Accountant’s Pain Points – How to eliminate with better workflow management
The process of recording financial transactions concerning a business is known as accounting. This complex job relating to monetary dealings of companies is carried out by individuals known as accountants.
For those of you who think accountants just have to work out random numbers and calculations as a part of their day jobs, you are gravely wrong! Accountants have to go through a lot more than what we general people usually observe, and sadly enough, their work lives are not as simple and smooth sailing as it seems. To have complete knowledge of the hardship that lies behind being ‘the perfect accountant’, keep on reading.
- Monitoring tax changes
Frequent alterations in the tax regime are not uncommon but certainly difficult to keep up with. Whether such changes are implied to prompt specific economic activities, aid a group of taxpayers, have stricter rules to follow preventing tax evasion, or straight away raise the revenues of certain firms, some time is definitely required to cope with new things. Such sudden changes in the system oblige accountants to quickly act upon them as even the slightest of mistakes can mess up a business’s entire balance sheet.
The colossal responsibility on accountants is not at all easy to handle, and continual updates in the system add more to their troubles. Uncompromising companies putting the full blame on them for their unintended errors makes the matter even worse for them.
- Immense workload
Complying with work submission deadlines is another major problem faced by accountants. There was a time when they could complete a project and have adequate time to think about the next one before moving on to it. But times have drastically changed now, and the burden on accountants has been increasing with every passing day. New tasks are handed over to them even before the completion of the prior ones forcing them to work at the rate of machines.
The lack of intermissions between tasks is not because of the accountants being inefficient and unskillful at present, but because of the ever-expanding market adding new firms to the industry, almost every day.
Besides, the conduct of the workforce ceases to remain the same as the older days. Employees do not want to work more than the typical 9-5 time frame, leaving the incomplete tasks for the accounts officer to get done with.
Moreover, accountants that still follow the old school techniques instead of complying with the IT advancements are losing their values and are lagging way behind.
- New technology
Speaking of technological advancements, a lot has changed for accountants, and many are struggling to keep up with the pace of change. While most of the businesses nowadays run on new technology to increase the productivity of the workplace, they are not fully aware of the reactions of their clients towards it.
One common example is pre-recorded voicemail. It may be a time-saving technique for most of the firms, but at the same time, it is useless and disturbing for the consumers. Many have complained regarding this invention and demand a one to one interaction with their consultants. They want their queries to be solved as soon as possible and fail to understand the massive workload on the accountants.
Today’s accountants are required to know more about how to work with the new technology, besides the basic principles of accounting. New developments like blockchain, digital bookkeeping, artificial intelligence, and cognitive computing accompanied by the orthodox, yet fresh cloud computing and social media have thoroughly transformed their roles.
The process of becoming or remaining a successful accountant is not only limited to knowing the basic fundamentals of the subject but also requires IT skills, thus doubling the pain.
- Going with the flow
Do not lose your heart yet as every problem has a solution. Taking full advantage of the IT advancements is the key. Automating certain business practices could lead accountants to have better and direct communication with their clients. Humans outpace machines in terms of judgment and wisdom, which is why the accountants can carry on being apt financial consultants.
However, proper training must be given to them so that they can effortlessly handle the new technological developments and use it for simplifying their work, leading a less stressful life and loving their profession.