The accounting industry is undergoing a major transformation due to technological innovation and the leading industry players are reshaping the accounting industry by adopting advanced technology like artificial intelligence (AI) and bots in their professional routines. As artificial intelligence spreads across the industry, all medium and small firms need to move ahead faster today than we did yesterday and be better tomorrow than we are today.
All firms need to take a broader approach to satisfy client needs. Year after year, clients and individuals arrive with their years’ worth of financial history to file their taxes. But what if clients and businesses are looking to accounting professionals to help them make sense of it all, and as a profession, we have to continuously adapt to maintain relevance.
Accounting firms need to implement advanced technology to reshape the accounting, assurance and advisory services, for example:
- Audits and review based on risk assessment and management through identification of anomalies and trends using advanced technology
- Compilation of monthly, quarterly and annual financial statements using technology that automatically categorizes all information into different accounts.
- Automation, data analysis and dashboards
- Forensic accounting
- Continuous audit
In order to implement and execute you will need CPAs with not only core accounting technical knowledge but also one who has a strong data management skills and expertise with new technologies. At DBS Partners, we partner with professionals who hold both strong accounting skills and database/IT skills. It is an exciting time with full of opportunity and we can work with you to advance the profession together.