{"id":166413,"date":"2020-09-22T15:48:02","date_gmt":"2020-09-22T13:48:02","guid":{"rendered":"https:\/\/mypr.co.za\/?p=94255"},"modified":"2020-09-22T15:48:02","modified_gmt":"2020-09-22T13:48:02","slug":"seven-trends-that-accountants-are-embracing","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/seven-trends-that-accountants-are-embracing\/","title":{"rendered":"Seven Trends That Accountants Are Embracing"},"content":{"rendered":"
<\/a>
Bridget du Toit, Head of Services at EasyBiz Technologies<\/figcaption><\/figure>\n

Accountants are reinventing themselves. The Covid-19 pandemic has accelerated this process of renewal, convincing even the most traditional-style accountants that the time to adapt is now and it\u2019s more urgent than ever before.<\/p>\n

Head of Services at EasyBiz Technologies, Bridget du Toit, has identified seven global trends that accountants are talking about. She has compiled these from accountants themselves, as well as from attending a spate of industry-related webinars during the Covid-19 lockdown.<\/p>\n

Move to the cloud, or move over<\/strong><\/p>\n

Du Toit says cloud-based accounting solutions have gained enormous momentum in recent months. \u201cThe concept of using shared resources, including software that runs on a provider\u2019s server, and being able to access that information in the cloud has made accounting more accessible than ever.\u201d<\/p>\n

The Covid-19 pandemic and subsequent lockdown have played a significant role in compelling accountants to embrace the cloud.
The cloud also brings virtual platforms that are useful for accountants such as document scanning applications. For example, Receipt Bank allows receipts to be captured using a smartphone. These are then automatically populated into a business\u2019s accounting system, making the previously onerous task of capturing receipts fast and efficient.<\/p>\n

Du Toit points out that the move away from buying and paying for software up-front to paying a monthly fee for cloud services is often resisted by many old-school accountants.<\/p>\n

\u201cHowever, once they fully grasp the advantages of the cloud \u2013 saving time and money, as well as the ability to operate virtually from anywhere, any time \u2013 they don\u2019t need further convincing. The monthly fee also affords them the flexibility to stop the service at any time, whether it is to go back to their old ways of operating or to switch service providers,\u201d she adds.<\/p>\n

One of the greatest money-saving advantages of cloud-based accounting is that the data disaster recovery plans of the past have become obsolete. \u201cThe cloud backs itself up. Accountants don\u2019t have to worry about paying service providers to back data up for them or maintain their servers. This is especially useful in a country where the threat of load shedding and power surges are a constant worry,\u201d notes du Toit.<\/p>\n

Seize outsourcing opportunities<\/strong><\/p>\n

Outsourcing is a growing trend in the accountant\u2019s world. Instead of employing accountants, businesses are enlisting the services of accountants to take care of certain aspects of their finances \u2013 and sometimes their entire finance function.<\/p>\n

\u201cThis trend is not limited to small and medium enterprises,\u201d says du Toit. \u201cLarge businesses are outsourcing entire accounting departments so that they can focus on their core business.\u201d<\/p>\n

This presents a massive opportunity for accountants to use their resources smartly and efficiently, and to charge the customer a monthly retainer fee. Not only does outsourcing give companies access to experienced and qualified accountants, but it also ensures their services are scalable and consistent.<\/p>\n

\u201cInstead of adding someone to the payroll each time they land a large client or introduce a new product, businesses are passing the additional workload onto their accountants. The accountants, in turn, have to scale their businesses. And, of course, the best way to do so is via automation.\u201d<\/p>\n

Brush up on data analysis skills<\/strong><\/p>\n

Information is key today. Google, Facebook and Instagram have prompted the desire for immediate gratification. Instead of simply presenting financials, accountants are now expected to conduct data analysis that allows the customer to make better financial decisions.<\/p>\n

\u201cAccountants generate a lot of information, which becomes a crucial component of any business\u2019s decision-making processes. Analysis of information allows businesses to determine whether they have too many or too few employees or whether they are spending too much money on one thing and not another. It helps them to refine processes and become more efficient and productive.\u201d<\/p>\n

Embrace social media<\/strong><\/p>\n

In the past, accountants relied largely on recommendations and word of mouth to advertise their services. Today, they are realising the benefits of integrating social media into their business models.<\/p>\n

\u201cWhen companies look for accounting services, the first place they look is online. They look for reviews, likes and recommendations on social media \u2013 either from their peers or their customers. This is where the interaction is happening. Accountants who save money by moving to the cloud should consider spending those savings on implementing a comprehensive social media plan,\u201d says du Toit.<\/p>\n

Keep abreast of accounting standards<\/strong><\/p>\n

Accounting standards are constantly being developed, revised or refined. Before the advent of social media, digital advertising and shared economies, these changes had a significant impact on accounting professionals, who had to wade through big dossiers or attend lectures to keep up.<\/p>\n

Now, these updates are posted online, giving accountants immediate access to information, peer reviews and related industry insights. Consider the Covid-19 Temporary Employer \/ Employee Relief Scheme (TERS) Directives \u2013 the government announced the benefit, which accountants had to then access online and get their heads around while working from home.<\/p>\n

Be proactive, not reactive<\/strong><\/p>\n

\u201cToday there is a growing trend towards proactive accounting. With more accountants expected to play a role in businesses\u2019 decision-making processes, they have to understand the potential implications of any significant business initiatives their customers might want to undertake.<\/p>\n

\u201cIn the wake of the Covid-19 pandemic, for example, should the business keep its building or retrench people. What are the possible implications? Increasingly, accountants are expected to give their input, meaning they need to have full insight into the financial data.\u201d<\/p>\n

The new \u2018mobile\u2019 accountant<\/strong><\/p>\n

The days of expecting accountants to be at a business\u2019s physical beck and call are long gone. Everything is conducted electronically and all traditional paper-based invoices and receipts are a thing of the past.<\/p>\n

Enter \u2018mobile\u2019 accountants. They have access to software that helps them work remotely. They are able to service more customers or fewer customers \u2013 but more in-depth \u2013 depending on how they want to structure their businesses.<\/p>\n

\u201cSome of the accountants we deal with choose to service a niche market. They either take on more customers in their specific niche or they give more attention to fewer customers in their niche, becoming more entrenched in the day to day running of their businesses. And it\u2019s all done remotely using team sharing and remote collaboration tools,\u201d concludes du Toit.<\/p>\n

Her advice to accountants is not to be scared to reinvent themselves. \u201cI\u2019ll give an example. An accountant who has been with us for a very long time was highly resistant to moving online. He found it scary and overwhelming. When lockdown happened, he finally decided to dip his toes in the \u2018online\u2019 water.<\/p>\n

\u201cWe took him on a journey, helped him get an online accounting qualification and his social media profile up and running. He has voiced his delight at how much easier things are, how the shackles have come off. When I asked him if he would ever go back to his old ways, his response was that he should never have been so fearful in the first place and made the move to online sooner. To me, this proves that if accountants can transcend their fear of the unknown, they will not experience a minute of regret,\u201d she concludes.<\/p>\n

Ends<\/p>\n

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Pages: Page <\/span>1<\/span> Page <\/span>2<\/a><\/div>\n

Source: MyPR.co.za<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bridget du Toit, Head of Services at EasyBiz Technologies Accountants are reinventing themselves. The Covid-19 pandemic has accelerated this process of renewal, convincing even the most traditional-style accountants that the time to adapt is now and it\u2019s more urgent than ever before. Head of Services at EasyBiz Technologies, Bridget du Toit, has identified seven global […]<\/p>\n","protected":false},"author":1,"featured_media":166414,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9021],"tags":[3257],"class_list":{"0":"post-166413","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mypr","8":"tag-mypr","9":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2020\/09\/seven-trends-that-accountants-are-embracing.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/166413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=166413"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/166413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/166414"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=166413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=166413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=166413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}