Technology and accountancy: what’s changed, and what’s new?.

Since starting Fairman Keable, I’ve always been keen to stay up to date with the latest technology, and always tried to integrate it with the business.

We were early adopters of Xero and ReceiptBank, and we’ve carefully watched them go from strength to strength. It’s amazing how successful both of these platforms have been.

But as an industry, we’ve still got a long way to go — over 90% of UK financial firms rely at least in part on legacy technology, despite an increase in the use of accountancy technology in recent years, according to a 2021 report from the Financial Conduct Authority (FCA).

But for us, technology continues to be at the forefront of what we do. Today’s post is a look at tech and accounting over the last few years, and how we’ve seen it change.

 

Always searching for the next bit of tech

Back in 2020, we attended the then virtual (due to COVID-19) Accountex trade show. Keenly, we anticipated what the next big tech breakthrough would be in the accounting sector. As you can probably imagine, the focus was mainly on home-working and remote programs.

With software like Microsoft Teams, Zoom and Google Meet at the forefront of everyone’s minds at the time, it’s been interesting to see how businesses have used them over the last three years.

There never was a defining ‘best’ video collaboration bit of tech — it turns out that most of them just do the same thing, in slightly different ways. It’s all down to personal preference.

But more businesses are now returning to an office culture or a hybrid arrangement, with the work-from-home business model only really suiting certain types of company and certain roles. The status quo is always in a state of flux.

 

Developments in open banking

Open banking enables both consumers and business owners to integrate their bank accounts with other software. For businesses, this offers various advantages, including linking your bank feed with your accounts software and streamlining processes like payment runs.

I feared back in 2020 that some of the development in open banking might have been stalled by COVID-19, but recent developments show that progress is continuing. I believe this technology is going to have a big impact on accountancy over the next few years.

 

Technology is always changing

Like everything else in business, technology is always changing. And in accounting, when efficiency and analysis is always at the forefront of everyone’s minds, using new technology has clear and obvious benefits.

At Fairman Keable, I’ve always encouraged my staff to use first-principle thinking, a philosophy advocated by tech mogul and billionaire Elon Musk. 

Using technology to get to the root of problems, in order to break them down to their smallest parts has made us a better business, and helped us show to our clients what we actually do to make them better.

If you want to work with an accountancy practice that’s interested in the latest advances in technology then please get in touch.

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