MODERN ACCOUNTING CHALLENGES AND SOLUTIONS

What are the biggest challenges that accountants face today? Well the challenges are myriad and a decent accounting company has to be prepared for them. So let’s speak about some of those challenges.

 Automation and Artificial Intelligence

Nowadays there are still many challenges that modern accounting faces and one of the most prominent challenges remains Automation and Artificial Intelligence since it is taking over the world and taking over the traditional accounting techniques.

AI and Automation will increase our global GDP by up to 14 percent between now and 2030 and might become a huge threat for the traditional ways of dealing with accounting since the automation and artificial intelligence grows bigger day by day.

We do not claim that robots will come and get your jobs, however, AI is becoming more and more capable of handling complex accounting duties such as collecting transactions and compiling them into financial statements and tax returns.

On the one hand, if automation takes your tedious and hefty duties, it is quite good news but on the other hand you do not want to feel useless as an accountant.

The solution of AI and automation taking over accountants role is to consider automation taking over repeatable tasks as an opportunity for growth rather than a challenge.

Humans will still need to double-check the work done by automation, and the best accounting professionals will make themselves invaluable by evolving into more of an advisory role, helping their businesses properly implement new accounting automation technology as it becomes more capable and more complex.

Accountants don’t have to worry about their job being replaced by AI any time in the near future. Accounting firms and companies will always be in need of human accountants who will analyze and interpret AI data equally to provide their clients with consulting services. Nevertheless as a prominent challenge AI and automation needs to certainly be taken into account while talking about the modern account challenges and threats. And to sum up its solution is to always have that human value brought up to the table of discussion as well as the fact that the human brain and personality needs to be replenished with constant new ideas and techniques for the automated robots to never take the place of real accountants. 

Skill Diversification of Accountants

The second main challenge faced by accountants is the undiversified package of skills of the accountants which might be less effective in work.

The solution for this challenge is to become as familiar as possible with the advanced features offered by your accounting software so you’re better equipped to interpret and translate the increasingly deep data it provides into actionable advice.

Accountants can get started on providing more strategic advice to their clients by simply conducting a survey of where their customers are struggling and what their business goals are, and then digging into the numbers to find insights on how they can get there.

Cybersecurity

Cyber Security is of high value for the accounting firms since the passwords and confidential information and data related to accounting is the main target for hackers to get into duw to its high importance and sensitivity.

• The solution for this is to always update your operating system as well as accounting software as soon as an update is available 
• Next step for solving this challenge is to remove all unnecessary and redundant information out of your PC or Laptop and move everything to cloud storage. 
• Last but not least, restrict user access to specific data and systems to only those who are authorized.

Remote Work Schedule

Like in many other industries, accountants also want a flexible work schedule and most of them specifically after the COVID-19 pandemic prefer  remote working since they were able to work from home at their ease, flexibility and time management.

The solution to the remote working challenge can be solved quite easily if there is effective communication between the co-workers as well as quite a motivated and impactful workspace environment to motivate people to work onsite from the office and maybe another solution can also be the fact that there can be coffee or lunch breaks every 2 hours instead of just one hour at least for the beginning of the work schedule from the office to motivate people more and make them feel comfortable and in their zone.

If you have any questions about this, you can get in touch with our accounting team at 323-538-5358 or write to us via info@wordpress-840213-2895535.cloudwaysapps.com.