As cloud-based accounting is now being adopted at a fast pace, it follows that other cloud-based applications are growing in popularity. Automated services began with payroll, human resource management, and automated transactional data entry. But the types of tasks we can automate keep expanding to more powerful services. These changes are creating more self-sufficiency with the business owners and, by default, less work for their accountants, ultimately driving down accountants’ revenue. The traditional role of an accounting professional was mainly tax, audit, and compliance; and while the most complex of these is audit, and even this role is being threatened by Artificial Intelligence innovation.
So, what does that mean for accountants now?
To evolve with the new landscape of accountancy, accountants need to go beyond automated services and show their worth in value-based CFO level services. This shift in technology actually allows CFO level services to take place because accountants have more time, after automating their usual roles, to analyze and advise. The biggest challenge for business owners is how to fiscally manage the future of their company. At the end of the day, all business owners want financial stability, increased revenue and growth in profitability, and to mitigate risk. Ultimately, they want the value of their company to increase. These are all points that accountants can address, recommending changes for future growth.
Artificial intelligence and the use of cloud-based applications will never be able to fully replace the brainpower of a professional advisor, and, in that, accountants can rest easy. Going beyond traditional accounting duties involves initially setting up dashboards and automated reporting to free up your time. Accounting professionals can then answer questions like: “How can I reconcile?”, “What tax strategies can I use?”, and “How can I create business strategies?” When starting these services, it may seem daunting, but breaking it down into small steps and advising on each step will make the change to providing CFO level services easy.
Six steps to start providing advisory include:
- Educate them
- Review their financials
- Determine next steps for their company
- Advise on next year’s budget
- Create a business plan
- Reinvest capital
ProfitSee helps you capture data and automate budgeting, reporting, cashflow forecasting, and much more. When could-based solutions and AI intelligence creates efficiency in the traditional roles of accountants, it frees your time so that you can prepare for the next steps in accounting professionals’ careers: CFO level services.