“Accountants are dynamic, interesting, highly intelligent, hard-working individuals.” – Alexa Loo (CPA, CA)
Introduction
For some, accountancy has may been perceived as something of a dry subject; essential but not exciting. Those days are gone as the field has undergone a dramatic revolution. These days, with big data all around, accountants have shifted from number crunchers to data storytellers.
Let’s find out more.
Why Does Data Storytelling Matter in Accounting?
Big data is an awful lot of information to process. Modern financial software automation (more below), however, accelerates data processing, delivering only the most relevant information for accountants to use. And that is where data storytelling comes into the picture.
Accountants incorporate cutting-edge technology into their everyday financial tasks. The result facilitates data storytelling, which is invaluable when it comes to informed decision-making so accountants can deliver outstanding services to their clients.
Other benefits include:
- Complex information is more understandable for clients and colleagues.
- Enhanced information retention.
- Analyses and reports are more effectively conveyed.
- Enables collaboration with internal teams to achieve business goals.
Preparing Today’s Accountants For Success
Data storytelling skills don’t just pop into the brain. Accountants must be trained to use several new systems. This requires a whole new mindset and approach to the job.
When knowledge is put into practice, it’s evident that accounting is more dynamic and engaging and accountants see themselves playing a proactive role in the firm’s success.
It’s motivating and encourages them to embrace digital tools and take advantage of their newfound abilities to make more strategic decisions and improve their data analysis skills.
Ongoing training is necessary to keep up with advancements in tech, especially cloud computing, automation, AI, and blockchain technology.
Key Technologies Transforming The Accounting Industry
Thanks to movies, people think machines will rule and they’ll have to join the unemployment line. This is far from the case.
Advanced technology supports accountants, taking on mundane tasks so they can focus on their core activities.
According to Sage, a leading accounting software provider, accountants favor technology for the added engagement and value to their firms.
4 Key Technologies That Are Transforming The Field Of Accounting:
Here are four tech systems that improve data storytelling.
1) Cloud computing
The cloud is a game changer for accounting as it provides access to real-time data and global collaboration.
2) Automation
By taking on manual tasks, automation enables accountants to perfect trend analysis and identify opportunities.
The Institute of Management Accounts says 90% of professionals embrace automation because they can make more strategic decisions.
3) AI and Machine Learning
AI frees up accountants to focus on their jobs and their clients by processing big data quickly and delivering meaningful results.
Global AI spending is predicted to hit $500 billion in 2027.
Read the IDC article here.
4) Blockchain
Blockchain technology provides secure, transparent ledgers for auditing and data integrity.
Deloitte’s survey found that 55% of respondents think blockchain is a strategic priority.
Read Deloittes 2020 global blockchain survey here.
Cultivating The Right Accountant Skills For Success
New tech is great and all, but accountants must rely on their traditional financial expertise to connect with and advise their clients using relationship management skills.
Here’s a guide on how to develop the necessary skillset:
Let’s look at nine essential skills.
1) Continuous Learning and Professional Development
Accounting firms should foster a culture of learning to encourage accountants to stay on top of trends, regulatory changes, and emerging tech.
Workshops, seminars, and professional certifications are paramount.
2) Technical Proficiency
In-office training should include aspects of cloud computing, automation, AI, machine learning, and blockchain tech to ensure accountants can leverage modern tools to boost efficiency and enhance informed decision-making.
3) Data Analysis and Interpretation
Data analysis is the foundation upon which accountants can interpret data, pinpoint meaningful insights, and present results in a clear format.
4) Strategic Thinking
Data enables accountants to understand their role in the bigger picture while aligning strategies with their firm’s goals and long-term planning.
5) Adaptability and Change Management
Accountants must have the skills to adapt quickly to change, keeping pace with technological advancements and new tools and processes.
6) Communication and Collaboration
Developing data storytelling skills has other benefits, like improved communication, advisory and consultancy capabilities, and collaboration with in-office teams to create a holistic approach to informed decision-making.
7) Ethical Considerations
Consumers favor businesses with clear ethical policies and processes. Automated technology highlights ethical standards and national privacy regulations to ensure compliance with global and national standards.
8) Problem-Solving
New tech and challenges require new solutions. Accountants should have the skills to identify challenges, develop solutions, and drive strategic decisions for business-wide benefits.
9) Leadership Development
Accountants who become data storytellers, advisors, and consultants must have leadership training so that they can guide teams and influence decision-makers to drive positive change within the firm.
Conclusion
Accountants who embrace new tech and financial data analysis do more than crunch numbers. They weave information into data storytelling that benefits clients, their firms, and their careers.
Expertise in cloud computing, automation, AI, and blockchain technology is great from a strategic point of view and ensures professionals drive the financial industry forward nationally and internationally.
To learn more about the power of using Sage Accounting Software, click here.
To learn more about Lescault and Walderman’s outsourced accounting services that can tell your company’s financial story, click here.
To watch an in-depth video on the Evolution of Accountants into Advisors, click here.
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