Technology has been forcing accountants' hand for a couple of decades, but the fever-pitch it has reached more recently with automation and AI is seeing more accountants evolve from almost strictly transactional and compliance-driven professionals to planners and advisors. I would even argue that the role of technology advisor is ripe for many accounting professionals to embrace.
The accounting profession is not the same as it was a decade ago. The new-age firms don't see accountants merely as preparers of data. Technology's role in everyday firm and business life has effectively opened up new opportunities for accountants to take on strategic roles within their firms, improving efficiency, enhancing decision-making and driving long-term growth.
First and foremost, accountants can be significant contributors to a firm's own technological planning given their deep understanding of the process. Accountants can bridge the gap between ground-level requirements and technological features by working with IT teams to help them understand their challenges, workflows, operational bottlenecks and team functioning.
Conversely, taking on technological decisions without the accounting team's input can lead to integration complexities and suboptimal performance. An accountant's technological insight also helps CTOs adopt the most cost-effective solutions as they know exactly what to look for. In a firm, accountants can directly or indirectly contribute to the implementation, evolution and diversification of the technological landscape in several ways.
To start with, accountants are often the ones who need to work on the applications. Therefore, it makes perfect sense to involve them when choosing and implementing an accounting or ERP solution.
Accountants can help CTOs shortlist tools by checking whether their features meet the requirements. They can also check if the tool integrates with the in-use, third-party applications.
Once a software solution is selected, accountants can help choose the right subscription plan, as they know how many users they need now and in the future. Moreover, they can help analyze if the software solution meets the required compliance standards to prevent data penalties.
Accountants are also well-equipped to help identify the areas where automation tools are most required and help set up workflows and integrations. Take a look at most modern accounting tools in the market that can automate operations based on predefined workflows. For instance, they can automate approvals on different levels by presetting workflows based on jobs, roles and hierarchies.
Furthermore, firms use multiple software tools in tandem with the primary accounting solution to accomplish complementary tasks, such as invoice creation, expense management and payroll. CTOs must ensure proper integration between these tools to facilitate seamless data flow. Accountants can then assist CTOs in these tasks, as they have a detailed understanding of accounting operations.
Then of course, there's AI's role in firm work. As these tools become the norm in accounting, firms have started identifying AI as both a means to automate menial tasks and as an intelligent companion that can provide valuable data insights.
However, firms face various challenges when adopting AI in their accounting practices. They must take into consideration the stringent data regulations when handling critical accounting data with AI. Moreover, firms must consider several ethical implications of transparency and bias before implementing AI-based systems.
CTOs can onboard AI systems and ensure they function optimally. However, when it comes to governance, ethics and compliance, accountants can play a major role in ensuring AI systems are implemented appropriately.
Outside of where AI is going, you still have firms that continue to migrate platforms to managed cloud services. It's a process that can be quite complex and is often put on the shoulders of an IT team.
However, there are multiple stages in the migration process in which accountants can play a vital role. For instance, in the initial planning process, accountants can analyze their current operations and help the CTO choose the right cloud model, be it private, public or hybrid.
Moreover, they can create a
Once the migration is completed, accountants can help in testing data integrity and application performance.
Last, but not least, there are always security issues and requirements. While IT and/or security teams may be responsible for implementing controls, protocols and tools to monitor, identify and mitigate attacks, it's the accounting team that faces the repercussions of these attacks. Accountants understand the importance of financial accuracy, audit trails and regulatory requirements, which makes them well-suited to contribute to technology decisions with security and compliance in mind.
Accountants can help CSOs prioritize threats based on their current operations. Moreover, they can be involved in creating internal security policies and data management protocols. They can also help define roles and responsibilities for access and identity management.
Accountants are well aware of the regulatory requirements applicable to their processes and location. They can help IT teams in maintaining proper audit logs and following compliance guidelines.
Security teams, working in tandem with accountants, can effectively create a robust and niche security architecture.
Accounting and IT departments have long been working in silos, which often leads to numerous operational challenges. Accountants taking on the role of tech advisors can bridge this gap. When the tech team works with accountants, it helps them deploy the right technologies and platforms for the betterment of your practice and your clients' future.
