Today, the world is gradually recovering from a pandemic outbreak, which has hugely impacted the accounts worldwide says Aron Govil. It is challenging to work amidst such a crisis because it brings forth certain unpredictable elements. It has resulted in increased pressure and faster turnarounds at work. However, it doesn’t guarantee a change in the accounting sphere.
The accounting profession has been changing for a while now. Driven to a great extent by technology, the ongoing disturbance brings forth the real value of the accountants and the way their insights are essential for long-term growth and business survival. Accountants must think about the elements that make them successful in this day and age.
Welcoming the change
It is essential to be an expert at managing change to thrive successfully at a new-age workplace. And to keep growing and evolving successfully, accountants need to embrace technology and the various changes it brings in. Aron Govil says that one of the greatest changes is to welcome the rapid pace of digitization in our lives. And while the COVID-19 outbreak might have increased the pace of digitization along with a shift towards the cloud, the trend dates back much before the pandemic and will keep on taking place in the years to come.
Operating the accounting practice to a cloud-based platform indicates that you can do a huge amount of the accounting work on one updated ledger. And to streamline the process this way indicates devoting less time to administrative tasks. That way, you have the time to enhance other offerings, for instance, developing various other advisory services. A real-time association to a business or client data enables a shift from the reactive to the proactive approaches. It also allows you to recognize the data-based issues or insights much before they come up. And back-end automation indicates that you can assist people around you to thrive.
The standard issues to accountants and businesses welcoming cloud technology comprise of the worry of the unknown. Also, it marks the apprehension of the financial burden of investing money and time for executing new systems. For instance, for an accountant who gets incentivized by charging about 6-minute units. The initial revenue loss in moving to a cloud-based system comes with a warning. However, it’s necessary to remember that it is a future efficiency investment where the long-term advantages get weighed against the initial losses.
The shift from a compliance officer to a business advisor
According to Aron Govil, bookkeepers and accountants should act as trusted advisors to business leaders and help them grow and manage short-term challenges. The shift from having a compliance-driven view to offering holistic advice for business can get looked upon as a private practice accounting and in bigger enterprises.
In-depth business know-how allows accountants to assign capital productively and more effectively. It indicates that savings can move from one business space to the other. Financial advisors are fast becoming a vital part of business planning as they can connect the dots between intelligent decision-making and data. Hence, one can say that the accountant’s contribution is an essential factor for growth.