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10 reasons why accountants are shifting to a digital workspace

Jan 17, 2022 | Advisors

What’s driving the surge towards a more digital workspace? We explore the top trends for modern accountants.

Are you more of a visual person? Check out these trends in our infographic at the end of the page instead.

Ok lets’ go – here are the top 10 reasons a digital workspace is paramount to practice success.

1. Cloud based document management

Almost 2 in 3 firms (63%) say having a cloud-based document management system helped them survive COVID-19 disruptions.

Being able to remotely and securely access important documents, despite lockdowns and remote working, becomes an indispensable tool in a pandemic situation.

2. AI and the rise of technological replacement

Al and other technologies may replace 94% of traditional tasks for accountants – mainly manual, repetitive and time-consuming duties. The role of future accountants will be more data- and tech-driven.

This revelation means that the value from accounting firms needs to be derived from tasks that are not replaceable by automation. This elimination of basic administrative and data input points to a diverse range of future roles for accountants, with a stronger focus on data insights and technological prowess.

3. Higher demand requires more efficient processes

79% of accountants say clients have more demanding expectations and a digital workspace can help them complete their daily tasks faster.

With higher demands and more onerous schedules, accountants need ways to become more time efficient. To keep quality of work high, while getting more done, the modern accountant needs to look to integrated digital workspaces.

4. Cranking up the pace of work

40% of SMB owners say their accountants aren’t proactive enough. Shifting over to digital practices is helping to speed up job completion rates.

With high time demands and pressure from clients to get more done in shorter spaces of time, new digital processes need to be developed.

5. The pace of automation and obsolescence is quickening

Did you know? Basic bookkeeping, accounting and auditing clerks (i.e. entry-level positions) face an extreme automation risk level of 93%.

This relevation points to not only the increasing obsolescence of traditional entry level accounting roles, but the need to hire differently.

6. Accountants embrace automation

66% of accountants want to provide clients with automation-driven financial planning and tax advice.

Where there’s a will there’s a way – with 2/3 of accountants wishing to embrace automation to provide clients advice, it’s clear that intent to adopt is high.

7. Digital and cloud recognition

90% of accountants believe cloud accounting and digital business processes are the difference between practices that succeed and fail.

With cloud accounting widespread and well recognised, the combination of this with better digital practices is broadly recognise as integral to practice success.

8. The cloud accounting market speaks volumes

A digital future is inevitable for accounting – the global market for cloud-based accounting will grow to $4.25  billion by the end of 2023.

When the market speaks this strongly, there remains little doubt that becoming cloud accounting experts is inevitable and beneficial.

9. Clients and accountants value strategy

Because of Al and automation technologies, 70% of SMB accountants see their advisory roles becoming more strategic, with a digital workspace providing valuable data-led insights.

Utilising data to create meaningful insights and strategical advice for business clients is certainly going to rise in importance.

10. Clients embrace remote working

Expectations are shifting with 58% of small businesses not needing to meet their accountants face-to-face, allowing a hybrid work model to thrive.

No longer a niche way of working, remote and hybrid working models are being embraced and more broadly trusted by clients. This speaks to a strong future in remote client relationships.

 

Find out more about turning your traditional workplace into a digital powerhouse with the APS Accountants’ Workspace.

The future practice starts right here – book a consultation with us today.

 

Infographic:

APS is a division of Reckon, an ASX listed company. We develop the software used by the best Accounting Firms in Australia and New Zealand to run their business’ and advise their clients.