With the effects of the covid-19 pandemic threatening many organizations to shut down their operations, many had to adjust to the disruption quickly. In particular, the accounting sector was no exception.
Almost everyone had to adapt because they could no longer do what they did before. No one knew what would happen next. Here are various ways in which the role of accountants changed post-pandemic.
Increased adoption of technology
The increased use of technology within the accounting sector was already present, but the Covid-19 accelerated the process to greater heights. Whether the new accounting technologies were the most sophisticated or not, they were quickly catapulted into full-remote practices by different accountants.
Among the new technologies adopted by the firms were the time and billing software by the firms that billed by the hour and needed to keep track of every minute their accountants spend on different clients.
On ImagineTime.com, you will understand fully how the software works by requesting a demo through the available option. Furthermore, adopting this software will ensure that you use your time efficiently and keep track of your staff members.
The firms that survived were only those with solid technology trends to manage their accounting department, especially when issuing payment invoices or billing for different services.
Most of the accountants who used to work more permanently work-from-home opportunities shifted away from typical nine-to-five after most companies saw the need to give their accountants more leeway with their schedules.
It is predicted that this flexible working schedule will even continue after the pandemic, with most companies adopting a permanent flex-work policy by giving their employees 2-3-day work-from-anywhere options.
This will solve most pressing accounting issues like retaining qualified staff as most of them will feel satisfied with the firm’s working conditions. In addition, the accountants will have time to be trained about the new technologies available on the market.
Breeding of innovation
When faced with challenges, most of the accountants raised the issues to the firm’s management, where the problems were tasked to different specialists to handle them for the department’s effectiveness.
Some of the innovations that came into place completely changed the role of accountants, with most of them being offered software that they can use to automate transactions in their sector.
Therefore, as an accountant, you don’t have to solve pressing issues that require complex calculations as the software will handle them effectively and in a fraction of a second. This increases your output as an accountant, which helps to build a positive trend in your role.
With lockdown taking over all over different countries globally, it’s no secret that many organizations were pushed to fast-track their digital transformation, and auditing was no exception.
It was a paradigm shift as no one could make on-site visits. This changed the role of accountants in auditing as most of them had to do them remotely using software that allowed them to do their work with minimal disruptions. It didn’t take a lot of time before this auditing shifted into higher gear, with third parties being called in to take the reins.
Even when the pandemic comes to a halt, the role of accountants in auditing will have changed entirely. That’s why accountants should remain prepared and see how they will funnel their creativity into the available auditing concepts that will work for a changed reality and allow them to explore the different fields of accounting as professionals.