THE so called digital age has changed the way many of us live and work and for some, this change has affected them in a much greater way.
One such profession that has been quite dramatically affected with the coming of the digital age are accountants.
Traditionally, the business owner / accountant relationship has been very transactional.
Ms Business Owner would connect with her accountant at year end in order to meet her compliance needs. With the introduction of GST, the connections may have been slightly more frequent (quarterly), however, still very transactional.
A financial professional is no longer a bean counter, number cruncher or just a record keeper.
This traditional function has been replaced by computers and management information systems in the digital age.
Technology and automated accounting systems allows even a non-accountant to generate a simple set of financial statements or reports to satisfy the minimum regulatory reporting requirements.
The challenge for accountants, going forward, is knowing how to build upon those skills that technology cannot replace and figuring out how to ride on digital advancement to develop new skills.
The enhanced role of your Accountant
The role an accountant plays is changing – within an organisation, as an external service provider and within the broader economy.
This new role has evolved significantly from just executing the traditional functions of accounting to being a strategic planner and a business adviser to the management team.
No longer is an accountant just there to meet regulatory and statutory needs.
Accounting professionals are now entering the field as leaders with acumen and creativity to become active members in the decision-making process of a business.
Accountants can help to create value in a business and offer skill sets that enable them to partner with the business.
Today's accountant is helping to innovate business processes for increased value.
Business acumen and business consulting skills are no longer an option, rather they are a must for accountants.
The new business landscape for accountant
As accountants, we now look at how we can help improve or automate business processes by using technologies.
By doing so, there is a rebalance from providing merely routine operations to higher level strategic work.
So how does this translate for your business?
This means looking at all the financial processes in the business from payables and receivables management to internal control processes and seeing how they can be done better with the assistance of technology.
The absolute key benefit for any business is that this level of acumen and partnership results in offering insights into the numbers so a business can make better decisions.
And again, thanks to the advent of technology and cloud based accounting software, there is now greater transparency.
Key stakeholders are given close to real-time data to make timely decisions to support the growth and pace of business.
There tools can also be used to improve forecast accuracy, so that the right decision can be made in advance.
Long gone are the days of just providing reporting and compliance services, today, accountants can be a business's coach, consultant, strategic partner and personal sounding board.
Aperture is an innovative & progressive accounting firm. Accounting is just one part of your business, through the use of specialised diagnostic tools, we also offer professional services in the areas of business planning, leadership development & business development.
Contact Aperture Accounting today on 02 8860 9660 or 0469 235 269.