Will there be a tech takeover in the accounting industry?

We’ve known for a while that the game is changing and technology is becoming a more prominent part of every industry, but will it get to a point of taking over accounting services too?

The tech wave is one that no business can avoid, from software improvements to increased technology in day to day business operations – it’s everywhere. Lately, there has been discussion surrounding the future of the financial services industry practices and how the tech-scape shapes this future.

It seems that many people believe that algorithms and code are behind a great majority of our accounting practices. Sure, this is true in some cases where we are increasingly reliant on the efficiency of a top notch accounting software to perform the seemingly “easy” tasks we accountants would have once done by hand – things like coding statements, and calculating basic P&L sheets, GST and income tax. So if we are talking “bean counting” and number crunching then software is an essential part of any effective business, but when we expand this to look at accounting as a true financial service I’m not so sure.

Sound financial decisions have humans behind them. Software algorithms and rules are brilliant for generating the summaries we need and for freeing up time for accountants and business owners to spend on business improvement, but can it do the true forecasting and planning? No. The reason a human being should be trusted over a software tool is the ability to offer business advice, which a machine can’t possibly understand. It’s about proactively planning the best possible future and growth strategy for a business to meet the goals of the owners.

Humans will always have a place in planning for your business’ future, because your business, your industry, your situation, and your goals are unique!

At Villa, we work with a range of different business types, all in different situations with different goals. Our services aren’t just number crunching, which as we know can (to a certain extent) be done using software. Villa works as part of your team to provide accounting services as well as financial planning and business advice – something our computer systems just aren’t capable of. We combine human expertise with data expertise from software and systems to ensure that technology is a tool that improves our services to our clients.

Keen to chat about how technology and software could improve your business efficiency? Or maybe you’re in an industry where technology and automation are becoming more important and you need to plan a business strategy to accommodate the changes?

Contact Villa Chartered Accountants & Business Advisors today.

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