Some of the essential skills and competencies accountants will need in 2021 will involve IT. Accounting isn’t going digital, it is digital. In fact, automation is already a major factor in modern cloud-based accounting. Its role has become even more valued following the remote work life incumbent of COVID-19 lockdowns. Automation here to stay and grow with your company. So how does automation affect accountants? Let’s find out.
No, Automation Does Not Replace Accountants
Automation often worries people about job security, whether their roles will become outdated. If automation reduces the need for manual data entry and transactional processing, accountants are no longer necessary, right? Actually, the opposite is true. Accountants remain very relevant and are very in-demand. But, the profession is changing. And, automation is playing a major role in redefining the accountant’s role. Besides understanding accounting, high-level accountants will need to understand the fundamentals of accounting technology and integration.
Check out this MyCPE webinar to see how accountants are and will be further involved in IT integration and technology.
How Does Automation Affect Accountants?
It’s important for all business leaders and accountants to remember that automation is a tool. It does not substitute human value. Instead, automation empowers accountants and financial professionals by helping them do their job more efficiently and effectively. In a recent survey, only 6% of accountants don’t see automation as a business asset,.hen in reality, automation frees accountants to prioritize analyzing the numbers.
Now, more than ever, the accountant’s primary role is that of an advisor, which is the greatest value of the position. Experts agree that accounting is the language of business. Understanding how business initiatives and activities are affecting financial performance is critical for measuring success. This makes accountants invaluable for helping leaders reach goals. Also, for stakeholder engagement, automation helps explain strategies and demonstrates corporate profitability. Since December 2020, a survey found that 45% of executives believe that the influence of accounting has grown.
Analyzing and understanding how business activities impact the financial health of an organization creates a roadmap for success. Accountants aren’t just bookkeepers anymore. This is what automation is replacing – the manual entry. Instead, accountants are becoming the curators of the company’s financial data. Data analysis, risk management, and cash flow projection and conservation are more effective with the use of automation. The turnaround speed for delivering time-sensitive insight is also expedited. By having automation remove manual work, accountants are more productive in a high-speed work environment.
Get Ahead With Accounting Automation
The more proficient accountants are at using automation to improve financial health, the more valuable they become. Understanding and using accounting technology are critical components of financial work. Indeed, it’s equally as important as accounting proficiency.
Whether you’re a Certified Public Accountant (CPA), accountant at a firm, a Chief Revenue Officer (CRO), or a business owner, accounting automation is the way of the future. It’s a simple fact that those with full control over their data can more effectively visualize ways to enhance the organization. Besides this though, who doesn’t want a more efficient accounting lifecycle? Automation helps accountants become true leaders in business strategy and sustainability.
For more insight into the features and benefits of a fully automated accounting system, check out our Guide on accounting Automation 2021.
Accounting Seed is a modern, robust accounting platform powered by the Salesforce platform. We’re committed to breaking down silos and building connections in order to take your business to the next level. We achieve this by embracing flexibility and automation in every aspect of our design. With Accounting Seed, you will have a faster accounting process and more accurate, actionable data to steer your organization to success. Whatever you can put to logic, we can automate!
The features listed above are all available on Accounting Seed right out of the box. Schedule a free demo here today.