Accounting professionals need to embrace the future in order “to save time and go beyond just the day-to-day numbers”
said Amy Vetter, Global Vice President of Education and USA Head of Accounting for Xero.
Technology is developing at a rapid rate across all professions, so why should accounting be any different?
Cloud accounting is one of the many new innovations that can be used to help both accounting professionals and their clients.
“The question is no longer ‘how will I move to cloud accounting?’, but ‘when?’, said Elizabeth U, Xero Gravity small business podcast host. The future is no longer on its way, it’s here and it needs to be embraced in order for people to be able to grow with it and understand the benefits of cloud accounting.
Jonathan Fouchè and Stephane Streuders, managing partners of Key Accounts, have both stated that Xero cloud software has allowed them to go beyond the needs of the small business owner by being able to step into a more advisory role so that small businesses remain cash-flow positive. “It eliminates the need for small businesses to employ various people to perform specialist financial functions,” said Streuders. Fouchè added, “We are able to consult with our clients when necessary and advise them based on up-to-date information.”
While many accounting professionals fear AI technology and cloud-based accounting software, Key Accounts has embraced it because this technology does not eliminate the role of the accountant, it just means that that role has evolved and become more inclusive.
said,“I think it’s that we start working differently and that’s the change. If we try to hold on to the way we’ve always worked that’s when things are going to pass you by … what you have to really always be thinking about in your practice is, ‘How do I plan for the future and what are the trends?’, and never get too complacent.”
Clients need to think about getting on board with accountants who are embracing current innovations and trends. Vetter stated that “It’s not taking what you have today and duplicating it; it’s taking what you have today and enhancing it for the future.”