Over half of accountants still spend too much time on manual tasks with lower levels of automation than expected
Reliance on manual processes is still high with 56% of accountants still using legacy systems to run their accounting operations. On average, just over a third (39%) of tasks are currently automated which leaves more than half of accounting and finance processes still being fulfilled manually with high dependence on traditional Excel spreadsheets.
When looking to the future, accountants expected automation to grow with 51 to 75% of tasks expected to be automated in 10 years’ time, showed a survey of 250 accountants by cloud accounting platform Dext.
When asked what functions are most likely to be automated that have not been already, the top answers were auditing financial information (59%), business plan analysis (45%), and preparing accounts and tax returns (44%). The least likely to be automated was regulatory advice at 28%.
Paul Lodder, VP accounting product strategy at Dext, said: ‘With so many accountants spending too much time on manual tasks, it is crucial they take steps towards automation.
‘When time is so important to many of us, it is imperative accountants have technology that works for them. With less time spent on manual tasks, accountants can use more of their time building relationships with clients and offering advice as trusted advisors.’