New digital technologies such as automation, AI, data analytics, and apps that connect to accounting software are becoming increasingly essential for accounting and finance professionals. Finance roles and functions now incorporate a host of new digital products, finance-related software, and new forms of digital communication and interaction with customers.
Benefits include the ability to improve efficiency, reduce time spent, provide a competitive advantage, create additional revenue streams, and improve recruitment and retention. Companies that do not adopt these digital technologies risk falling behind.
Louisa Matheson, digital program manager at an accounting training firm First Intuitionshares six ways digital technologies are reshaping the financial industry.
1. Technology will support, not replace, accountants
Automation allows accountants to have more impact because it helps increase efficiency, eliminates time-consuming tasks such as data entry, and reduces the risk of human error. These benefits are prevalent throughout the profession as they can be implemented in a range of accounting and finance roles. It also makes it possible to partner with IT experts to maintain and support these automation systems.
2. Accountants will be able to offer more value
In addition to internal efficiencies, accountants can then create value through analysis and insight, forecasting and storytelling, leading to data-driven decision making. This opens up opportunities for new roles, skills and competitive advantages for companies that adopt the right technologies. However, it has also created space for businesses to lose their competitive edge, their people, and their customers if they don’t keep up with these ever-changing technologies.
3. New ways to present data and tell the story
Data visualization is an exciting field and these tools provide accountants with the ability to present their information and findings in new and creative ways. These can better illustrate findings, facilitate analysis, and aid in storytelling, leading to more effective decision-making. Whether it’s a client report or internal analysis, these tools can shape the way companies use, manipulate and present data. This can help produce clearer, more detailed and more advanced results which, in turn, can give a competitive advantage.
4. The skills of accountants are changing
Digital technologies have expanded the skills a finance professional can develop. Skills in digital technologies such as data analysis, automation, and coding can help accountants work better, more efficiently, and more powerfully. However, it is not necessary for accountants to develop all of these skills, as companies can partner with others with such skills. What is more valuable is having an understanding and openness to these new opportunities. Accountants need to know how to ask the right questions to solve the right problems. They need to understand the problem and how digital technologies can help them.
5. Recruitment and retention techniques are changing
As more tech-savvy young adults enter the workforce, they bring new ways of working and employers may find a generation gap. Those with limited digital adoption may find it more difficult to attract younger staff, while those who have embraced digital adoption may find it difficult to employ older, more experienced accountants who are unfamiliar with digital. use of these technologies, again emphasizing the importance of an open mindset towards them. new opportunities. With the broadening of skills that employers are increasingly looking for, this may attract more people to a career in accounting and finance, as employers seek digital and data skills in addition to finance and management skills. .
6. An understanding of digital technologies is essential
A major hurdle for organizations embracing digital technologies is deciding where to start. There are so many different technologies that it can be difficult for companies to know what and where to focus their efforts. Additionally, resistance from finance professionals who have never had to use digital technologies before and do not understand them can further block adoption. But to stay competitive, you have to adopt more and more. The companies that will benefit the most are those that understand what they are trying to accomplish before deciding which technology is best for them. Determining what problem needs to be solved, what skills are needed to solve it, and how digital technologies can help them will facilitate the most appropriate and effective adoption.
To help accounting and finance professionals learn about digital technologies in finance, the impact they have on the business environment and how they can help businesses, First Intuitionin partnership with DAF generationdesigned and developed two new programs:
This program provides a broad overview of the latest trends in accounting and finance technology, and the opportunities they provide for accounting and finance professionals. The course is designed to be a non-technical program and provides a good starting point for accountants to raise awareness of the increasingly important field of digital finance.
This program delves deeper into each feature of Data Analytics, Advanced Analytics, and Data Visualization, including examining their methods, skills, and tools. This is a non-technical program, but includes guidance for further technical learning and learning paths. The course is designed for those who wish to transition from the digital finance awareness curriculum to focus on data analytics. Find more information about The first intuitions
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