One of the recurring themes that we hear from accountants is how technology has already affected change in their practices, and in some cases, leaving folks behind. But many feel that technology has only just begun to alter accounting practices.
For decades, ledgers were kept manually on green bar journals. Computers automated those journals and made reporting faster and easier. But for years now, we've only seen incremental improvements to accounting systems without major changes to firm operations.
Jody Padar's article, "Enter the ‘Experience Economy,’ What your clients want from you is changing rapidly" recently appeared in the Accounting Today magazine. Here's an excerpt:
PARTNER INSIGHTS
Our business is no longer a fee for a tax return or financial statement; it’s a collaborative partnership of a trusted advisor leading a small-business chief executive through accounting, tax and consulting services.
Using the cloud and social media fundamentally changes the relationship and communication expectations with your client and within your firm. It’s not the software itself that is disruptive.
The accounting profession now has the technology to support new communication and collaboration processes, allowing firms to perform more work in less time with fewer resources. We have created an environment where information sharing has increased exponentially, thereby allowing us to output deliverables markedly faster.
This is a good thing. Embrace it. It’s key to you surviving and thriving in today’s new world.
The message is clear...the shift is on. Technology will replace many of the manual services that accountants are providing today requiring that accountants adapt into a more consultative, advisory role. The challenge will be to embrace and utilize technology, such as big data and comparative analytics, to remain a trusted advisor.