The only constant in life is change. The world, people, and industries around us are in a constant state of evolution and growth. Business practices are becoming increasingly streamlined and digitised as the Fourth Industrial Revolution (4IR) continues to immerse itself into various industries. Businesses and their accountants need to evolve alongside these changes to match the demands and trends of their relevant markets.
The inclusion of Artificial Intelligence (AI) and cloud-based software in accounting practices has already shifted the traditional role of accountants; they are no longer merely handling payrolls, tax returns, and reporting for business customers but are becoming financial advisors for their customers too.
Here are five ways that cloud-based and AI-infused software can help accountants stay ahead of the shift:
Leverage your legislative expertise
With the rate that legislation and tax regulations shift, not many businesses or business owners can keep up and understand all the changes taking place. This is where accountants are stepping up by staying up to date with legislation changes, which is made easier when using automated software. Payroll processing software offered by Sage adapts and updates accountants on these changes so they can effectively guide and assist their business customers to remain compliant and pivoting where required.
Include the youth
Younger generations entering the workforce will define and shape the working world of tomorrow – especially as millennials and Gen Z grow their presence in the working world. Hiring younger accountants for your firm will attract young and future-focused business customers and add a fresh and new perspective to business operations. Since millennials and Gen Z workers grew up as digital natives, they adapt seamlessly to advancements in the working environment.
Help customers plan
The last two years taught us how quickly things can change in industries and the importance of planning for incidentals in any circumstance. Accountants play a pivotal role in helping businesses and business owners prepare and plan critical business decisions – especially regarding their business expenditure. By moving business customers onto automated cloud-based software, these customers will be better equipped for a hybrid or remote working future.
Upskilling in the evolving professional landscape is crucial to adapting and surviving as a business in the digital age. The same goes for accountants managing business accounts to benefit from automated digital processing software when backing up, tracking, and reporting on transactional data. This includes how AI can help improve more tedious or menial tasks of tracking this data, which can be a game changer for accountants and their small business accounts. This tech-savvy intel can assist accountants to help their customers improve accuracy, and productivity, reduce the risks of fraud or errors, and provide them with real-time and concise insights and reports.
Always go above and beyond
By automating payroll processing on cloud-based software, like that offered by Sage, accountants will be able to prioritise human interaction based work. This includes guiding their business customers and doing more skilled tasks while the payroll and invoicing data is seamlessly organised and handled by AI-powered software. This allows accountants and their customers to easily evolve and navigate the changes of the 4IR working world.
To strengthen your business, find out more about Sage products and services here.