Technology trends

Three technology trends to watch in accounting and what they mean for business.                         The COVID-19 pandemic has drastically altered the business landscape and working life.  At the start of our many lockdowns, finance teams and accountancy firms were presented with significant challenges, with some staff unable to access office-based servers from home, in-turn leading to problems accessing reports and work.

Process Automation

Automation has been a growing trend in the accountancy and finance sectors, with routine administrative and rules-based tasks being automated more and more.  This sea change is in part being driven by the downward pressure on fees being felt by Accountants, who look to save time and boost efficiency.  An increased focus on automating processes by adopting new technology has continued to gather pace, something many practices are currently embracing. The time that automation can unlock for firms allows them to focus on being more strategic and providing advisory services. This is how we see it at TAMS too.

Data Insights to deliver technology 

Gaining more time allows Accountants to focus on strategy, growth, and profitability with their clients, by providing them with insights, advice and added value to grow the clients' business. It is now history when accounting teams were seen as mere bean counters or number crunchers, processing transactions, or working fervently behind the scene.  Having the right technology can not only save time for your business but provide you with instant access to powerful reports and analysis – also generated automatically – that deliver the accurate insights that is needed to be more proactively strategic.

Collaboration

To enhance the benefits associated with increasing technology more now with hybrid/home working becoming a top agenda item around business efficiency and costs, various platforms will continue to help businesses with better collaboration to deliver services remotely.

The use of mobile-friendly apps accessible on the go is also very crucial to successful business operations in the fast paced world, e.g for sending invoices on the go, payment platform, supply chain etc.

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