With the emergence of new and innovative technologies, every business is facing the challenge of keeping up with the changes. Companies are trying to adopt the latest digital trends for exponential growth and to achieve success in the long run. Having at least a digital accountant is one way to do this.
Even the accounting field is also facing rapid transformations as the digital trend has automated most of the financial tasks. Now, the focus of accounting professionals has changed from the regular manual data entry tasks to developing advanced services, like detailed insights or business plans for the clients.
Today, businesses require digital solutions for the accounting and tax-related processes. In short, a firm needs a ‘digital’ accountant in order to outperform its competitors.
What is a ‘Digital’ Accountant?
A ‘digital’ accountant is a modern-day accounting professional that harnesses the power of the latest technologies like cloud computing and Artificial Intelligence (AI) and offers customized financial solutions as per the client’s needs.
How does one identify ‘digital’ accountants from traditional accountants?
The traits of a ‘digital’ accounting professionals are:
- They are aware of emerging technology and know how to implement it within the accounting process.
- They empathize with their clients and understand their business requirements better.
- Can be contacted 24/7 for any assistance and are digitally present through mobile technology.
Let’s have a look at some of the major reasons why businesses need digital accountants.
1.They Provide Real-Time Metrics
The advent of modern-day technology allows accountants to provide improved transparency within the system.
Digital accountants use cloud-based accounting solutions to help business decision-makers have real-time analysis of the cash-flow, tax returns, and other financial processes. Furthermore, admins can easily manage the number of authorized users, as well as control virtualized resources.
Digital accountants keep clients in the loop with the process. It enhances the customer experience by providing faster and more effective resolution of their issues.
Hiring the technology-driven accountant facilitates the outsourcing of various services for small businesses without compromising with its privacy.
2.They Are Available Anytime, Anywhere
Business often requires the assistance of an accounting professional for various tasks such as tax filing of returns and tracking sales. Therefore, the availability of an accountant is essential for business processes.
One of the crucial benefits of hiring digital accountants is that they are mobile as they make use of cloud technology. They can acess information from anywhere and at anytime so that the accounting tasks processes requiring immediate attention can be accomplished quickly and efficiently. These accountants are well-equipped with tools to empower better communication within the system.
3.They Empower The Company With Latest Technology
In the light of digitalization, customers have a higher level of technological awareness which has resulted in growing expectations from their end. Hence, it has become a mandate for every business to hire professionals with apt skill sets.
Digital accountants not only help businesses to stay updated with the technology but also help them grow. These accountants use advanced technology like cloud computing and Artificial Intelligence (AI) for a seamless workflow. These technologies further ensure added advantages like:
- Enhanced security from accidental loss as data is stored in isolated data centers rather than on a single office device
- Ecosystem for the integration of various applications without compromising with the performance
- Automation of the day to day manual data entry tasks
4.They Help Expand The Business Network
The growth of a company is dependent on the reach of its services to its audience. The evolution of technology has blurred the geographical barriers and helped businesses to grow.
Digital accountants make multi-user collaboration possible by implementing cloud technology within the system. It provides a common platform for accountants, CPAs, tax preparers, and other stakeholders to work on the same file or project simultaneously.
Even if the business has offices globally, the teams can collaborate and share real-time data. Hence, files and data can be edited in real-time so that users have a single reference point for their tasks. This ensures accuracy as well as the efficiency of the business process.
Digital accountants also offer solutions like email marketing, social media, online ads, and more to engage and increase its reach for prospective clients.
5. Digital Accountants Also Offer Business Advisory Service
The role of an accounting professional has also evolved with time. In addition to offering accounting and tax-related services, he/she is a business advisor for small firms as well.
Digital accountants not only help firms set a realistic goal but also creates a plan to achieve them. They identify various profitable aspects of the business and offer insights for better growth. These modern-day accountants provide in-depth risk analysis to detect potential threats in different scenarios.
Also, they draw up cost-efficient plans like the implementation of the cloud for scalability of hardware or IT-based resources as per the business needs. This ensures the better financial health of a company.
Wrapping it Up!
As the world is progressing in technology, going digital is a matter of time instead of choice for small businesses. Hence, every business needs a‘digital’ accountant that can keep up with the technology and help prepare for the future.