How is Technology Changing Accountancy
Technology has transformed the accountancy sector, rapidly altering how accountants process data, inform business strategy and interact with their clients. While advances in technology have led to some much needed improvements in efficiency and time management, some tech developments have also caused practices and individuals some issues.
Things like the relevancy of the accountancy role long term; staying ahead of the competition; and how to best leverage the artificial intelligence opportunities, are all potential issues.
To give the best accountancy advice, it is important to understand the fundamentals of someone’s business. If you don’t have a good understanding of what drives a businesses income streams and profitability, it’s difficult to give meaningful advice.
All this new technology is going to require that people in the accounting profession learn new skills. Long gone are the days where accountants in manchester use pens, paper, and calculators to balance the books. These days accountant software technologies have changed the accounting profession.
According to the latest estimates, 7{668284420e3c3e703f86693cee83f1c1285e9c7b8ecc41c13b37eea0ef4cf441} of all jobs will be replaced by artificial intelligence by 2025 and there is no reason to think the Accounting profession will be immune.
Accountants are going to have to keep up their constant personal development …