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How has technology changed the profession of fiduciary?
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How has technology changed the profession of fiduciary?

Technology defines the modern accounting industry. The pen, calculators and paper are still on the desk, but today's accounting experts no longer rely on them to balance books or make reports. Instead, they use technologies that have changed the way the most current fiduciaries practice. After an overview of the history and evolution of accounting, this article will focus on how technologies have changed the profession.

 

The evolution of accounting throughout history

From the earliest days of clay to the invention of the abacus (abacus counter), accounting is as old as civilization. It was only during the commercial revolution in the region of Venice and Florence in Italy that dual entry accounting was born. Often referred to as "the father of accounting", the Franciscan monk and mathematician, Luca Pacioli, published in the 15th century a book on the subject that advised three things: enough money or credit, an accounting system and a good accountant.

Accounting will then develop and adapt to organize itself into a profession. The growth of the industrial and trade markets requires reliable accounting that becomes an integral part of the business.

Not so long ago, in the 1970s, every debit and credit notice was written manually, the savings books were real physical notebooks and the account books were impressive pounds of pounds. A time when many hands were laden with small, laborious tasks with no added value and where the risk of error was large and could cost time and money to solve. The introduction of spreadsheets is a first essential change in the modern fiduciary world. Hours and hours of paper work are eliminated and replaced by elaborate formulas to consolidate books with speed and simplicity.

Without a doubt, technologies have taken a growing place in companies and allowed to gain in performance. More than an evolution, in the fiduciary environment one can speak of revolution. It is said that the arrival of technology, accounting trades were the first to have installed a computer on their desk. Traditional methods have been adapted by introducing new tools and ways of working that have really changed accounting for the benefit of both clients and fiduciaries.

 

How have technologies changed accounting?

 

Reduction of manual work and errors

There are now a number of technologies that can reduce the amount of manual entry and greatly reduce the margin of error. Excel has become obsolete and has been replaced by specialized software. Companies have the potential to streamline data entry. Modern fiduciaries have access to more and more accurate data that they can interpret to provide more strategy and advice, or assist clients in planning future budgets. Technology tools also allow for better communication between the agent and the fiduciary. While face-to-face meetings are essential for certain topics, this facility allows outsourcing of its administrative management to a fiduciary who is not necessarily on the spot without any concern.

 

Cloud Computing

In general, Cloud Computing is the delivery of on-demand resources and services over the Internet. One accesses data, synchronized with other information, or programs, via the internet rather than via the hard disk of a computer. In this way, a company can buy IT resources as a service.

Whether it's a messaging system like Gmail or document sharing with Dropbox, cloud computing is becoming more common and can be beneficial for management and customer relationship.

 

Security

With the progress of technologies and the theme of the RGPD often treated in the press lately, come the questions of security. But thanks to reliable programs and the use of the best means, the data is very secure and the accounting software is among the most protected available.

 

What are the real benefits of accounting technologies?
 

The customer at the center of the process

Some startups have chosen to work by delegating some of the tasks to the company. That is, they have developed programs so that a maximum of accounting work, the seizure of transactions for example, is done by the client himself.

A solution that may be suitable for an independent budget, but to think, especially in case of complexity. The time you are going to lose internally, is it really worth the savings you plan to make? Indeed, behind a software, there is an algorithm defined for a large number of cases. But it is difficult to take into account the subtlety of regulations, features and uses of our profession. From one country to another, from one canton to another, from one date to another, they differ and evolve. We are in a field where technologies can make a lot of money at many levels, but there is no substitute for knowledge and the human experience for monitoring and advice.

 

New technologies to simplify the lives of leaders

While there is certainly great accounting software, as a business manager, it is important to consider some issues before replacing a fiduciary with it. If they are designed to help those who do not have a lot of accounting experience, taking the time to understand and configure it for your particular situation can be a significant investment.

Today, some fiduciaries have seen the opportunity of these modern technologies to optimize the different processes and bring more value to customers who subcontract. By leveraging the best management technologies, Synergix has implemented its own processes to simplify the lives of leaders. No investment in an accounting system is necessary, so the tools are accessible to both a small and a multinational company. Configuration and updates are handled by the fiduciary.

The customer has only his invoices to scan at their reception, then everything is processed almost instantly by the Synergix teams. The implementation of an ERP and the GED (Electronic Document Management) allows optimized administrative management, the archiving of documents and easy retrieval of information if necessary. Time-consuming missions have decreased significantly in favor of greater efficiency, better quality of work and information, and increased productivity. The finance and controlling experts are more flexible and can focus on advising to better support clients in managing their company and finances.

Noting the lack of a tool that would allow entrepreneurs to have a clear view of their accounting in real time, to communicate easily with their fiduciary and their employees, as well as the need to easily find accounting entries. The directors of Synergix, Enrico and Jérôme Chincarini, created the online platform IODD, in parallel with their fiduciary activities, which fulfills, among others, all these functions. With intuitive and accurate dashboards, all information is centralized and synchronized to ensure the best visualization of business data and informed decision-making. Data can be extracted and analyzed on any device with an internet connection.

The tool is in perpetual evolution and also relies on mobile accounting to sound the death knell for shoe boxes full of receipts. Just take a picture of the crate tickets, the application extracts information that does not need to be entered. They can be added directly to the employee's expense report for the month.

Technology has taken a prominent place in the improvement and performance of the company that believes along with the innovations. Its use and automation enable finance and controlling experts to have more time to: interpret data, give good financial advice, point to smart business decisions, be even more involved in their clients' business. They can provide the best recommendations to management and suggest ways to reduce costs while improving profits.

Countries such as the United States and France have adapted their training to offer courses in accounting and technology. If this is not the case in Switzerland, a modern fiduciary like Synergix, recruits priority profiles with a decisive experience and sensitivity to digital tools.