Technology has always brought changes in every aspect of people’s lives across the world. The accounting industry is not left behind in this growth, and a lot of great transformation has occurred gradually. With the current and ongoing pandemic, more changes were inevitable both in the auditing and accounting fields.
In previous years, things such as calculators, accounting software, and auditing systems have always helped make work easier. However, with covid-19 striking the world in 2020, almost every professional, including accountants, needed to start working from home but still hit daily targets. This means that companies had to look for and implement new digital tools in their work.
The pandemic situation has brought a few challenges for accountants, mainly because almost every business is going through severe financial distress. These professionals must come up with new ways to access fast capital, retain a good percentage of the cash flow, and manage the same satisfactorily. Most of the companies that have been using cloud-based software are in a better place to achieve this goal than those that didn’t.
However, almost every business is moving with the pace by embracing innovations such as data science to tackle financial issues and make informed decisions. For instance, accounting firms such as Armanino developed a Covid-19 Recovery Tracker to improve the decision-making process. Other firms are using data analytics to adjust to the changes brought by the pandemic and continue growing.
Some companies may not have fully embraced technology before, but with the unfortunate situation, digital tools are no longer an option — they became a necessity. The good thing is that with machine learning and AI, every company has the potential to unlock fantastic and numerous growth opportunities. Other digital tools widely used by businesses across the globe include Zoom, Slack, CRM, and Google Docs.
With the latest technology making it easier for everyone, including accounting firms and professionals, a change of mindset is all that is required to keep going. They must not focus on the things they are limited to do but instead take advantage of the available resources to adapt to change.
Most companies and independent contractors have been using digital tools to prosper their business in the last ten years. However, more digital business models have arisen since the beginning of the pandemic. These businesses require financial advisors and accountants to handle financial matters. Therefore, despite that Covid-19 came with numerous challenges, opportunities were born as well for numerous people. And it is only by embracing the latest technology that these businesses and accounting firms have been able to conduct and manage businesses amidst a pandemic adequately.