Outsourcing isn’t new for accounting, in fact even prior to IT outsourcing, it was accounting that was outsourced. This allowed employees and leaders to devote more of their time towards core strategic tasks. But outsourcing of accounting normally took place in smaller or medium scale organisations with large scale companies and MNCs preferring to have their in-house accounting professionals along with other finance executives. However, the impact of the COVID-19 crisis on financials of large enterprises coupled with the advent of frontier technologies and remote working has made outsourcing of accounting lucrative. Outsourcing helps reduce employee turnover, generate additional insight from existing reports and statements and also increases security and confidentiality of finance related information.
Accounting as a finance function is moving rapidly towards the adoption of technology. While the role of technology is pivotal in accounting and finance, we need to understand the challenges that technology comes with. If overlooked and not set right, it might bring us back to the basics.
In a post-pandemic world, things are going to look very different for the finance industry. Technology is certainly going to have a massive impact if not already and finance leaders will increasingly make use of data in terms of analytics, forecasts and projections to help CEOs with their business decisions. Banking as an industry is already in it’s transformation phase and further introduction and adoption of technology will mean enhanced customer experience.
However, the human touch must not be lost amidst digital technology given the complexity of the banking sector. On the other hand, accounting as a key function is being disrupted again by technology such as automation and artificial intelligence.
These technologies can have a great bottom line impact as they help automate monotonous accounting tasks, provide deep insights and prevent money laundering. However, leaders must consider cybersecurity threats and take adequate measures to contain risk.
Lastly, finance enthusiasts who’re eager to pursue a career in finance must ensure they’ve the right qualifications along with other interpersonal skills in order to establish themselves as thorough professionals.