The digital transformation that triggered the 21st century banking revolution and is now making waves in the accounting sector. It’s an exciting time, but with any significant change comes big challenges. Historically speaking, accounting has always been considered a relatively ‘safe’ sector: it’s a necessary service for all businesses with predictable revenue models.
Accountancy is still a necessary service – but its delivery has changed, thanks to digital disruptions and innovative solutions from tech-savvy firms, and predictable revenue may no longer be guaranteed. Cloud-based accounting operations have the power to outdo traditional and more manual accounting methods in terms of efficiency, accuracy and speed. As automated accounting becomes more mainstream, accountants need to look for important ways to future-proof their profession and stay relevant.
This is why more and more accounting firms are digitising their offer in response to market demands. However, embracing digital transformation is not just about adopting new technologies – it’s about developing a new mindset too. The real opportunity here is for accountants to use technology to offer more than number-crunching solutions and instead become business advisors to their clients.
Harnessing the digital mindset  
The millennial generation is increasingly present in the workforce as employees, clients and bosses. This group is very switched on technologically – and expects a certain level of digital services and interaction in the workplace. Adoption of digital solutions is crucial for staff retention as well as business efficiency. Making Tax Digital (MTD), for example, is around the corner and will pose a real challenge to a large number of firms that aren’t prepared for it.  Businesses that fail to make the necessary plans and investment to ensure they will be compliant by 1st April 2019 risk facing penalties – not to mention falling behind the curve.
However, the successful digital mindset is not solely focused

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