Why tech is the future of accountancy

Why tech is the future of accountancy

The world of accountancy is in flux. The industry is in transition, and accountants worth their salt are adapting to new methods and ideas to remain relevant going forward.

Traditionally accountancy has been a secure sector. The key tasks carried out by accountants – namely compliance and tax – have remained the same for decades, but that is no longer the case. Advanced computer software now means that businesses can sort their finances in-house, which is bad news for old school accountants, but is a scenario that has opened up new opportunities not only for accountants happy to evolve, but also for the businesses that choose to work with them.

What the tech?

According to a new report by software giant Xero [http://www.itproportal.com/news/accountants-see-tech-as-key-to-success-in-the-future/], more than four-fifths (83%) of accountants believe understanding the power of technology will be absolutely crucial to ensure success going forward, while 71% admit they expect knowledge on automation, particularly in the financial sector, to be essential for success in the next half a decade or so.

Being aware of why software can benefit a business, and how it can make a relationship between business owner and accountant more fruitful, is something that is only going to grow in significance. Businesses are always looking for new ways to minimise costs while increasing efficiency, and we understand how accounting technology can help you achieve those aims.

SMEs

SMEs account for 99% of all UK businesses [http://www.fsb.org.uk/media-centre/small-business-statistics]. Latest figures suggest that there are as many as 5.4 million SMEs currently operating within these shores, and that they employ around 15.7 million people. With so many businesses out there – many of which have only a few employees, or perhaps just the one – it makes sense to work with accountants that can get your business running smoothly in a manner that is both time and cost-efficient.

Many entrepreneurs are aware that accountants can enhance a business’ ability to clamber over financial pitfalls, and while some understand that accountants can help with growth and long-term stability, there are still many that don’t possess that knowledge. At SQK, our accountants are more that just the people that can get your tax return filled in on time; they can help you when it comes to processing transactions, sorting out payroll and even long-term future planning.

We are ahead of the curve because we understand the value of the services we offer, and we know how to deliver those services in the most effective way. We work with advanced technology because it makes life easier for the businesses we serve, ensuring they can run their operation safe in the knowledge that we are working behind the scenes to keep everything ticking along nicely. For cloud accounting and more, contact us today.

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