Accounting in the UAE is a corporate law requirement. As there are great changes expected in the Accounting field, it is advisable to get updated with these transformations or else your firm will fall behind. This is mainly because of the needs of the clients and their new requirements. It is also preferable to study accounting firm trends by understanding the reports of reputable organizations that know the upcoming changes in the market. This will help you in deciding who to recruit to your firm and also on the accounting firm trends.
To change accordingly, the Accounting firm should be automated. Through the changing technology, what the accountant was doing before is now been automated. In the future, traditional accounting will be replaced by technology i.e. automation. If still this has not been included in the strategy of your firm, then you should get to it fast.
Adding more soft skills
As automation in technology increases, new soft skills need to be developed mainly in other major areas like proficiency, analytical and innovative thinking. What is left to do is to learn the processes and then using technology to eliminate those inabilities? There are certain work functions that a machine cannot do. These are a few advantages where humans can improve and not be left for the machine to work, like creativity and innovation.
This means providing your team with work choices, where they will be allowed to work in any environment they are comfortable with. The only requirement is to finish the task given to them. Here they are not given a fixed time to work from 9 to 6, the only challenge is to complete their work, with their schedules and work hours they feel are needed. You will fall behind if your firm can't accommodate remote workers into practice.
Nowadays Accounting tech startups are gaining prominence. They are very much different from the accounting firms which include bookkeeping and traditional accounting. The tech startups in the accounting field have:
- Excellent Marketing.
- They are technology-based and paperless.
- Have fixed subscription pricing.
- Customer-oriented marketing.
The technology used by these tech startups is the complete opposite of traditional accounting firms. Through this, they are trying to make accounting much easier and understandable than before and make it automated. They also try to solve the problem of customer pain-points. Those accounting firms that cannot adapt to these changes will face delays in their current system. So, it is advisable to keep updated and accept these transformations.