Fuelling the Modern Accounting Practice

Fuelling the Modern Accounting Practice with Automation:
Part 1: The New Normal for Accounting Practices

The Beanieverse

If you’re an accountant and still wondering whether automation is just some fancy fad that’ll fizzle out, let me stop you right there. Spoiler alert: it won’t. In fact, it’s becoming the new normal, and for good reason.

Once upon a time, maybe still for some, accountants were known for grinding away at repetitive, manual tasks: data entry, reconciling transactions, chasing down invoices, the works. It wasn’t glamorous, and it wasn’t fun. But in 2024, we’ve got tools that can make those soul-draining tasks disappear faster than this year’s budget deficit.

Welcome to the world of accounting automation, where smart systems handle the mundane so you can focus on the stuff that really matters: high-value advisory work, working on your business and not in it, and dare I say it – enjoying your work.

Why Automation is No Longer Optional

Let’s talk about why automation is a necessity and not just a shiny extra. Your clients are more demanding than ever. They expect real-time insights, lightning-fast communication, a level of service that would have been impossible in the paper-pushing days of yore, oh and don’t forget they want it all for the lowest possible cost!

The modern accountant is no longer just a number cruncher, they’re a trusted business advisor, a consultant, a data wizard, a tax planner and sometimes a shoulder to cry on. And you can’t play all those roles effectively when you’re bogged down in manual tasks.

Automation allows you to:

Save time: Automated workflows eliminate repetitive, manual tasks.

Increase accuracy: Say goodbye to fat-fingered mistakes (and rework).

Scale your business: You can handle more clients and offer better services without burning out your team.

Common Automation Tools You Should Be Using

Let’s break it down with a quick overview of the automation tools you should already have on your radar:

Bots: (aka process automation) Perfect for automating workflows within apps and between apps (think: matching and reconciling, creating or updating invoices, syncing data across apps). Examples include Bots For That, Zapier, Power Automate.

AI Chatbots: Not the typical, clunky, script-based offerings of yesteryear, I’m talking about proper AI-driven chat tools capable of providing truly personalised interactions for your clients. A great example is Humley. (read our other article to find out more)

Generative AI: Perhaps a little over-hyped in recent times, but an incredibly powerful tool to aid the modern practice with an array of tasks from drafting communications, generating reports and analysis, and conducting research. The obvious example is ChatGPT.

And here’s the best part: these tools don’t require a degree in computer science to use. They’re designed to make your life easier, not more complicated.

But What About My Clients?

Here’s a question we hear all the time: “Will my clients be okay with automation?”

The answer I commonly find is a resounding yes. They’re all using automation and AI themselves in nearly every area of their lives. If their accountant can provide them a better, faster, more accurate and convenient service with more value, why wouldn’t a client love it when their accountant uses using these cutting-edge tools. Automation allows you to provide real-time insights, faster responses, and personalised service that’ll make you stand out from the crowd – or at least not stand out for being “behind the times” and poor value for money. Imagine telling a client, “I’ll get that report to you within the hour,” and actually delivering on that promise, because you’ve automated most of the time-consuming work.

The Bottom Line: It’s Time to Automate

If you’re still resisting automation, ask yourself this: how much time does your firm spend every week on manual, repetitive tasks that could be automated? Now think about what you could do with that extra time. More client meetings? Expand your practice? Take a much-needed break? Make work more enjoyable? (yes, I see you nodding)

Automation is no longer a luxury, it’s a necessity. The firms that embrace it are the ones that will thrive in the years to come. So, are you ready to make the leap?

If you’re not quite convinced, then maybe you haven’t yet established “your why” for using automation in your firm. This is actually quite a common stumbling block, but it’s so vitally important. As the saying goes, “If you have your why, the how is easy”, and this is true with automation.

Luckily for you, the articles in this series will help you find answers to this question and more. We’ll cover which firms can and are using automation and why, and the tools that they’re using. We’ll cover the benefits and considerations for using accounting automation, looking at things from multiple perspectives, from people and clients to process and technology.

So, stay tuned for our next article in this series, where we’ll dive deep into the world of AI in accounting and what’s actually working.