Technologies can help Accounting Industry to Secure a Position in the Digital World

The introduction of sophisticated technology has brought monumental changes, especially during the COVD-19 scenario, to most industries, including accounting. Many of the manual, routine-based accounting tasks of the past are now undertaken by disruptive technologies.

Accounting is least likely to embrace technology considering its reliance on legacy practices. But with the new challenges brought by the pandemic, this sector woke up. As the business world has moved into a new era, accounts now need to upgrade to their arsenal to adapt and keep pace with these changes. Let's look at how the accounting sector is responding to the tech revolution.

Cloud Adoption for a Seamless WFH Operation

Work from home (WFH) became the norm of all sectors around the globe earlier this year due to the coronavirus outbreak. Most industries have mapped out the testing period with more success than even they would have speculated.

Although the WFH model cannot replace physical office life, a negotiated solution is taking shape. Many companies embrace a hybrid return to work policy, a split between a traditional office, and work from home.

A survey by Colliers International found that 53% of organizations will have employees in the office once or twice a week and 33% will bring workers to their headquarters 3-4 days a week. With employees starting to work between two or more locations, sufficient document storage and file access from anywhere is essential to maintain smooth workflow integration across distributed with the hybrid approach means leveraging the cloud is still the top priority for accountants.

Significance of Cyber Security

Digital transformation in accounting is in full swing and can no longer be regarded as a matter of choice. FBI has reported that a lurch of 300% rise in cyberattacks since the coronavirus outbreak. Cybersecurity should be an integral part of tech adoption strategies for accountants.

Finance teams must work closely with the IT department to develop a company-wide cybersecurity strategy with real-time vulnerability management. They must spread awareness among their staff about the importance of cybersecurity, performing an information security gap analysis, and conduct penetration testing to ensure defenses are robust and the sensitive data is securely protected.

Enhancing Account Professionals' Skill-set

As the accounting industry continues pacing up tech adoption, professionals will need to be highly versed in how these emerging technologies function. Tycoons of this industry believe that new tech skills are replacing the old ways, which will soon be one of the most significant restraints for new hires.

The modern account professionals need to have a firm grip on the implementation of tech stacks and cloud technologies. Leaders must make sure new and existing accountants in their teams are well-equipped to handle the transition ahead. Skill train on software and cybersecurity practices should perform part of digital transformation strategies to succeed.

As technology is advancing in the blink of an eye, accounting organizations are on a competitive edge. Embracing technologies and providing improved and more efficient services will ensure a company's standing in 2021 and beyond. COVID-19 was an obstacle thrown in the path of almost every industry without an alarm. New similar hurdles might approach any time.

This sector has to adapt to the cloud and new working ways quickly to transcend all the challenges. A company should keep a close eye on new technologies to incorporate them into working processes and more efficient. It must be prepared to follow agile ways of working to keep ahead of the curve.