If you’ve followed our blogs, you’ll understand how passionate we are about supporting accountants as they transition from traditional practices to incorporating technology into their everyday lives at work. We understand that change can be daunting, but if you don’t have a keen eye for technology and a computer reliable and fast enough to keep up, then you may find yourself being left behind as your peers plunge into the world of accounting software.
How has the accounting industry already changed?
1. GDPR
This year has already seen perhaps one of the biggest influential changes to date: GDPR. It has forced businesses to address how they handle and store client data, ensuring processes are in place to protect personal information. If you’re still unsure about how you should be handling GDPR compliance, then it’s well worth looking through our Risk Dashboard module – as you are risking a hefty fine by not doing so!
2. ‘Making Tax Digital’
2019 will see the government introduce an exciting change to the way they currently operate. HMRC will be introducing their ‘Making Tax Digital’ scheme, with the aim of making it easier for individuals and businesses to get their tax right and to keep on top of their affairs. It will mean the end of annual tax returns for millions. They aim to “become one of the most digitally advanced tax administrations in the world, modernising the tax system to make it more effective, more efficient and easier for customers to comply.” – HM Revenue & Customs.
3. Artificial Intelligence
As scary as it might be, A.I. is also a hugely exciting, albeit alarming, advancement. Whilst some jobs may indeed be at risk by the hands of robots, they will never be able to take away how a human, with years of experience, can personally assess a client’s finances. What might make the most financial sense may not entirely suit the client. This means there’s only so far A.I. can go but used correctly, there’s no reason why technology can’t enhance an accountant’s career.
What does this mean for accountants today?
Fortunately, no machine can take away that ‘personal’ touch and no piece of software can impact the relationship an accountant has built up over years of hard work with their client. What it does mean is that you could be looking at a future that’s more efficient, that’s streamlined and modernised. It could mean more access to segmented data, and perhaps more excitingly, it could mean the end of tedious, repetitive, admin-heavy tasks that take too much time. It could mean strengthening your business and freeing more of your time to take on new clients.
For more information on how the Risk Dashboard can assist you, visit our website or please don’t hesitate to contact Neil Campbell, Commercial Director on neil.campbell@riskdashboard.co.uk or info@riskdashboard.co.uk
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