How SME Accountants Brace For A Technological Overhaul

Small businesses may struggle to adopt new technologies, but that doesn’t mean they don’t want their accountants out of the loop, too.

A new report from SME cloud accounting company Xero, in conjunction with World Wide Worx, found that South African small business owners want their accountants to have the latest technologies and warned that several technologies are critical for SME accountants and accounting platforms to stay relevant and retain customers.

We are entering a period of rapid technological change within the accountancy profession, reflected Colin Timmis, Xero’s South Africa head of accounting, in a statement. From automation to artificial intelligence, accountants are having to upskill and evolve their offering.

“The report has shown that South African accountants are preparing for change, but they need to ensure they’re clued up on the next big tech innovations and affirm their status as the SME owner’s most trusted advisor,” he continued. “If they can do that, the future looks bright, as 42 percent of accountants peg South Africa as the country to watch for future innovations in the profession.”

It’s an interesting statistic, with Xero finding that South Africa surpasses the U.S. and U.K. as the leading market for innovations in the accounting industry.

Xero’s 2017 State of Accounts report below:

93 percent of SME accountants admit they could add more client value with the spare time they have every day. As cloud accounting and other technologies help to automate the accounting process, accountants are sure to have even more time on their hands they could use for hands-on, value-added services.

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