Change is constant and the accounting profession is not immune to change, which is why the responsibilities of the accountant are changing. This begets questions such as, what are the changing responsibilities? What is influencing the change? How can businesses from the changing responsibilities of the accountant?
The accounting profession is one that has existed for decades and will remain so. Though some of its responsibilities are management accounting, budgeting, auditing, and so on.
FACTORS CHANGING RESPONSIBILITIES OF THE ACCOUNTANT
Technology
In the olden days, accounting tasks were done manually which took time are were prone to errors, but with software, large data can be uploaded, processed, and with fewer errors within a short period. Hence, this has made accountants to be acquainted with software and to be IT inclined. Though the concepts remain the same, software added value and efficiencies.
Also, some necessary responsibilities of accountants in the 21st century are being able to read, analyze and understand data, while also working with the information from the processed data.
Value-Adding Roles
With most parts of the accounting tasks like data entry and collection being automated, more time is freed up for the accountant to be involved in more central tasks that drive the business such as developing business strategies, and plans.
In recent times, accountants are expected to have skills such as commercial awareness, business development, HR, leadership, hence changing the responsibilities of the accountant.
Cloud Accounting
Performing accounting tasks with accounting software that is cloud-enabled and has made data available at any time and anywhere. Business owners can review their performances from any device from reports generated by the accountant. Reports can also be generated for customers to help them monitor their performances and make decisions.
Client Management
Another aspect of changing responsibilities of the accountant is the relationship between them and the clients. With real-time data about their client, they can provide frequent insights into the business of the client.
Also, with clients’ expectations ever-changing, e.g. accountants are also expected to adapt to the new demands.
READ ALSO: 5 Reasons You Need an Accountant
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