The shifting role of small business accounting in Norwest is largely driven by the increasing number of automated solutions available to businesses today. Machines are now being used to take care of repetitive financial tasks that accountants used to do. In order to be relevant, accountants have to readjust their positions from being a number-cruncher to a value-adder.
Payroll processing is not actually the function of an accountant but because of the repetitive nature of the process, many businesses prefer to give the responsibility to accountants. However, according to Steven Jones, business development manager of UK payroll processing company, Payescape, payroll processing presents few opportunities to the profession. Besides that technology has automated the payroll system and some key functions for small businesses.
So, why do businesses still need accountants? Bookkeeping, bank reconciliations and payroll processing are functions that a small business owner can do. However, an accountant can be the advisor particularly when strategic decisions have to be made. An accountant can provide valuable advice on what work the business can take on for their business clients and what work needs the automated solutions.
While it seems that automated solutions take work away from accountants, the industry is starting to see it as a positive way to free up the valuable time of accountants so that they can instead become business advisors. While majority of the processes in a payroll system are repetitive and can easily be managed through technology, there are still areas when the accounting expertise is needed like compliance and data security.
Payroll and tax-related regulations must be the focus of accountants who are handling payroll. There are areas that require accountants like risk mitigation processes and compliance. They have to provide the value-added services that machines cannot deliver. They can help the business flourish by delivering services that are required.
There are certain areas where small business accounting in Norwest focuses like financial planning, insurance and mortgages. When it comes to accounting and taxation, an accounting team knows the requirements of Australian Taxation Office like business activity statements and income tax returns. The team has a breadth of experience across different industries.