3 reasons why accountants need IT skills to stay alive.
It’s almost impossible to navigate today’s world without interacting with some form of technology. At times, it feels like we live in an ever-flowing pool of technological advancements and if you don’t keep up, you can drown.
The accounting industry is no different. The whirlpool of new tools and changing technologies has made information technology skills an essential asset to any accountant. In order to keep up, accountants need to refine their IT skills and integrate them with their accounting skills.
Here are three reasons why IT skills are needed for accounting:
1. Time Saving
With accounting software like Caseware Working Papers or Caseware Cloud based solutions, accountants no longer have to spend tedious amounts of time manually updating their books and financial statements. For example, if you missed recording a transaction, all you need to do is add an adjusting journal entry. At the click of a button, all associated accounts and financial statements will automatically update. Your basic accounting skills will be streamlined, allowing you to allocate your saved time to other areas.
2. Cost Saving
Saving time in certain areas also means saving costs. In the short term, taking less time to update your clients’ books will result in less billable hours for each client. However, in the long term, you can actually increase your revenue by using that saved time to work with other clients. Alternatively, using your IT skills will enable you to use your financial analyst skills. Automation in accounting can shift your focus away from manual entry to analysis. You’ll have time to explore cost saving solutions to any issues you may find.
With more firms moving to new technologies, you’ll need to use your IT skills to keep up. Cloud software allows users to collaborate together through virtual data sharing. Different users can work together on the same client file, from anywhere around the world. Being able to collaborate instantaneously through technology increases overall productivity, accuracy, and quality.
The bottom line is efficiency. Technology related skills help accountants save time, save money, and allow users to collaborate as a team. Refine your skills and float on.
If you’re looking for software that will streamline your accounting or audit firm’s workflow, Caseware offers a wide range of solutions.