Evolution of Accountants
As the complexity of taxation, particularly in the temporary labour market, continues to grow, traditional accountants are now finding themselves feeling even greater pressure to advance their typically analogue industry into the forefront of the digital age; with ever increasing demand for heightened transparency and lower prices, the accountants of today are facing a greater shift than ever before.
Accounting of Yesterday
Through-out history accountants have represented the silent backbone of an ever increasingly monetised global society. From the development of double-entry bookkeeping, the industry progressed incredibly slowly as tried and trusted methods balancing finances remained prevalent favourites for centuries. The legacy of accounting has remained both rigid and true to itself as even modern accountancy still relies heavily on the practices of its ancestry.
However, as business adapts to accommodate the modern hustle, traditional accountants are not typically prepared to support clients operating from fields in which complex tax and legislation has come into effect – creating difficult to navigate obstacles for even the most successful accountants. As figures reach all time highs in the self employment and recruitment industries, the ability to deliver transparent financial advice and technical expertise are swiftly becoming some of the most in demand qualities for millions of accounting firms, all of whom strive to compete in today’s tech driven culture.
Accounting of Today
The computerised spreadsheet revitalised the world of accounting, turning traditional bookkeeping methods on its head with all new speed, efficiency and data recall the likes of which had never been possible before. While times may have changed since double entry ledgers, every day modern methods of accounting become increasingly antiquated in themselves as automation, technology and big data leave tangible footprints in traditional financial processes.
Accounting of Tomorrow
Ahead of HMRC’s plans to develop a wholly digital taxation system by 2020, the forefront of accounting is pushing the boundaries of what’s possible in the financial industry. With specialised cloud hosted accounting software, accountants are able to easily transition from traditional spreadsheets and manual bureaucratic input, to automated systems and complex tax breakdowns in seconds. By eradicating hours wasted on manual brass tacks, breakdowns and calculations, My Digital Accounts is capable of doubling the current ratio of client to accountant without compromising on excellent quality and accuracy.
98-99% of Corporation Tax returns and VAT submissions are currently submitted to HMRC online, illustrating a clear demand for digital accounting firms capable of keeping up with the 21st century lifestyle. Utilising both mobile and online platforms, cloud accounting offers transparent taxation to clients alongside the freedom to manage far larger volumes of data, far more simply to accountants.