What Expert Accountants say about Accounting for Change
The accounting industry is in a highly captivating stage at the moment. This change has been fast-paced after the emergence of Cloud technology. A recent report issued on the subject shows a fascinating future for accountancy according to the opinions of expert accountants and small business owners.
Here, are the top 3 takeaways of the report –
1. The fast-paced progress is acceptable but, it needs more to be prepared
The report found that a large number of accountants believe that nowadays, the understanding of technology is as much important as the knowledge of the trade. Actually, every 1 in 5 accountants believe that the scale of change will be quite considerable.
It would be so considerable that accountants may have to leave the field if they don’t move to modern methods soon. So, it is clear that the accountants are recognizing that pace.
However, according to the report, this is just half of the battle and there is more that needs to be done. They need to invest as much as possible in providing skills to their teams and preparing them for the future.
Apart from that, almost 48 percent accounting professionals are pursuing some internal courses. On the other hand, 26 percent of them are taking external courses to ensure that they are well-conversed with the new technology.
2. Now Cloud has Become an Expectation
A majority of businesses in the US are now operating through the cloud, and those who are still not adapting or the late adopters to the cloud accounting technology are in the real danger of being left behind as the world changes around them.
While the switch from paper to the cloud continues, it is quite essential for the accountants to observe the tech-driven changes that are happening across all types of industries, such as retail, travel, and leisure etc.
The role of cloud computing is increasing significantly yet decision makers in the IT industry are facing complications regarding existing network infrastructure to support the transition of their business applications to the cloud.
A recent international study by Cisco revealed that without a proper strategy of Cloud migration, more than one-third of the IT decision makers would address the network challenges which are related to public or private Cloud deployments.
These findings provide an insight into the ongoing state of the Cloud as well as the chasm between the IT expectations and the network realities. The research also analyzes the experiences of IT professionals that are associated with the level of difficulty and the time needed to update their networks and moving their applications to the cloud.
3. SMB Owners Still Need Accounting Expertise
The technology is changing the overall scene for accountants at an amazing pace. However, the report showed that the requirement of accountants’ expertise shows no sign of decrease.
While small businesses might be taking more control on their regular financial tasks, global business owners still strongly view their accountants as their most trusted advisors.
They consider their accountants even above their growth experts, management consultants, and lawyers.
For sure, even in the coming time, qualified accountants will be in high demand by small businesses – irrespective of whether digitization happens or not. There is a clear opportunity for the accountants to blend their core knowledge of cloud accounting software with their financial expertise into an essential business offering handy enough for the current industry.
To Sum Up….
The changes created by the vast adoption of online software and innovations will create value-added opportunities for the accountants besides offering them significant freedoms through flexibility. The views of accountants, more than half of the percent of whom are excited about the profession, are on the positive side.
They are fully aware of the necessity and the benefits of utilizing opportunities that are created by the technology.
This will make them free to develop some data-intensive skills, like in the case of risk analysis. With Cloud accounting software by their side, accountants can though consider a better focus on such skills to become true leaders in their domain. So, the time has come for global accountants to embrace the Cloud accounting revolution and gain fruitful returns.