At the recent UptimeLive event in London, IT experts, managed service providers (MSPs) and other industry leaders shared their insights on the latest technology trends and how they are affecting SMEs. Jason Kemsley, Chief Revenue Officer and Co-Founder at Uptime, offers actionable insights and cutting-edge strategies to help MSPs fully realise their potential and drive growth.
The event was hosted by Uptime, a company that provides outsourced helpdesk and technical services to organisations worldwide. With many accountancy and bookkeeping customers, there has never been a more prominent time to review where we are heading.
Embracing AI and digital automation
The acceleration of technology in the accounting industry is undeniable. Artificial intelligence and automation are not just buzzwords; they are true game changers that can redefine how firms operate. Let’s have a look at the core three reasons for this:
- Driving Efficiency: In all industries, there is a desire to spend more time doing the strategic and higher value elements of our work. Accountancy is no different. The day-to-day items that are repeated time and again become a distraction away from the more value orientated work. Technology can help automate such repetitive tasks and free up time for accountants to focus on more complex matters.
- Enhancing Profitability: Diving into automation and digital adoption is expensive to look at and scary to start. But the truth is, the journey fundamentally changes your customer’s experience, your staff’s experience and ultimately the accuracy and quality of your output. Once these things fall into place, you unlock one fundamental change: doing more with less. Managed Service Providers have the expertise and the experience to help with technology adoption, from uncovering those areas in your business where technology can really make a difference through to choosing and implementing the right solutions.
- AI-Powered Insights: One of the most exciting applications of AI in accounting is its ability to analyse vast amounts of data quickly. This capability allows for the identification of patterns and trends that might otherwise go unnoticed. Improved forecasting accuracy, enhanced risk assessment and timely compliance with regulatory changes are just a few benefits that can position firms as leaders in their field.
To help bring this to life a little, I can explain how we work with one of our accountancy clients. JTP Accountancy has been in operation now for two years and thanks to their digital alignment, as a team of six, they are now delivering the same output as a team of 15. Due to their lean and effective operation, JTP Accountancy are able to be competitive with almost all competing organisations whilst being more accurate and more profitable. They are amongst a new breed of accounting firms which are taking market share 1% at a time and growing.
How to get started on the journey?
One of the key questions I am asked time and time again is, how do we get started? The answer is the same in all industries we work with and requires some attention from the C-Suite to make it happen:
- In your organisation, create a list of items that are repeated every hour, every day, every week, every month and every year.
- Populate this list with the assistance of all levels of the team, especially those in the more junior roles.
- Starting with the more frequent actions, create a roadmap on how you can automate those items. If at this point you are unsure, that is when a technology provider comes in.
The absolute key to success here is to start with the most frequent items in the “every hour” column. Automating these items is going to deliver the most ROI for your business which in turn will unlock the time and expertise needed as you move up the timescale. At each turn, it’s important to consider the following:
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By GlobalData- Involve all team members so they can buy-in.
- Ensure the automation improves accuracy and the customer experience (if it doesn’t, revisit the solution).
- Ensure you have analysed ROI and success measurables.
The truth is, no one likes change. You might have people that are not on board, and you will have individuals that champion the improvements. But, across all the sectors we work in, we are seeing those that embrace the improvements pull away from the rest of the industry. There will ultimately be two types of accounting businesses at the end of the next five years. Those that have embraced digital adoption and have become more effective and efficient businesses, and those that didn’t and can no longer be price competitive due to their inefficiencies.
Looking ahead: The future
In conclusion, the future of accounting is bright for those willing to embrace change. By harnessing the power of AI and digital automation while carefully selecting technologies that align with existing practices, firms can drive efficiency and profitability. The path forward requires a strategic approach to technology integration, focusing on user experience and scalability. As the accounting profession continues to evolve, those who adapt will not only survive but thrive in an era defined by innovation and transformation.
