Are Accountants Embracing New Technologies? The Truth Revealed
In a recent survey conducted by an analyst firm, accountants and bookkeepers were asked about their goals & challenges in embracing new technologies.
Some very interesting results were found from the survey. “New technologies” here refers to the various mobile and Cloud-based services that the accountants or their clients are making use of.
Big accounting firms were not among the participants of the survey. Around three fourth of participants in the survey included companies having accountants ranging between one and 20. So, smaller accounting businesses were among the participants.
Do Accountants Feel the Need to Adopt New Technologies?
The biggest question that needs to be answered is whether the accountants and bookkeepers are actually adopting new technologies available in the markets these days? Results of the survey have made the situation a bit clear though.
Accountants and bookkeepers have been considered a bit technologically backwards by some industry experts. Is that actually true? Well, let’s find out from the survey results.
In this survey, 98% of the respondents confirmed using or looking to deploy “mobile” technology. Also, 89% respondents agreed to be using some cloud accounting software.
Factors Driving Accountants Towards New Technologies
So, if a good percentage of accountants and bookkeepers are looking forward to these new technologies, what is the driving factor for the same? Well, the answer points towards the willingness of accountants to be more productive than before.
It allows them get more work done and accordingly generate more revenue. Another reason for use of new technologies is for achieving better work-life balance.
When you are “more productive” and achieve a “much better work-life balance”, you are assured of ruling out all possibilities of client problems and complaints.
So, as you start using these new Cloud & mobile based technologies, you become prepared to interact with your client and their mission-critical “live” data. By following this approach, you are also moving away from the “accountant’s copies” of accounting databases.
If accountants are using new technologies, does that mean that their clients are using new technologies as well. Is it also going to affect their client’s satisfaction level?
As per the survey respondents, 83 percent of their existing clients were more satisfied with the implementation of new technologies. This also means that such happy clients would be driving accountants to the available new technologies.
Discussing the Challenges in the Way of Accountants
A lot of challenges are in the way of accountants though. As per the survey respondents, taking out the time to understand these new technologies was found to be one of the major challenges accountants have to face.
Yes, that’s pretty true. Understanding the basics of a new technology does demand considerable time. Especially, with a bewildering array of products & services showing up every next day, a lot of challenges are bound to occur when you are going to incorporate any of these new technologies into practice.
Also, it becomes pretty much expensive to work with several technologies based on Cloud, each having a fixed monthly fee along with a separate support hotline.
Some Final Thoughts
The sample of the survey was taken from attendees present at an accounting technology conference. , Majorly, the respondents had arrived there to learn about the new technologies available for accounting like Cloud hosted QuickBooks. Many of the respondents agreed accepting use of the new technologies.
A number of accountants also confirmed that though they may never go for using a Cloud accounting product but they trusted their bank to have them access their accounts online.
Some of the clients in accounting industry tend to be quite conservative and slow to make a change. Inventory-oriented businesses and manufacturers are some of the most common of such clients.
It may prove to be very hard to convince such people to move to the Cloud. When we talk about QuickBooks, QuickBooks Desktop is considered more popular in the accounting industry as it comprises more features compared to most online accounting products.
A QuickBooks hosting provider may prove to be very handy when it comes to accessing the accounting software in Cloud.
Yes, experts also agree that there are few security concerns when all your mission-critical data resides in the Cloud.
After all, the percentage of security breaches that have happened in the past few years does give a glimpse of how unsafe the data can become. However, nowadays, QuickBooks hosting service providers deploy advanced technologies and encryption techniques to ensure optimum data security.
Henceforth, using Cloud accounting tools can definitely make your life much productive and happier. All concerns mentioned above are pretty valid in the real world scenario, but also these aren’t limited merely to the Cloud.
Same kinds of problems & challenges can also arise when working with desktop environments. It’s thus more favorable for accountants to embrace the trend of Cloud accounting as it will help them have a better future.