Using technology to create new value-added advisory services
According to an ACCA report, Professional accountants – the future: Drivers of change and future skills, in the next seven years, over half of the global study respondents (55%) identified the development of intelligent automated accounting systems as the factor likely to have most impact, while 41% highlighted the impact of cloud computing. Smart software and systems will replace manual work (such as bookkeeping), and automate complex and multifaceted processes (such as the financial close). This means accountants are more able to help their clients make the most of their business, navigate new legislation and become more tax efficient. Technology means accountancy is less about reporting what has happened, and more about helping businesses prepare for now and the future.