• Register
Return to: Home > Comments > Automation is driving the accounting industry into the future

Automation is driving the accounting industry into the future

By Paul Bulpitt

While automation is completely transforming the global workforce, it's especially having a profound effect on the service industry and, in particular, accounting.

Speaking at day 2 of Xerocon, our CMO, Andy Lark explained the shift towards automation will be dramatic and the level of upheaval that accountants and bookkeepers will experience shouldn't be underestimated. According to Lark automation is "the only way you can work in the new world".

Embracing the move to working in the cloud and the prevalence of mobile technology is the way forward. Using data to drive decisions, optimising everything you do for mobile and gearing up to help the next generation of business owners are ways accountants and bookkeepers can start to build a sustainable practice.

Dealing with such rapid technological change won't be easy, especially for small business owners. However, Founder of the Thought Expansion Network, Jonathan MacDonald explained that implementing the right tools will help small business owners and their advisors work smarter, not harder saying that if you unleash the purpose through the people, and into the product, in a process driven way, you win. "It unlocks innovation," he said.

Xero CEO Rod Drury also had something to say about the speed of growth. "We're at the end of the beginning, the next phase of cloud accounting is upon us. As an industry, hundreds of millions of dollars have been invested in taking accounting online. It's taken nearly ten years, thousands of people and one obsession with helping small businesses run better," he said.

"Today, we're deep in the cloud accounting adoption curve, and we're now looking ahead. We're now focused on what small businesses will need next to operate in our increasingly shrinking world."

Advanced machine learning practices and automation are starting to do a lot of the heavy lifting in the accounting industry, enabling advisors to concentrate on adding value to their small business customers. And as entrepreneur Dale Murray explained in her keynote, solid accounting advice helps build growth businesses. "I absolutely believe that accounting, finance and understanding the numbers is a discipline every business owner needs to get their heads around if they want to do something special."

Day two wrapped up an inspirational two days of discussion about what's next for accountants, small businesses and the technology that serves them. With software only getting smarter, the competitive landscape is changing and the barriers to entry for many industries are disappearing - giving way to an exhilarating new age of business and accountancy.

Paul Bulpitt is head of accounting at Xero and co-founder of the Wow Company.

Related stories

Technology will lift the accounting industry

Xerocon 2015: Cloud accounting: a match made in heaven?

Top Content

    2018 Digital Accountancy forum and awards: Digital transformation

    The Accountant presents highlights from The Digital Accountancy Forum & Awards 2018 panel discussions

    read more

    2018 Digital Accountancy Forum and Awards: Tech deep dive

    The second panel session of the day saw experts discuss how new technologies should not just be seen as a threat, and could be used to improve accounting.

    read more

    Digital Accountancy Forum and Awards: The power of data

    The third panel discussion of the day saw panellists discuss some of the worries their clients have had, how to overcome them, and how data and technology are providing real business opportunities.

    read more

    Digital Accountancy Forum and Awards: The next generation

    With young people more mobile, and technology changing the industry rapidly, the final panel session of the Digital Accountancy Forum looked at how firms would need to adapt to the new reality

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.