Accountants are known to be ‘good with numbers’, but that doesn’t mean they enjoy entering the same data repeatedly into different systems.
Rolling back the clock
Over my 40 years in accounting, the technology used has changed significantly. From the 80’s and 90’s with software to help firms meet compliance requirements, notably tax compliance and practice management. Through to Lotus123 and then Excel, we’ve seen the attest functions improve efficiency and automation.
In the last 5-7 years, I’ve seen more new technology solutions than in the previous 30 combined. Many are built around our favorite tool, Excel, making the learning curve very shallow, and driving quick wins for firms. However, the solutions remain fragmented leading to many tedious workarounds.
According to Sage* 35% of accountants are looking to upgrade their technology to help improve talent retention rates and keep pace with their clients’ needs.
Auditors – It’s time to expect more from your tech partners
Firms should now be demanding a shift from these point solutions to an integrated model.
Even with lots of clever technology to choose from, CPAs will re-enter, re-key and repeat financial data on a daily basis, wasting valuable hours and opening themselves up to mistakes if systems are siloed. This has a direct impact on client experience and quality of service – not to mention efficiency!
The answer lies in integrated financial data systems. By using a “single source of truth” that can be integrated across systems will enhance efficiency, insights, and value-added services. No longer should accountants have to remake spreadsheets, run scripts, or even just copy and paste between systems.
5 reasons why auditors love integrated financial data
- Reduced errors and labor by eliminating duplicate data entry and reconciliation
- Real-time visibility into financial metrics to improve decision making
- Lower costs by reducing redundant platforms and manual work
- Improved regulatory compliance with centralized single source of truth
- Enhanced forecasting becomes easier with integrated historical financials
This shift can only happen if technology vendors embrace open integration. Rather than building walled gardens, they need to open up APIs and work together to enable the free flow of data.
Doesn’t it just make sense to enter once and use many when it comes to improving your services with your customers?
