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How Automation Will Change The Accounting Industry

In real time happening, social media spectrum continues to evolve, the fight to attract competition for audience attention is fierce. However, there’s been a lot of talk about the use of automation and with good reason. In fact, 40% of marketers say social media marketing has become more difficult for them in the last year, according to Social Media Examiner’s 2016 Industry Report but has needed to incline intelligence of “What else I can do…?”. another thought keeps running are: How can the ability to set automation to work on increasingly complex tasks help financial experts? Will this process be a sea change for the industry, or something more incremental?

Six members of Forbes Finance Council talk about what they see coming in the next five years, ranging from easing the workloads of financial teams to giving business owners access to virtual CFOs.

Forbes Finance Council members weigh on in how tech innovations will move the industry.

1. Web-Based Coaches And Software Will Be The Future 

As technology drastically increases and older accountants hesitant to use these tools retire, we’ll likely see software take a bigger role in this arena. For example, we’ll probably see a trend of web-based coaches replace your brick-and-mortar accounting firms. – Justin Goodbread, Heritage Investors

2. Finance Professionals Will Be More Strategic 

Today even great financial teams get bogged down in laborious manual activities: reconciliation, chasing A/R, managing cash application or cutting checks. The future is finance that auto-reconciles, contract and payment terms that auto-execute, AI routing cash applications, and smarter billing. These innovations will free up time for the finance team to be less stuck in the weeds and more strategic. – Jeremy Almond, PayStand

3. Business Owners Will Have Access To Virtual CFO Services 

Business owners need financial data at their fingertips to run their firms effectively, but hiring a controller-level professional isn’t always feasible. Virtual CFO services will leverage online finance tools to seamlessly integrate payroll, billing, financial statements, financing and more at a fraction of the cost of traditional CPA firms, freeing business owners to do what they do best. – Erik Christman, Oxford Financial Partners

Relatedhttp://nryanpaterson.com/10-things-to-outsource-to-a-virtual-assistant/

4. Everything Will Be Easier 

We’ve already seen how companies like Wealthfront have come to rely on technology as opposed to human involvement. The short answer is that investing will become easier, filing taxes will be easier, and creating reports in a business context will be easier. The longer answer is that this shift may not happen in the next five years. – Ismael Wrixen, FE International

5. Surprisingly Little 

I remember earning my undergrad in accounting in 1999, and I was told that accounting out of the box was going to kill the profession. Ironically, my last two CPAs stopped taking new clients because of demand. Smart people want to reduce complexity and increase accuracy. Automation has a long way to go to convince us. – Darryl Lyons, PAX Financial Group LLC

6. Accountants Will Be More CFOs Than Number Crunchers 

Software is a great tool to minimize the tedious side of accounting and bookkeeping. But you still need to know what the numbers mean. Free from the tedious tasks, accountants will be able to focus their efforts on developing KPI’s, budgeting for growth and assisting in improving cash flow: more CFO like advice without the cost of a full-time employee. – Lee Reams, ClientWhys, Inc.

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Source: https://www.forbes.com/sites/forbesfinancecouncil/2017/05/16/looking-ahead-how-automation-will-change-the-accounting-industry/#2a76347f309e

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