Are innovations in accounting software setting Accountants up for success?
According to our recent report, Beyond the Numbers: An Accountant’s Perspective 2024, an overwhelming majority of Accountants (85%) told us that the use of technology is essential for firm success.
The report surveyed 422 Australian Accountants to try and understand the challenges they face in practice every day. Workload and the role technology plays in this were overwhelming themes that came through in the research.
It makes sense that Accountants need to be tech-savvy, but they can’t be experts in every tool on the market. After all, the tech landscape for Accountants has become increasingly complex, as we will discover.
“Software is not compatible - downtime in transferring information from one system to another. Improvements in software have made compliance possible, but still challenging.”
No matter how much Accountants prioritise tech skills, they can’t be an expert in every tool and software option. Of course, this is fine when a firm uses only one or two apps that are integrated. But the more apps a firm uses, the harder it is for an Accountant to manage them all effectively, and the very thing that is supposed to help becomes a hindrance.
How many technology platforms are average Accountants using?
With heavy workloads, many Accountants may find themselves using various tools and technologies to try to automate their work and deliver more value to clients
According to our report, most accounting professionals say their practice uses more than 3 platforms, with almost a third (31%) using more than 6 platforms.
This research shows that those with more platforms have a lower likelihood of complete integration. With less integration, there’s disconnection in data, a need for manual inputs, and an increased risk of errors on client work — an Accountant’s worst nightmare.
Disconnected technology is creating more of the issues it was designed to solve. Technology is often billed as the key to relieve workload, but our research has shown that the ‘urban sprawl’ of unplanned, non-integrated, and siloed technology systems is negatively impacting Accountant workloads.
What is the true cost of too many tools?
A lot of accounting is about maximising value, so we were a little surprised to learn that almost one fifth of firms are paying for technology and tools that are not being used.
To add more salt to the wound, almost 2 in 3 (65%) say that their firm has multiple apps or tools that are sitting dormant, and 39% are leveraging half or less of the features available in the tools they do use. It doesn’t take an accountant to calculate that the value of tech is in the way it is used; anything else is just a cost.
So, what is the solution?
Technology should enable Accountants to focus on what matters most—their clients. But if that tech is not connected, it further complicates compliance and introduces a situation where Accountants feel they need a degree in software to run their practice. Accountants should never be held back by their systems and technology.
Firms must focus on reducing the time Accountants spend on tasks that could be automated by an integrated system. Yes, that often means investing in appropriate tools, but the payoff is a happier workforce and better workflows.
All-in-one accounting practice solutions could reduce heavy workloads, but only 17% of Accountants are currently using them.
Generally, over the years, a practice - as any business would - might accumulate a number of point solutions that solve discrete issues within their workflow. It might be tax software here, client management software there, and cash flow forecasting software for good measure. But before long, the firm is faced with maintaining multiple systems and tools that might do one thing well, but don’t talk to one another, and ultimately create more work for the team.
So, it might not surprise you to learn that those firms using all-in-one practice solutions have the lowest rates of Accountants reporting heavy workloads. Tech works when it works together.
We know an all-in-one solution is good for accountants, and that’s exactly why we created our new integrated Access Accountants solution.
The future of accounting software
We’re trying to solve this issue of disconnected point solutions for Accountants. If you want to learn more about what the future may hold for accounting software, you can watch our webinar on this topic.
Beyond the Numbers: An Accountant’s Perspective 2024
The contribution made by Accountants is often misunderstood and underappreciated. Accountants provide an invaluable perspective for individuals, small businesses, and corporations.
Our new report, commissioned by Agile Market Intelligence, gets under the skin of the day-to-day challenges faced by Accountants, to really get to the core of the human side of accounting.
Download our new report, Beyond the Numbers: An Accountant’s Perspective 2024 below:
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