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Accountants need to “stay ahead of the curve” and adopt a positive perspective towards automation given the major changes that are unfolding, according to Sydney-based firm Dexterous Group.
Accounting firms must prepare for ‘seismic’ shift in accounting technology: Dexterous Group
14 August 2024
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7 minute read
Dexterous Group, a managed finance services provider, believes the accounting industry is on the cusp of major changes driven by technology.
Founder and managing director of Dexterous Group, Nick Urry, said accountants should expect drastic changes to automation processes shortly.
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“Whilst automation is nothing new for accountants, the automation being produced via emerging technologies such as AI and robotic process automation is more seismic,” he said.
“It is forcing bookkeepers to elevate and clearly articulate their value proposition as the volume of work completed by the modern-day bookkeeper is materially reducing.”
Dexterous is focused on actively understanding the emerging space of automation and the opportunities that may be presented, Urry said.
Urry said Dexterous works alongside several accounting firms and understands accountants rely on timely financial information to advise their clients and would benefit from the evolving technology.
Urry believes Australia will follow a similar path to the US, where automation products are being established at the bookkeeping level.
“In a future state, the bookkeeping function will be technology driven with bookkeepers today providing that quality control piece,” Urry said.
Though believing accountants should “lean into” the technology, Urry said it can be done in a way that still highlights a “human-centric approach.”
“The bookkeeper will manage the exception, not the rule and will ensure overall hygiene of a data file rather than actively being involved in the reconciliation process,” he said.
“We actively embrace our future state and we understand we can’t automate away our responsibility to clients to ensure that information is accurate and delivered on time.”
Urry said he recommends that all accountants be proactive and curious towards automation changes.
“I believe you can adopt one of two mindsets ... You can sit and wait for AI to be pushed through your existing systems and be an adopter at this point, or you can move forward with a curious mind, ask questions and stay ahead of the curve by looking for the opportunity to adopt an automation mindset to add value to your clients.”
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