Hello and welcome to this summer roundup of accounting and finance news from the month of August 2018. In this collection, you will read about the top risks for finance leaders, AI and automation for the accounting industry, the demand for paperless accounting, and more. As always, we take a tech-focused look at accounting and finance, featuring writers who highlight innovation and dynamism in the industry.
A caveat: These are the opinions of the writers themselves. We don’t always agree with every argument presented in these articles, but we do think you’ll find the stories interesting!
Global Finance Leader Study: Finance Leaders Share the Top Risks That Matter Most
Chrissy Sasser, a writer for Workday, takes an in-depth look at the seven risks which she identified as most concerning for finance leaders during this age of digital transformation.
With the advent of technology and the rapid development in the finance industry, Chrissy Sasser points out the need for finance leaders to adapt. Otherwise, they could fall behind from competition and succumb to the challenges of a volatile business environment. Check out the full article to get a more detailed look into those seven risks she identified in the report.
How AI and Automation Technology Can Help Accountants
By Sabrina Parsons for Business
In this Business.com article, Sabrina Parsons discusses how accounting professionals and firms can benefit by combining AI, automation, and accounting. According to her, the rise of automation should not displace accounting professionals.
Instead, it is about finding a balance between these elements, and making them co-exist and work together efficiently. Machines can help with data entry and organisation whilst the human accountants can take a more proactive role in their firm’s business and strategic endeavours.
A Call for Accountants to Go Paperless
By Pamela White for Accounting Today
Pamela White writes this piece for Accounting Today to discuss the urgency of switching to paperless accounting methods. She relates her own experience with her firm, which quickly adapted digital solutions and automation after years of dealing with overflowing file cabinets, inefficient invoicing, and lots of delay in approval.
However, Pamela White also insists that succeeding with going paperless will rely on finding the right products and partners that will offer the digital solutions you need. Check out the rest of the article to find out the other steps she has taken in her own firm to make the most of a paperless accounting system, and how you can incorporate one into your own firm.
How Accountants are Shifting the Way They Work
In this Accounting Web article, Heather Satterley examines how accountants and their firms have adapted to the technological changes in the industry. While automation and AI has been the hot topic in the world of finance for the past few years, it is important for firms to adapt if they want to remain competitive. Satterley goes on to discuss the five types of individuals that are categorised according to how they adopt innovation.
She cites that accounting professionals and firms have made great strides in going paperless, with the number almost doubling in the past year. Satterley goes on to encourage accounting professionals and firms to evaluate their attitude towards technology. Satterley shares four tips to help accounting firms leverage new technology for higher success.
Accounting Pros Expect Cryptocurrency to Expand in Business Use
Blockchain, specifically cryptocurrency, is the subject of this article by Isaac M. O’Bannon for CPA Practice Advisor. He points out a survey conducted by Robert Half Finance & Accounting, wherein 50% of financial leaders believe that the use of cryptocurrency for business transactions will be very common in the next half decade.
He adds that this would mean an increase in demand for skilled accountants, or for accounting professionals to expand their skill set. The survey report concluded with some tips on how accounting firms can build on their blockchain expertise.
4 Strategies to Help Your Accounting Clients Grow Their Business
In this article for In the Black Magazine, Nina Hendy talks about the strategies she believes will help accounting firms facilitate growth for their clients and their businesses. According to Nina, it is, after all, the ultimate goal for accountants and firms.
This also highlights the need for accountants to deliver value-added services, in the form of collaborative relationships and strategic advisory. With improved technology, accountants are able to add more value to their client’s businesses by increasing efficiency, accuracy, and ability to bolster profits. You can read the full article to learn about the four strategies that Nina Hendy recommends to benefit your accounting clients.
Have we missed any great articles? Please do let us know, and if you’d like to submit your article for consideration, get in touch with firstname.lastname@example.org.