Digitising through data: Audit quality, tax efficiency, growing your value to clients – ICAEW Virtually Live 2020
Our CEO Mark Edmondson recently shared his personal career experiences of harnessing technology in accounting and discussing Digitising through data: audit quality, tax efficiency, growing your value to clients at ICAEW’s Virtually Live 2020 conference on the 18th August 2020.
Key topics discussed:
- Data being the catalyst for effective remote auditing and accounting
- Tax – embedding automation and efficiency
- Audit – redefining quality and product
- Finance – new collaborative experiences
- ICAEW & Inflo – partnering to improve skills, education and access to technology
It is safe to say that a technological wave is here, and technological advancements will no doubt, be playing a larger role in the accounting profession for the foreseeable future. Many of these advancements have brought accounting professionals and clients closer, working harmoniously to make communication easier thus saving time and increasing audit and tax efficiency.
Working closely with accounting firms, professional bodies and other key stakeholders, we understand the barriers that the sector faces and the inefficiencies of current processes and practices. With a focus to move away from the traditional model, teams want their processes to take less time and this coupled with the boom of remote auditing, the focus is even more prevalent.
A key takeaway is that in the last six months, there is a need to move away from desktop applications to a cloud-based solution. With the pace of digitisation and the adoption of technology surging, one key ingredient is transforming how accounting practitioners are delivering services to their clients: data. Data is the catalyst for effective remote auditing and accounting, however, quickly and consistently turning that data into valuable information remains a challenge for accountants in practice and finance.
For those leading finance teams, the increased adoption of technology by accounting firms, coupled with easier access to data, yields more effective compliance incorporating insightful business analysis. Challenging the established processes and conventional methods allows these finance functions to work better with auditors and tax compliance advisors, thus making tax compliance more efficient and audits higher quality.
If you would like more information about any of the topics in this article or would like to discuss how you can get started today for free, please fill out and submit the form below.