘Change’? Well, at FYI, we’ve turned the art of persuasion into a science. It’s all about crafting a solid business case that’s more convincing than a lawyer in a courtroom drama. We’re talking a document so comprehensive, it would make Sherlock Holmes nod in approval. 

Think of a business case as your map to Treasure Island. It’s not just a bunch of words; it’s your clarity compass, guiding you through the murky waters of decision-making. A well-crafted business case lays out the objectives, identifies the business need, and walks you through a software analysis that’s as thorough as a food critic at a five-star restaurant. 

But wait, there’s more. We’re not just about diagnosing the problem; we’re about providing the cure. Our easy to use ROI Calculator is like having an accountant who’s also a fortune teller – insightful and forward-looking. And let’s not forget about change management. It’s the secret sauce that makes sure the transition is smoother than a jazz musician’s riff. 

Heavy lifting done here: unpacking FYI’s business case toolkit 

Now, we hear you thinking, “That sounds like a ton of work!” But fear not, because at FYI, we’ve already done the heavy lifting. We’ve developed a business case template and a fully customisable ROI calculator that’s as easy to use as your favorite smartphone app. And the best part? You can use this dynamic duo for any software analysis, not just ours. 

So, if the thought of crafting a business case feels more daunting than a blind date, book a meeting with us. We’ll walk you through it, apply it to your business, and maybe even share a laugh or two. At FYI, we’re not just about business; we’re about making the journey enjoyable.

Let’s talk the talk and walk the walk, together.  

Book a meeting with us here.

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