The future of accountancy and bookkeeping – Powered by innovation, led by professionals
The events of the last 12 months have certainly led many businesses to focus on innovation and automation, as they look at new ways to help their business function regardless of the challenges posed by the various COVID-19 restrictions.
This sudden change to working practices in many industries has caused some commentators to question the role that humans will play in certain professions.
Although accountancy and bookkeeping are highly skilled professions, these questions have also been raised about the industry and whether a business may one day rely entirely on software to manage its finances.
The Government is already taking significant steps to digitise the UK’s tax system with its Making Tax Digital service, and so it is easy to see why some experts believe the industry will one day be led by computers or Artificial Intelligence rather than professionals, but many others see it the other way around.
Despite the promises of many software providers, bookkeeping isn’t always simple or easy and there are certainly times where human input is not only required but essential.
While automation can certainly lighten the load, by collecting and collating data, it cannot and often does not lift the load entirely. Neither can it provide truly insightful or creative advice.
Yes, it can provide information, but it can’t tell a business how to use that information to grow and flourish. That is where accountants and tax professionals are essential.
It is, therefore, important that businesses and their leadership see online accounting platforms, such as Xero, as a tool and not a solution or replacement for expert accounting and bookkeeping advice.
After all, there is a reason that so many within the accountancy profession spend years acquiring knowledge and skills via professional qualifications.
This is something that online accounting software, regardless of how innovative it is, cannot replace.
As is the way with most things, these solutions will continue to get smarter and more advanced, but their function will inevitably remain the same in most cases.
To entirely remove the professional person from this field would not be effective or in most cases welcomed by most businesses.
At the end of the day, business leaders are not accountants or tax agents, nor are most trained to be so. Therefore, they should use software to collaborate with professionals to get accurate up to the minute advice and remain compliant.
At Joshua, Leigh & Co, while we happily use many of the latest platforms to support our clients, we provide a service led by highly qualified professionals, who can look beyond the numbers to find new opportunities for businesses.
To find out more about our wide range of accountancy, tax and business advice services, please contact us.
Leave a Reply
Leave a Reply
