The average firm’s ability to take on fintech client work has nearly doubled in recent years, given the continuous development in new technologies that provide accessible opportunities to the accounting industry.
Without the interference of red tape and a much-needed boost from modern software and various accounting technologies, accountants find it a lot easier to provide services to the most complicated of client needs. As the modern accountant’s role continues to evolve with the introduction of new software, regulations, and technologies, 2020 is set to see a shift in the tides for an accounting firm and fintech client relations.
If you’ve been preparing your accounting firm or business for handling the ever-demanding responsibilities of fintech accounting with a greater amount of ease, here’s everything you need to know for 2020:
The rate at which fintech accounting is changing
With the integration of more advanced accounting tools and the ever-growing role of artificial intelligence and machine learning in the accounting industry, firms and business owners alike have been able to take on more challenges with fewer hindrances. Accounting firms are now much more capable of breezing through once difficult processes with greater levels of effectiveness. That just goes to show that change is taking place at an unprecedented rate in the accounting industry.
Newer software tools have been able to tackle the constant problem of limited financial data as they continue to bridge the gap between accountants and better-informed decisions for greater long-term results. As opposed to the olden days of manual analysis, accounting firms and top-level decision-makers can now take on bigger tasks with more responsiveness and efficiency, thanks to several tools, such as:
- Machine learning
- Task management
- Credit control
- Automated cash flow forecasts
- Cloud accounting software (such as Quickbooks and Xero)
How has fintech accounting changed over the years?
Most of the developments in fintech accounting in recent years are rooted in the various types of technology that have been intertwined with standard accounting functions.
Various time-consuming and inefficient processes have been streamlined, merged with other tasks, or completely outdated and removed altogether. For instance, standard tasks in manual fintech accounting have been replaced with payment gateways and billing programs that speed up the entire process of collecting information and facilitating payments.
On the other hand, fintech accounting has also experienced a significant level of development in terms of the standard load of administrative work that accountants have to undertake in order to maintain profitability. As accounting technology faces continuous development nearly every day, accountants have been able to streamline their resources and fintech-related processes as a means to refine their operations.
With a new decade upon us and the accounting industry constantly reinventing itself more than ever, fintech accounting is currently at the forefront of rapid development and greater levels of convenience who perform related tasks. Although it may be anyone’s guess as to where fintech accounting will be in 15, ten, or even just a year down the line, it’s best to assume that rapid change is taking place for the better.
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