It seems that whenever an industry-wide change comes to fruition, especially due to technological advancements, we hear about how it causes fear among industry leaders. However, according to a new global independent study, most accountants have a positive outlook on automation.
In fact, 96% of the 700 accountants surveyed think positively about the role that automation will play in their day-to-day practices. Automation will allow for accountants to get rid of their daily number-crunching activities so that they can focus more on client acquisition, increasing their overall scope of services. The combination of automated accounting solutions with human-driven services is what's most attractive to accountants.
Automation, driven by AI and cloud-based technology, eliminates human error, increases speed, and reduces the inherent risk associated with day-to-day accounting practices. Security and compliance are growing concerns for many companies, especially with the increase in government pressure. Automated accounting is the answer to that, ultimately increasing the bottom line during tax season.
Speaking of tax season, it's a looming deadline that requires more hours to tackle than there are in a day. But automation cuts down the unbillable hours of shuffling papers and manual work required during tax season. Accountants are then able to take on more clients and increase their overall revenue.
Accounting automation services should be looked at in a positive light because, rather than take jobs away from accountants, it will open up new doors for the entire industry.