Accountant and digitalization: the transformation of the business

The profession of accountant does not escape digitalization. It is even part of a wider movement of digital transformation of the digital professions of numbers and law. Thus, accounting is witnessing the development of specific it tools that are becoming more and more complete and efficient. Already in the minds for ten years, the digitalization of business processes has experienced a boost with the Covid-19. A necessity to be able to continue to work effectively despite the constraints of distance. In any case, the digital transformation of the accounting profession pushes us to review the missions entrusted, as well as even the relationship between the accountant and his clients.

Digitalization of communication: a remote accountant

Before we even talk about accounting software, digital technology is reinventing the way we communicate in business. Promoting collaborative work and addressing gaps in remote work as much as possible, it offers comprehensive communication solutions. To exchange, professional cats are democratizing. Slack, Microsoft Teams, Google Hangouts… In continuity, cloud solutions such as Google Drive allow you to store and share files, as well as work together on the same document without having to be in the same place.

There is also no question of giving up appointments and meetings. Video conferences become the rule both internally between employees and with customers. Calendly, Google Agenda, Zoom… For an accountant, more than maintaining the activity, digitalization is actually generating reactivity, efficiency, profitability.

accountant digitalizing accounting software
With digital, it’s a whole way of living your job that changes.

AI and accounting, the end of time-consuming and repulsive tasks

Accounting software, especially the most modern ones, allows for near-perfect automation of many tasks. Starting with the entry of data into accounting entries.

To do this, software has AI capable of recognizing documents, invoices, receipts… It automatically detects key mentions to complete all the necessary fields. Thus, the accountant or the business manager only has to verify and confirm the import in the accounting software. What’s more, they can be synchronized with the company’s bank account. Thus, the AI is able to reconcile payments with invoices issued.

More than software confined to accounting, IT tools for business management intersect their functionality. So much so that today, accounting software and CRM can either offer identical uses or work together by connecting. Thus, in addition to issuing invoices, the software also handles the recovery in case of unpaid, for example.

Digitalization therefore eliminates time-consuming and low-value-added tasks for both the accountant and the client. Whether carried out by the accountant or the business manager directly, they in any case free up valuable time and allow us to concentrate on more important missions, his core business.

Advice from the accountant, an added value regained thanks to digitalisation

Thanks to the productivity gains achieved by digitalization and automation, the accountant can now intervene more on high value-added tasks. They are thus able to focus on accounting advice, analysis, the implementation of dashboards and indicators specific to each company…

Business accountant
IT also joins the missions of accountants, thanks to digitalization.

Now, more and more firms are assisting their clients in installing accounting software and training them in their use. Particularly popular with SMALL and medium-sized enterprises (SMEs), these services help to restore accountants to their role as trusted partners. As such, they compete with traditional distributors of professional software, which are becoming less and less numerous in the territory. On the Bordeaux region, there are still some references in this area, such as Arc Management Aquitaine or RI2T.

Covenant Act, focus on the board of accountants

Coming into force in May 2019, the Covenant Act reduces the tedious and time-consuming steps to commission an accountant. By simplifying collaboration, it creates a more advantageous relationship between the accountant and the manager. It allows it to be more active and to value its added value.

To achieve this, the Covenant Act created the concept of an implied mandate. Thus, it makes a simple mission letter sufficient to launch a service. At the same time, it broadens the scope of expertise and intervention of accountants. Until then, they were not authorized to pay debts, for example on behalf of their clients. Now, with a payment mandate, the accountant can take care of these missions.

In addition, the accountant’s advice is open to peripheral areas of expertise. More than the usual accounting and tax advice, it opens its scope of intervention to the environmental or digital council for example. The Covenant Act and digitalization, by very different paths, therefore both contribute to the valuation of accounting consulting.

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