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Videos: On the future of Accountancy

Technology & Innovation

Videos: On the future of Accountancy

We can often discover what lies ahead by looking back – and needless to say, it’s been a year like no other for the accounting industry.

Our clients have been on a tremendous journey, navigating their way through the unchartered territory of a global pandemic, while providing guidance and support to their own clients. Some accountants had to watch their clients close the doors to their businesses, while others took on the role of counsellor, providing advice in a volatile and ever-changing environment.

At Sage, we witnessed the unique journey our accounting partners embarked on over the past year, as we supported them along the way. There have been countless late nights and early rises in the virtual office, highs and lows, many candid conversations – and much more in between.

To celebrate the launch of Sage’s next-generation cloud platform built for accountants, Sage HandiSoft Cloud, we asked our accountant partners to share their stories, learnings, and thoughts on the future of accounting.

Episode 1: The 2020 journey as an Accountant 

Watch as these accountants reflect on the year that was and share the top-notch survival tips that will hold them in good stead, now and into the future. 

Episode 2: The 2020 impact on compliance and productivity

Risk and compliance in accounting is an evolving space that is notoriously hard to keep up with. Add a global pandemic, the introduction of JobKeeper and JobMaker, and a slew of legislative changes including the Fair Work Commission’s new Annualised Salary obligations, and you have a perfect storm for compliance issues to arise.

Accountants had to navigate their way through sweeping changes to the regulatory landscape, adding layers of complexity to an already challenging year.    

While every accountant has his or her own unique experiences from the past year, one fact rings true: nobody could have dealt with the unforeseen challenges without technology.  

The accounting industry embraced technology and digital innovation like never before in 2020. From endless virtual meetings to introducing automated software, the widespread adoption of new technologies launched the accountancy practice into the future. 

Automated workflows from bookkeeping to tax, dashboards, customised reporting, and data-driven insights supported accountants as they guided their clients through uncertainty. 

These technologies not only allowed accountants to keep their heads above water and safeguard jobs within the practice, but more importantly, enabled them to focus on what mattered most – personalised client service. 

Episode 3: The digital era of Accountancy

In an ever-changing environment, Sage’s accountant partners experienced first-hand how instant access to financial and operational data became critical to providing the right counsel and improving efficiencies.

Innovation in today’s digital accounting firm requires the scalability, flexibility, and mobility of the cloud to enable businesses to thrive and grow quickly.

These next-generation cloud platforms enable firms to become more productive, thereby freeing up time for accountants to focus on running their practice and supporting their customers’ needs with timely counsel.

In this episode, our accounting partners reflect on how technology has changed throughout their careers and how digital transformation has come to define the modern accounting practice, now and into the future.

By helping our accountant partners navigate the seismic changes of 2020, we’ve seen how important it is for accountants to keep on top of ever-evolving client requests, and be as efficient, flexible and valuable as possible, at anytime, anywhere. 

Open cloud platforms with automated workflows and powerful analytics can help accountants optimise and tailor their practice to how they work, so they can focus on what matters most – supporting clients through the ever-changing challenges ahead.

How is technology shaping the future of accountancy?

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Effective 1 June 2021, Sage’s accountant and payroll solutions in Australia will be sold to The Access Group.  If you would like to continue to receive valuable content such as this to optimise your practice or business, please subscribe to The Access Group newsletter.