Emerging technology allows CPA firms to redesign their workflow and improve business opportunities like never before. Particularly, technology for accountants enables a novel analysis of structured and unstructured data in ways not possible before.
For example, information from non-traditional sources (such as social media, TV, and the internet) can be evaluated and processed with pertinent financial data. This information when supplemented by analytics will help get a clearer picture of the company’s risks, its financial reporting controls, and its operating environment.
Where does it help?
Companies are becoming increasingly transparent in disclosing their strategies, execution, and scope. This involves not only giving out corporate statistics but also revealing other KPIs such as employee retention, or social and environmental impact, for example.
Technology for accountants is pivotal to moving to and maintaining a transparent approach. This further involves asking the right questions such as the datasets required. This helps in securing the quality of data input, the detection of aberrations, and the alleviation of risks. With a creative approach, technology for accountants will help to conceive where differences can be created and how.
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Data Quality
Reporting teams require a high standard of data input, with a deep understanding of how precise the information is and where it is coming from. This requires an insight that is more far-reaching than traditional audits.
For instance, there are online and interactive platforms that offer visibility to clients over their individual audits, with real-time communication from the team. Such collaborative approaches heighten a CPA firm’s ability to share more relevant insights leveraging accurate information – leading to greater confidence.
Detecting Anomalies
CPA firms look for aberrations that could impact a business strategy or insights that could challenge the integrity of the reported information. Traditionally this was done by combing through piles of data from various sources in manual journals.
Technology simplifies this by removing the need to look for the ‘where’ and allowing CPA firms to focus on how and why. This further helps ingest entire data sets across large organizations, understanding where protocols are being followed and which processes are redundant. This provides a unique insight into the company culture and the hurdles faced in embracing modern methods and technologies.
Alleviating Risk
Identifying and mitigating risk is expected by shareholders. Traditionally each risk was evaluated as a separate entity. Technology for accountants brings together the different variables involved and the interconnected nature of different risks. This helps organizations manage and track risk more efficiently and effectively.
Strategizing
Technology can never replace human potential. It can at best supplement it. CPA firms deploying Accounting technology will have time to bring more extensive expertise into the challenging and qualitative factors that arise.
Robotic Process Automation (RPA)
RPA has gained a reputation for being similar to Artificial Intelligence. However, the intelligence in play here is more on a macro level on Excel-like sheets rather than robots. In today’s digital ecosystem with multiple integrated tools and metrics, this can be simply programmed by end-users to deliver high-volume, rote, rules-based tasks.
Moving to cloud-based accounting systems and the seamless uniformity of processes has made data mobile, easily accessible, easier to handle and analyze, and less prone to manipulation and mistakes. The use of Robotic Process Automation (RPA) in accounting can eliminate the requirement for manual mediation to cover the final stretch.
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Robotic Process Automation (RPA) is routinely used when the end result of one financial process serves as the input into another, or where multiple sources of information need to be consulted for a single task. For example, processing timesheet information by temporary personnel. The pertinent data is collected by Optical Character Recognition (OCR) from the paper records and fed into the payroll system. Using Robotic Process Automation significantly reduces errors and allows looking for anomalies in a much more comprehensive manner.
Robotic Process Automation (RPA) is capable of functioning without downtime, is faster, more accurate, and scalable. However, prior to choosing RPA, it is imperative to have well-maintained systems.
Further, deploying technologies such as RPA will bring about organizational restructuring. Role-based structures are often the norm today, but RPA is task-based. Working with a virtual workforce can have an impact on personnel efficiency and productivity.
How can Sentient Solutions for Accounting help?
Sentient Solutions for Accountings is a one-stop solution when it comes to Finance and accounting back-office services. Our team consists of a range of qualified and proficient Chartered Accountants (CAs) and MBAs, experienced with all major accounting systems such as Quickbooks, Netsuite, Sage, SAP, and Xero, among others. Throughout the process, we ensure compliance, cybersecurity for accounting firms, and quality with a dedicated team working with you.
Our key differentiators:
1. Flexible service packaging offering greater than 40% savings
2. Overnight, timely processing of transactions
3. On-demand talent
4. Consistent quality
We partner with CPA firms to help them enhance their productivity, efficiency, and profitability. With world-class processes, a highly qualified and experienced team, and the latest in Artificial Intelligence in accounting (AI), Machine Learning (ML), and Process Automation, we are here for you every step of the way.
Please feel free to reach out to us in case of any questions.