There’s no doubt that technology has been shaping a lot of industries nowadays – and accounting is no different. In fact, due to its complex and ever-changing nature, accountants and bookkeepers have to learn and adapt constantly. We’re fully aware of that, which is why we created our own hub for all accounting and bookkeeping specialists to make keeping up with the industry much easier for everyone involved.
Here’s more about reasons behind creating Amaka advisor’s community and why you should join it yourself.
How is technology changing accounting?
Many accountants and bookkeepers are already used to the omnipresence of cloud-based applications. And rightly so. With an increasingly larger portion of accounting and bookkeeping processes being hosted in the cloud, plenty of activities (including many time-sensitive ones), such as order processing, billing and invoicing, or tax management – can now easily be streamlined to save time, effort, and money.
At the same time, available tech solutions also allow for greater agility, accuracy and mobility. As a result, accounting records can be available anytime and anywhere, and be managed by accountants working from any part of the world. This also means, however, that there’s a need for increased security and levels of regulation that’s also affecting the work of accountants.
In fact, the number of accounting, ethical and auditing standards that have to be aligned around the world has grown over the years, becoming increasingly more complex. And it all gets even more challenging in hospitality and retail.
It’s hard to argue that the hospitality sector is highly competitive, forcing the owners to constantly monitor accounts, customer satisfaction, and staff. It’s a unique industry with its own set of pressures – and the perishability of raw materials, unpredictable sales volume, or demanding clientele are just a few examples. Unless these challenges are properly managed, no hospitality business can thrive.
When it comes to retail, though, accounting also doesn’t get any easier. In fact, retail accounting is quite unique in terms of taxes and laws that govern it. There’s usually a high volume of orders that has to be taken into account, not to mention sales tax calculations, inventory costs, and payroll management.
To keep up with the fast pace of both hospitality and retail, business owners are bound to invest in proper tech solutions that can help them manage their accounts properly. As a matter of fact, retailers with more basic IT systems and lack of integrations might soon lose their competitive advantage.
It’s not only the business owners who have to face these challenges. In such circumstances, accountants and bookkeepers have to possess excellent analytical skills and understanding of the new technological landscape.
What does the technological shift mean for accountants and bookkeepers?
Before cloud services and accounting tools were available, accountants were typically involved in many aspects of their client’s businesses. With higher levels of automation and more advanced software, however, there is an increased demand for business planning services and consulting.
That’s precisely why accountants become more and more involved in important decision-making and management responsibilities across organisations. In fact, accountants and bookkeepers are seen as a vital part of many businesses, with research showing that 30% of small businesses place accountants at the top of their list of trusted advisors.
The changing role of accountants, however, means that accounting and bookkeeping specialists have to constantly learn, adapt and be open to new technologies – especially accounting software solutions and cloud-based tools.
Are you ready for the technological shift yourself?
Without the ability to face all these challenges, no business will remain competitive in the long run – in the retail and hospitality sectors in particular. Accounting integrations are the first step in the technology leap, as they help to streamline the accounting processes and give the accounting professionals more time for time-sensitive activities, more predictability, and a larger competitive advantage with a truly data-driven approach.
Since we specialise in such integrations, we know their impact on accounting better than anyone else. That’s one of the reasons why we’ve decided to create our own community for accountants and bookkeepers – to share our knowledge, support the ongoing change in the accounting industry, and present professionals who are ready for the change.
Amaka advisor’s hub is a unique spot for all the professional accountants and bookkeepers who serve the hospitality and retail industry. In order to join, you need to be a certified accountant, have at least one active integration with Amaka + certification with Xero, MYOB or QuickBooks. It’s that simple.
In return, you will get listed on our page, be able to use Amaka badge on your website, take advantage of special discounts for the integrations and a dedicated support line, as well as showcase your practice throughout Amaka’s social media channels. All to lift your profile and show your experience while being at the forefront of the bookkeeping revolution.
The technological shift in the accunting industry is unavoidable. And it doesn’t have to be a bad thing – quite the contrary. The future of accounting is exciting, and the required skills are shifting. This means, though, that modern accountants have to possess an entirely new skillset (comprising of analytical, leadership and consulting skills), and embrace the rapid changes in technology to remain relevant.
Join our community today to make sure you stay updated, comply with modern standards, and meet the high demands of your clients for years to come.