If you own an accounting practice, the Rules of Thumb blog from MoneyThumb is pretty sure you are quite aware of the trend toward switching to automation. As a professional CPA, accountant, bookkeeper, or even an individual who handles income tax returns and other accounting-related tasks for a few clients, or friends and family, if you aren't on the bandwagon of automation, you are behind the curve.
On our blog today we would like to share some statistics, articles, and helpful downloads and webinars to further your knowledge about transitioning your accounting practice or accounting skills to include automation. Our first share is an article from IntroHive titled 13 Statistics Show Big Changes for the Future of Accounting Firms.
You can read the entire article from IntroHive and view all 13 statistics by following the link above, but for your convenience, the Rules of Thumb blog from MoneyThumb has included the first 4 statistics below:
1. 55% of C-level executives and professionals in finance and accountancy expect the development of intelligent automated accounting systems to have the greatest impact over the next 3 to 10 years, according to a report by the Association of Chartered Certified Accountants.
2. The State of Accounts report shows that 37 percent of small and medium-sized business owners think accountancy is becoming more automated and that they can complete a range of tasks themselves. The same report found that 59% of small businesses don’t think they will need an accountant in 10 years’ time.
3. Rob Nixon, CEO, and founder of PANALITIX predicts that by the end of 2017, more than 90% of small and medium-sized businesses will be using cloud accounting software.
4. The 2016 National Management of an Accounting Practice survey found that 56% of CPA firms surveyed are using cloud-based software, up from 48% in 2014.
Our next share is a free downloadable report from Robert Half titled Benchmarking the Accounting and Finance Function. Follow the link to download the report. Below is a description of the report:
Digital transformation in today’s workplace
Digital transformation continues at warp speed in the world of accounting and finance. Data analytics, cloud-based computing, and artificial intelligence (AI) are altering staffing needs and the way things get done.
Download the report to see how other leaders like you are leveraging digital technology and automation across all levels of accounting and finance. You’ll discover:
- How companies are automating processes such as forecasting and predictive reporting
- What the rapid adoption of cloud-based computing could mean to you
- How digital transformation is driving demand for skills in finance organizations, including data analytics and enterprise resource planning (ERP) experience
- Why automating routine tasks can free your staff for higher-value work
- How advances in analytics, the internet of things (IoT), and AI are creating new business models, driving innovation and increasing competitive advantage
Our next share is from our friends at Accounting Web. It is a free guide titled The Official Realities of the Automated Practice Workbook. Follow that link to download the guide. Below is a description of what the guide includes:
Compiled by the great Geni Whitehouse, it takes you through all of the key areas you need to consider and provides bite-sized checklists to make sure you don't miss anything.
Included:
- Planning your financials - how your revenues and profits will be impacted by automation
- Planning for your clients - how you get them to use new systems, and how might your pricing change
- Planning for your team - stopping your staff from being the biggest barrier to progress
Our last but certainly not least share today is also from Accounting Web. It is a free webinar to be held on October 25, 2018, titled The First Four Steps For Effective Automation. We maybe should have placed this information first, because it could be the most important share today, but we will let you decide that. Please note that you can receive 1 free CPE credit for attending. Follow the link above to register for the webinar. Below is a short description of what the webinar will cover:
Don't risk derailment as you and your clients move towards automation. As accounting and bookkeeping firms across the US take advantage of technology to accelerate their processes, it's worth remembering that many fail to get the real benefits - often because they fail to plan effectively.
In this webinar - part of AccountingWEB's 'Realties of the Automated Practice' project initiative - we' ll share best practice advice from those that are making it happen.
You will learn: • How to get your clients to buy in from the start so you can be sure they'll stay with you through the changes • How to build a robust client onboarding process • The intricacies of managing your staff to prevent negative outcomes internally • Techniques to consider your endgame from the outset - and a look at what some of those endgames might be.
Lastly, MoneyThumb would like to stress another great way to move your accounting practice or tasks toward automation by using our PDF financial file converters. Quickly and seamlessly convert yours or your client's bank statements using the best conversion software on the market.
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