Accountancy automation and the future of Accounting Britain 2020 & Beyond
https://mbtax5.wixsite.com/mbennco
There has been a significant growth in accountants in London and across the UK, especially in the past year. The sector is seeing accelerated growth, possibly due to new regulations and economic uncertainty. Despite a range of challenges, recent research shows accounting firms of all sizes are thriving even in the face of uncertainty. The majority of firms navigating challenges involving technology compliance, and Brexit are seeing the most growth from the previous year.
Young, innovative accounting businesses
The trend of accountants in London is growing faster than expected. With the help of new technology, young accountancy firms offering services such as legal research, litigation support, and document review make up a market of £7.6bn a year.
Accountancy automation and the future of accounting talent will they be replaced by automation some work places are already seeing a change
Technology has completely changed the way that most workplaces operate, removing some of the daily tasks usually reserved for human workers and handing them over to automated workflow systems.
Despite some headlines to the contrary, this has not replaced the human workforce but has instead changed the way they work and, as monotonous and routine tasks are taken away, changed the kind of skills this workforce needs to be successful and meet client objectives. While this is not limited to accountancy, there is no question that the role and skills of tomorrow’s accountant will be greatly different to those in the workforce today. With automated accounting technology taking much of the routine data entry tasks from accountants’ day-to-day work, modern accountants now need to be much more adept at data analysis rather than entry.
One of the ironies of the rise of technology within professions like accountancy is that those within the sector are going to have to become more proficient with the traditional “soft skills” which were so important many years ago. With employees now able to do much of their work “on the go” it frees up their time to actually get away from the spreadsheets and go to meet clients face-to-face. This traditional relationship building — it could be argued — has got lost along the way in today’s paper heavy, form filling centric accounting world, but as much of the form filling and even filing becomes more automated, tomorrow’s accountants are going to have to become used to the old ways of client relationships again. While automation is taking much of the mundane paperwork out of accounting, it does mean that modern accountants will have to become much more technologically savvy.
Online accounting — what do you want or need ?
An online accountant will often provide you with software such as Xero, Quickbooks, Botkeeper i.e to input your own invoices and manage your own expenses, but there is plenty of added value you should be seeking beyond that, it is important to have a qualified accountant who can make sure you are itemising income and expenses correctly and keeping enough aside for tax. you need to have someone who can make sure you are on the right track in terms of the income you want and strategy of the business, while also helping reduce your tax bill.
The benefits to selecting the right accountant
If you’ve been a relatively small business making modest profits up till now, the likelihood is that you need an accountant to get you to that next step. Your accountant shouldn’t just look after your financials, they should be actively giving advice to help you succeed — after all, you’re paying for their expert advice right?
It can be daunting handing over your finances to some ‘strange’ accounting partner, but rest assured that this move will save you money, time and stress in the long run. Now doesn’t that sound worthwhile?
Talk to us today. We offer the right online accounting solution for your business and an immediate quote which offers certainty and includes advice from our experienced, dynamic and helpful accountants.
Mbenn&co — email: mbtax@accountant.com
