Today, November 10th, is International Accounting Day. A day to reflect on what it means to be an accountant and a great opportunity to honour all accountants.
It is in honour of Italian mathematician Luca Pacioli, who published the first book about double-entry bookkeeping on November 10th 1494, that International Accounting Day started. His book described the use of journals and ledgers and warned that a person should not go to sleep at night until the debits equaled the credits.
Therefore, each year on November 10th, we pay tribute to the work of Luca Pacioli, “The Father of Modern Accounting”. We also honour all those who have chosen the profession of accounting.
A profession that was traditionally dedicated to helping businesses and individuals balance the books and keep their tax affairs in order. However, the modern accountant must do much more than reconciliations and tax calculations. Clients now expect their accountant to help them achieve their goals.
Technology is changing the accounting industry
Technology has created a shift in the industry. Software is now eliminating the mundane parts of accounting and bookkeeping and simplifying the complex processes once entrenched in the profession. This shift won’t please all accountants, but for those who embrace change, there will be exciting opportunities.
Cloud based software is already transforming the types of services accountants can offer their clients. Instead of simply crunching numbers, they can now provide valuable consulting services and growth advice. They can help drive strategy for the businesses and individuals they are advising.
These solutions are also empowering accountants to scale their own firms. Investing in automated technology, means that accountants can create processes that are not only accurate, but also highly efficient. This allows accountants to work more effectively and thus free up time or expand their client base.
With change comes opportunity
With real-time insight, the focus of accounting is shifting from what happened last month to what’s happening next month. This also transforms the role of the accountant to someone who is a forward planner and consultant.
This shift of focus means that firms of all sizes must determine how to keep up with the new expectations now placed on them by clients, employees and regulators.
Technology is the driving force behind this shift in the accounting industry. It is redefining the role of the accountant. Those who choose to embrace change can enjoy a more diverse role as mentor, educator and trusted advisor for their clients. Thus focussing more on the essence of the accounting profession, helping others.
Congratulations on International Accounting Day
We at Visma believe that these technology driven changes will enrich the accounting profession and diversify the role of the accountant. We hope you are ready to embrace these exciting new opportunities.
For those accounting professionals that are reluctant to embrace change, or oblivious to the fact that change is even a possibility, download our free whitepaper, which addresses why it’s time to say goodbye to the spreadsheet.