The finance and accounting industry is heading towards a transformation. The Covid-19 pandemic has significantly changed how accounting professionals operate. To select a good accountant for your business among the best accountants Bulgaria is a necessity and key for success.
During 2020, when cash flow was poor, businesses held off seeking costly advisory services from accountants. Now, in 2021, the value of accounting services will start to increase as business recovers as this is the time for businesses to capitalise on the opportunities and move towards more strategic long term planning.
Clients are looking for strategic advisors, therefore, accountants must take charge and communicate efficiently with clients and proactively reach out with insights and information.
There’s always been some overlap between chartered accountants and financial advisors but now the accounting industry is increasingly focusing on data analytics, and many accountants are shifting into more advisory roles.
Companies are using technology to automate repeatable, tiresome and time consuming manual tasks tasks so that professionals can focus on complex issues and concerns. Artificial intelligence can also reduce errors and improve the quality of work by monitoring documents and flagging those with issues.
AI-based accounting software has already eased accountants and financial professionals’ workload by equipping them with intelligent tools to manage every accounting task. AI helps analyse huge volumes of data and generate more accurate analytics in quick time and at a reduced cost.
This will allow accountants to focus their time on higher impact and higher value activities.
Accountancy firms will offer hybrid-working models in 2021 using automated processes and online software. Some team members will work from company headquarters, while others will provide remote support, promoting a greater work-life balance.
Accountants will use the latest predictive technology, such as budgeting, forecasting tools and data analytics, to disseminate real-time forecasts in evolving situations.
Data analytics helps identify operational inefficiencies and manage risks better, more businesses will use data analytics and help themselves with data-backed decision-making capabilities.
Integration with other business management applications is another crucial factor technology has added to the bookkeeping process.
Unlike traditional accounting software, cloud accounting moves the process online. Therefore, businesses do not have to rely on a desktop application.
Cloud accounting has saved businesses from substantial upfront costs for traditional in-house software. Accountants and other professionals have instant access to their accounting data creating a real-time workflow with increased efficiency saving valuable time. Easy document sharing, real-time analytical data to aid business decisions, comprehensive reporting are important benefits that make a business to choose cloud-based accounting software over desktop applications.
Online accounting not only gives mobility but also provides seamless integration that eliminates workflow problems.
The modern workforce needs people with a diverse skill set, including soft skills, who can work in a collaborative environment and actively listen to clients.
As companies shift online, data breaches are increasingly common. Finance departments are always most vulnerable to cyberattacks from hackers because they manage high-value commercial data.
Training in recognizing potentially harmful emails and spotting attacks will continue to be crucial for accounting teams.
Automated accounting processes save time, money and, perhaps most crucially, error.
Some of the processes that are being automated include approval workflows, bank reconciliation, journal entries, inter-company consolidation, revenue recognition, lease accounting and depreciation.
Businesses save on employment costs by outsourcing to countries with lower costs of living, maintaining the quality of communication, and collaboration between accountants onshore and their counterparts is by cloud-based programs.
Smaller companies outsource accounting to avoid hiring additional headcount. Larger firms may outsource some or all their accounts payable, this is generally done to save money.
Additionally, outsourcing can sometimes give you access to skillsets, technology and expertise your company would not easily or affordably replicate by hiring new headcount and investing in your own infrastructure.
2021 will continue to allow accountants to showcase their resilience and their indispensable role in the business. They’ll adapt to and adopt trends to help guide and lead their businesses into the next phase of whatever the business journey entails.