A look to the future of tax and practice automation
As Digital Transformation and automation takes hold, accounting firms and businesses are striving to adapt to a new way of working, and are increasingly seeing the advantages of emerging technologies that employ automation, to reduce time spent on arduous and menial tasks, freeing up more time to focus on adding value for clients, and ultimately increasing profitability. As the financial services industry drives digital transformation and experiences its ‘blockbuster moment’, accountancy firms must keep up and automation will drive this by freeing up time to focus on advisory work and driving value for clients. While some accountants fear that this will result in some of their work becoming redundant, that is not the case. As the more tedious tasks become automated, it will free accountants up to change the value proposition to clients, and work more closely with their clients, helping them to analyse data – giving them more time to be an accountant than a data manipulator.