With the digital economy as liquid as ever, accounting has had to rethink the way it does business in order to remain relevant. But is technology a threat to accountants?

Early technology adopters have benefited for taking on new software solutions since the beginning of the digital revolution, and this is no different today where consumers embody a what-have-you-done-for-me-lately mentality.

If speed isn’t part of the accounting process for accountants today, then there’s a lot of work to be done to win new business, remain relevant and beat out the competition. And in a profession that has historically been synonymous with paper-pushing and labour-intensive spreadsheets, the automation of key processes through technology is breathing new life into what it means to provide accounting services.

Accountants who look at technology as an opportunity rather than a threat can benefit tremendously from cloud-based software solutions.

From going paperless to speeding up bank reconciliation processes, accountants can hinge their businesses on providing an ultra efficient suite of services.

Technology actually makes accountants better. It’s that simple. And with all of the new tools and anywhere-accessible platforms available for accountants, such as Xero and Re-Leased, strenuous tasks are now done simply.

The stress of performing tasks, such as detailed report generation, are intuitive and easily ran, and are customisable to suit specific requirements.

What can’t be overlooked in technology adoption for accountants is that it provides transparency in their services – clients can now see their data in real time to help them make faster and more informed decisions.

But technology doesn’t do the job of the accountant. Or in other words, it doesn’t replace accountants. Instead, it’s a complementary tool to make their life easier and help them scale their operations, while providing high quality services and helping to improve client retention numbers.