Technology is evolving and changing, and so is the role of accountants in many ways. Gone are the days when employees get burdened with evaluating and cross-checking of spreadsheets so that they don't miss something. As AR-driven platforms become more affordable and sophisticated, organizations will rely on them to act as a critical part of their business strategy.
What does it mean for Accountants?
Instead of updating and capturing data, preparing manual reconciliations and producing reports, next generation accounting software such as Adagio steps in to help accountants streamline and automate many of these tasks. Their role is no longer limited to scrutinizing the records and checking the numbers, but instead helps businesses optimize financial processes.
Industry experts believe that the next generation of smart companies will see intelligent tools such as Adagio change the way accountants work. The new breed of accountants can focus on value-added activities that center around data exploration, trend analysis, and business intelligence.
Example 1: Preparing Financial Statements
Dealing with financial statements and other reports can be a time-consuming and hectic affair. The possibility of errors is high. AR can increase the overall efficiency and securely organize the whole process.
Present Scenario: While preparing financial statements, accountants take into account journal and ledger entries. The process involves handling an enormous amount of data, scrutinizing data, and entering it in to make statements. There are accounting tools to manage such accounting practices which can increase efficiency up to a certain level, but chances of inconsistency in data still exist as data visualization is not easily accessible and not well-organized.
AR Scenario: AR can address data visualization successfully with the help of 2D and 3D formats. Instruct the machine by gestures or voice commands to project information on the screen. Easily manage data with just a finger swipe to extract needed information.
Example 2: Conducting Audits
Conducting audits is mandatory in every industry. Technology plays a crucial role, and AR has numerous usages when it comes to auditing.
Present Scenario: The auditing process is sophisticated and time-consuming. While it's easy to perform internal audits, external review takes a considerable amount of time. An accounting team with systemized procedures and a list of checklists must scrutinize data for compliance to government rules and regulations.
AR Scenario: AR can completely alter the auditing scenario. A predefined set of commands will do all the inspection work, and you can manage the checklist with the help of voice commands.
Example 3: Team Work
Accounting software helps to have seamless communication with your employees, whether they work in a different location or on the same premises. The integration of AR ensures efficient workflow with a high level of engagement.
Present Scenario: Software solutions allow accountants to share information via chats and video calls, analyze performance, perform calculations, and interact with clients.
AR Scenario: AR can undoubtedly enhance the decision-making capabilities of employees. With the assistance of AR projections, employees can discuss work in real-time, from different locations, and organize, project 3D simulations, and analyze data in 3D formats.
AR is ready to disrupt the future and influence existing technology. Accounting can expect rapid and transforming developments. Innovation and agility add value to any organization. Embracing technology such as Adagio Accounting can streamline and future-proof your business processes to nurture your growing business.