The future of accounting is much more than crunching numbers  

Organisations today are evolving dynamically. They intend to build an innovative and well-nurtured group of members who can help in contributing towards growth and advancement in various ways. It has led to an escalated demand amongst students to enhance knowledge through well-structured internship programs for students. In this blog, we shall address the crucial role of accountants in an organisation. 

Many people who are unfamiliar with the accounting field consider accountants as more a maths nerds, but according to several experts, this myth is far from the truth. Numerical fluency is vital to becoming an accountant, but so is a high-level critical thinker and problem solver. It can very much communicate and deliver clarity to any complex information.

As accountants are still responsible for the monthly, quarterly and yearly closing along with external pressure of the new innovative technologies, they are being added to more leadership positions with crucial responsibilities contributing to the company’s growth.   

How accountants are merging business operations accounting

The assemblage of services that accountancy offers is growing day by day. Accounting today is more inclined toward problem-solving and ensuring all the book-keeping rules and regulations are followed, which will keep the company stable on the financial track. In this regulation-driven modern market, CFOs and accounting teams have more responsibility for building a stronger relationship between accounting and operations.

Accountants handle investment advising, financial planning, retirement plans, and accounting software, among others. They even go through other areas of the financial world like- business development, estate planning, management consulting, retirement and college planning and investment counselling. 

This deep knowledge of the regulatory space makes them a crucial resource for investors and leaders. Since accountants have been trained in a regulatory environment, they have spent considerable time learning the new regulations that constantly change the market. And the accounting internship programs in Australia are trying their best to structure and include every possible scope of modern accounting in their programs.

Businesses are more inclined toward automation.

It is not the case that the conventional method isn’t accurate. There’s a reason why you don’t see that old guy in the room sitting with the ledger books and journals. 

Implementing automation is indeed a crucial first step in the organisation. It involves the refusal of missing deadlines due to lengthy periods of plan implementation and maintenance. 

Unfortunately, many organisations are still a step behind in automation technologies for various reasons, which can lead to slower growth in the years to come.

Technology has fiercely changed almost every aspect of our lives, and accounting is no exception. The accuracy of computers replaces the tedious task of data entry and calculations. Automations are successfully handling all the heavy lifting today.

It frees the accountant from mundane and repetitive manual tasks. 

Automation allows them to close the books faster. When the books are completed more quickly, their productive time can be used in other valuable strategy talks and collaboration with colleagues, enhancing the company’s approach to critical operational decisions more effectively and pensively.

Furthermore, automation has helped organisations integrate their accounting services with AI-powered solutions by a substantial volume. Luckily, we have witnessed an increase in the number of corporate players who are investing and implementing technology at a much higher rate which has fostered more and more accountants driven by CFOs.

The future of operational accounting truly lies in a digitised industrial era. Businesses should adopt automation and enhance the accountant’s productivity and ideas in the company’s growth. 

But are we all geared up with technical knowledge for a futuristic accounting approach?

ECA is providing the best accounting internship in Melbourne and intensifying their knowledge in the automated era of accountancy. Join our programs to explore more!