Accountants provide for individuals and businesses financial services, using their expertise in finances that they have studied for a significant amount of time. With the development of technology, however, accountants might be intimidated by accountancy programs that are being used by some individuals and businesses.
What is the threat that these accountancy programs pose to accountants?
Accounting software costs less
It is pretty clear that businesses and individuals are using accountancy programs because they cost less than an accountant. Hiring one could bleed an individual or a company financially, whereas an accountancy program ranges from $10 to $20. That would mean a business would only need to have a few bucks as expenses for its entire lifespan.
Accountancy programs are fast and efficient
Another feature that accountancy programs boast is its speed to perform tasks that would normally take a significant amount of time. Take for instance mergers between companies. Normally, the process of integrating each other’s financial details would take a considerable amount of time. But with accountancy programs, businesses can easily share their data with each other and the merger process would be completed in less than a month.
Deductible tax fees
One thing machines can’t do is provide their client with tax returns. Accountants can help in the complex process of filing taxes and avail their clients of tax deductions.
It may only be just a job but accountants are still people. Clients can establish relationships with them, develop close ties, and as acquaintances, they have more cause to aid you in your endeavours. They can provide connections and advice that could help financially.
Both hiring an accountant and using accounting software have advantages and disadvantages. Therefore, if given a choice between the two, it all comes down to your budget and needs.