STAND OUT FROM THE COMPETITION

With the rise of Fintech, and more specifically – Open Banking and Open Accounting, professional accountants have seen an emergence of great opportunities to aid them with both their workload and the accuracy by which they can advise their clients.

Fintech delivers automated data based on real-time accounting, it is immediate and eliminates the risk of human error from spoiling your numbers and leading to potential legal problems with HMRC for your client. This reduces the time spent on data entry, and accountants can spend more time analysing and developing financial strategies.

Fintech will also result in an accountant having increased levels of confidence in their ability to counsel and advise their clients, due to the provided data’s enhanced accuracy and improved frequency. It effectively shifts the role from part-time number cruncher and advisor to focusing on being a strategic expert.

Financial technology is rapidly advancing and evolving in both efficiency and accuracy, as well as becoming increasingly accessible to entrepreneurs new to the business landscape. As more business owners shift over to digital accounting software and the data-driven resources which Fintech companies provide, accountants on the receiving end of this data essentially gain access to an extremely powerful tool to help with their workload.

Fintech systems can essentially be utilised as highly accurate and efficient administrative tools, preparing real-time financial data that can be analysed and used to draw up a business strategy. In essence, Fintech companies serve as valuable intermediaries between accountants’ clients and the conclusions drawn from the data, making them extremely useful tools.

In its current form, there is little chance Fintech software will replace accountants entirely. What Fintech brings to the table should be seen as an extremely useful and powerful tool, which, when embraced and mastered, will give accountants a great edge, especially going forward as the technology continues to evolve and improve. That being said, the importance of a human element in any accounting package to make and give conscious insights will likely mean Fintech never sees experienced accountants completely removed from the accounting process.

The reason is that accounting is not just about number crunching – it requires human judgement, ethical decision-making, and strategic thinking. These are skills that technology cannot, and likely will never be able to replicate. Instead, Fintech is expected to reshape the role of accountants, turning them into strategic advisors who can leverage these tools to provide more insightful business advice.

There are a multitude of ways by which Fintech can streamline a firm’s accounting processes. No longer needing to perform repetitive and time-consuming tasks like manual data entry is one of the biggest bonuses that Fintech offers. Things like the necessity to trawl through mountains of receipts vanish, along with working through piles of books and entering endless columns of numbers.

Cloud-based storage enhances this information processing further by making the data available at any time, and accessible anywhere, thanks to the use of both desktop-based software and mobile apps. Coupled with real-time updates and improved collaboration with clients, the enhanced flexibility means accountants can manage financial operations regardless of their location. Teams can also work on the same documents simultaneously, ensuring everyone is up to date, reducing discrepancies, and fostering financial transparency.

Pulse currently utilises Open banking and Open accounting, a tried and proven technology that prioritises online security above all else. Pulse is GDPR compliant, and its access is restricted to read-only, with only the parts of your data that you want us to see visible at any time.

Once you have granted us access, you will immediately start getting analysis-driven data based on management accounts. Our key areas of data visualisation cover gross margins, debtor/creditor ratios, turnover trends, and profits/losses. With our help and expertise, you can start making better decisions for your clients based on real-time numbers.

Not only will you be able to come to quicker, more reliable conclusions, but through our easy-to-understand interface, your client can also be shown the breakdown of your decisions, helping build a relationship of trust.