The word adapt has never been so important. In today’s unusual landscape, the impact of the Covid-19 pandemic has affected everybody. Every business has had challenges to overcome and virtually all have had to adapt. The key element for most businesses was the need to embrace the digital world and implement key changes to stay connected with staff, clients and suppliers.
In the world of accountancy, the perception is of a behind-the-scenes company specialising in crunching numbers, completing mundane tax returns and taking care of payroll. However, modern accountancy practices are becoming a far more valuable asset, especially with the introduction of new technologies. Adapting to becoming people focussed and data-led is a must for any proactive accountancy firm. Where the use of technology allows for virtual conversations, managing data, creating automation and much, much more.
Having management data on hand that provides accurate and real-time information along with key insights is vital for any business. An accountant will process a lot of data and often will know much more about a business than its employees. Providing real-time data allows a business to effectively plan and manage both finances and business objectives.
Remaining one step ahead is vitally important. Having accurate data on hand so immediate decisions can be made is crucial. Gone are the days of taking months to process business receipts and then manually checking figures for inaccuracies. Robust data is at hand for any business to use for making informed business decisions such as salary reviews, profit and loss analysis or payroll benchmarking.
One of the most effective accountancy solutions for a business is the switch to cloud accountancy. Utilising solutions such as Xero, QuickBooks or Clearbooks can be game changing and will help to tackle pain points. For example, late payments can be flagged immediately so that cash flow planning can be effectively managed.
A New Style of Business Coach
The role of an accountant is so important to any business. Over the past couple of years with advances in technology, the ever-changing business landscape and market demand, a business must have immediate access to all of their financial data. In fact, gone are the days where you don’t have any interaction with your accountant until the obligatory end of year accounts, they now form a vital part of a business. Building personal relationships of trust, advice and guidance is critical for an accountant to be recognised as an important cog in the business wheel. Today’s accountancy role can be seen as more of a business coach where advice can be given on data analysis, strategic growth guidance and diversification.
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