Have you heard from your accountant lately? Chances are that you’ll find them busy, buried under mountains of receipts as they work to post them manually into an old-school desktop software. Communication is scarce, until a surprise invoice shows up for ‘extra hours spent’—something you had no idea was coming. At periodic times, you receive a set of financial statements that don’t mean anything on their own. You feel lost and overwhelmed, and probably wonder what this all means. Is my business even profitable? Why is there never enough cash in the bank? What’s going on, and where is my business heading?
I fell in love with debits and credits in my first accounting class in college. It might seem a weird thing to admit, but sitting there—learning about the origins of double entry accounting for the first time—I knew that I was in it for the long haul. That Accounting Information Systems class was one of my favourites, and I remember using Foxpro to write a program that calculated the costs for custom hot tubs based on material and size for a fictional hot tub sales company. It all felt quite technologically advanced at the time. Spreadsheets were done with Lotus 123, and floppy discs were in high use.
Fast forward to 2020; the days of manually posting debits and credits are over. The concept remains the same, but software has taken over that part of accounting. I’m sure many accountants are concerned that their days are numbered—that machines are going to take over and render them obsolete. Personally, I think this is where it gets exciting. AI technology, as well as cloud and mobile accounting, have caused major disruptions in the industry. This is undeniable. However, by automating large portions of the number crunching, accountants can now finally take on bigger and more important roles. Not only do we know numbers, but we can use our experience and expertise to offer clear business intelligence, and financial insight which allows our clients’ businesses to reach their highest potential. Some accountants may struggle to adapt to this new environment, but the ones with vision will be part of a future that will take accounting—and its clients—to a whole new level.
If you are ready to work with an accountant who is not on the endangered species list, contact us to book a free consultation.