How Intelligent Processing is Changing the Face of Accountancy

We’re currently experiencing significant change within the accounting industry, with many practices adopting automation amongst exploring other technologies to assist them with their processes and ultimately increase productivity, efficiency and business growth.

When practices explore the options available, they shouldn’t change ‘just because’. They need to investigate solutions and find one that will positively impact their processes and administrative systems.

When we talk about intelligent processing, we’re referring to the combination of robotic process automation (RPA) and machine learning. When intelligent processing is implemented, firms can profit from the removal of time consuming, manual tasks whilst increasing client satisfaction by simplifying interactions and reducing their time on their processes, including tax filing, audits and accounts.

Whether you embrace intelligent processing or not, it is certainly making an impact on the industry, and is capable of undertaking tasks, communicating and even learning from data sets to create accurate and dependable responses.

There is no doubt that digitised accounting systems are one of the greatest innovations for the industry, creating almost zero room for error and boosting both the efficiency and productivity of accountants.

For accountants to offer an advantage to prospective and current clients over their competitors, they must utilise any digital transformation that is at their disposal. With the internet and cloud at their fingertips, the more accountants can do online, the better. By using these platforms, we can see greater collaboration, efficiency and profitability. HMRC has seen how effective it is to use online applications, hence the creation of the Making Tax Digital initiative.

Accountants can now prepare AND examine mandates, due to the increased accessibility provided by intelligent processing, allowing for unconnected software systems and workflows to be connected and communicate with one another -reducing the risk of human error. 

Since the pandemic, clients are after more than just having a bookkeeper. Intelligent processing enables accountants to offer so much more, as by reducing their administrative workload, they can take on a more consultative approach and provide clients with detailed forecasts which are highly beneficial.

Raise your levels of service through software integrations with your existing solutions. Connecting your software provides an intuitive network which will speak with one another automatically, meaning there is less administrative input and more detailed analytics available. By inputting into a single platform, such as CaseWare, each software that is integrated will automatically update with this information.

Some fear that by using technology, the personal touch disappears. This of course depends on how you manage your clients’ expectations. Clients who enjoy a wide variety of services, will recognise that much of the reporting you present will assist them in taking better care of their business, and have more time for other tasks you may not have been able to do previously.

How can Caseware help?

By offering intelligent solutions and connecting your software to produce one intelligent processing ecosystem, our products are central to a future-proofed accounting practice. We offer firms solutions that provide ground-breaking intelligent processing solutions to work with their current unique applications and lead them to become the front-runners in the industry.

To learn more about how intelligent procession solutions can transform your practice, download our eBook ‘Intelligent Processing for the Modern Accountancy Practice’.