Botkeeper
We are experiencing tremendous shifts in roles like bookkeepers, clerks, and non-technical staff. Tools like OCR (Optical Character Recognition) and general ledger coding systems have automated what used to be manual tasks, such as journal entries, data entries, and basically anything that needs a black-or-white process. And while automation only deals with absolutes for now (unlike a Sith), you need to adapt to a tech-savvy world if you want your accounting firm to keep thriving.
Tech Savviness Is a Must-Have Skill for Accountants
Just as our founding fathers adopted Excel back in the day, modern accountants must incorporate new technologies like cloud computing, data analytics, and automation into their everyday tasks to stay competitive in the current market.
And before you ask, accountants won’t be replaced by AI, but there will be changes nonetheless, and we need to be prepared for when they happen. In fact, more than replacing us, these new technologies can help accounting firms focus on analytical processes. So, retaining and developing skills in complex accounting areas such as managing fixed assets, leases, revenue contracts, debt, equity, and inventory costing are valuable and irreplaceable skills an accountant has, as they cannot be easily automated but can be improved thanks to a technological boost.
But Is It That Easy? In This Economy?
Even small accounting firms can now have more complex issues, like dealing with taxes in multiple states or countries. And their tech tools aren’t keeping up either, as some companies still use outdated software to manage their processes or lack the funds to upgrade. This means extra work moving data around and checking it manually.
One of the main problems is that many accounting leaders prefer sticking to the old ways and don’t spend money upgrading their tech, either out of caution or a lack of awareness. To avoid being behind in competency, we need to eliminate this mentality, using the good ol’ power of knowledge and accounting software that actually works.
Let’s Create a Tech-Savvy Mindset in Accounting Firms
Building a culture of continuous learning, where staying up-to-date with technology is encouraged, should be a part of your firm’s DNA. That means putting effort into crafting training programs tailored to the different skills needed, ensuring everyone can get on board with new accounting technologies smoothly and confidently.
And make sure those new technologies are easy for everyone to access, with strong support systems to help overcome any hurdles. From the entry-level to the senior, a comprehensive approach breaks down barriers, empowers your team, and paves the way for advanced, efficient operations and a much-needed tech-savvy team.
Master These Software Packages and Stay Ahead of the Tech Curve
First things first, you’ll want to polish your skills with these three software packages if you want to be a tech-savvy accountant yourself or make your team the tech expert kids on the block:
QuickBooks Online (QBO)
We know you’ve heard about this one, but it’s worth knowing that QuickBooks Online can handle a lot of data, from keeping an eye on stock levels to figuring out taxes. QuickBooks Online is a strong option if your business grows fast, sells many products, or deals with complex tax scenarios, and with so many people using it, it's easy to find help or advice on how to get the most out of it.
Xero
One of the most adaptive tools in the market is Xero, and it’s becoming one of the essential must-haves for accountants who want to stay ahead in the tech game. It’s like a Swiss Army knife for financial management and tech fans — everything you need is in one online spot, and it even comes with a cheese sample, or so we were told. Accountants can see the complete financial story of a business, make smarter decisions using real-time numbers, and connect clients to bank accounts for real-time transaction flows in Xero’s well-integrated and optimized platform.
Master Yourself, Master Excel
Did you know there’s a Microsoft Excel World Championship? That’s what we call people taking spreadsheets seriously (we didn’t miss the 2023 championship).
Okay, real talk: To become a pro at Excel, you can go beyond the basics with special courses and certificates. But remember, nothing beats the actual experience of fighting in the trenches (tax season), as you can improve your skills and gain practical experience working with real clients.
Plus, you can boost your Excel skills with AI tools like Microsoft Copilot. It can help you write Python scripts, learn database languages like SQL, and much more, and if you don’t have it, you can still use Bing Chat or ChatGPT to help you whip up macros for your spreadsheets and optimize your workflow.
Better Technology, Better Client Relationships
If you know these tools like the palm of your hand, you can make everything smoother for clients, give smart, real-time advice, build trust, help deliver reports faster, and work smarter while handling your clients’ questions quickly and accurately.
And with an accounting CRM (Customer Relationship Management), you have an online platform where clients can securely view their documents and access their data anytime. This tool also keeps track of all past conversations and financial data and helps you better understand and communicate with your clients and their needs.
Taking the First Step Toward Tech Mastery
To become more tech-savvy, accountants must learn to use automated tools, and AI tools like Microsoft Copilot would help them make confident decisions based on hard data. If you’re looking for seamless bookkeeping while optimizing your workflow using the latest tool in the market, you can always count on us.
Botkeeper Infinite is an excellent modern solution for automating bookkeeping tasks. We offer features like auto-categorizing transactions and secure, efficient data management that pave the way for advanced accounting practices. And for the very nice price — if we say so ourselves — of $69.00 per client per month, your accounting firm is ready to go infinite. Reach out now.