In several previous articles, we have highlighted how Italian accounting firms’ rigid corporate structures combined with their tendency to operate in limited geographic areas can cause them to overlook the significant changes currently underway in global economies. On one hand, there’s digital innovation; on the other, technologies that can seamlessly integrate within established work processes, such as the robotization of operational processes. These technologies are swiftly revolutionizing the industry.

A forward-looking perspective. How is your sector changing?

Peter Zeihan, “futurist” and geopolitics expert, recently evaluated the effects of new- generation artificial intelligence on work processes and the economy. From his perspective, which we largely concur with, new technologies remain unable to perform intellectual tasks requiring complexity beyond simple rules or integrate seemingly unrelated information, at least for now. He refers to such tasks as “second-level” intellectual jobs.

However, Zeihan predicts that a growing number of white-collar jobs characterized by strict codes of conduct will soon be replaced. Accountants happen to be among the many professionals operating in finance and related fields who can already be replaced – either partly or entirely – by machines. For instance, there are already software programs capable of handling invoices, financial statements, and financial reports, rendering traditional roles in these areas obsolete.

Zeihan also offers insightful macroeconomic considerations. He believes that Western countries will be compelled to reinvest in industrial production, bringing manufacturing back home as a result of this transformation. However, this issue extends beyond our current focus.

But how can digital innovation, process robotization, and data analysis help a hypothetical future firm evolve and expand beyond their current geographic areas?

Many firms are already embracing robotization.

Among our clients, many have a very diverse customer base; some are multinational companies with multiple branches, but in many cases, it is their sectoral specialization or business scale that prompts these professionals to move from a local to national scope.

Clients have multifaceted needs. On one hand, there is the constant need to handle accounting activities, which entrepreneurs often see as a necessary evil, an obstacle to their creativity. On the other hand, there is the need to monitor breakeven points, follow cash flow trends, and make expenditure, taxation, and liquidity projections over periods of 4, 8, and 12 months.

The good news for accountants is that most of these processes can be robotized and the process does not require as much time or money as one would expect.

Example: A typical day with a robot.

Let us now see what actually happens when a firm embraces robotization. On a typical day, a robot would record invoices, match bank transactions to invoices, automatically generate summary dashboards for each of the firm’s clients and prepare two written reports highlighting relevant business trends: a detailed one for the accountant and a simplified one for the client.

Then, the robot would autonomously send the client a WhatsApp message briefly summarizing its findings, allowing them to schedule a meeting with the accountant, thus providing them with a highly customized service.

These tools can allow accountants to productize their services, achieving a level of scalability once deemed impossible.

However, with geographic scalability, the accounting field is bound to get more competitive, which is something that many are not ready for as strict rules and regulations have successfully mitigated rivalry within the sector, at least until recently.

While we are in no position to predict future trends with absolute certainty, it is highly unlikely that technological changes like the ones we are currently experiencing won’t alter the status quo.

That is why visionary firms have already started robotizing their processes, with robots becoming increasingly smart.

Mentally offers users of existing accounting software (e.g. TeamSystem, QuickBooks, Profis etc.) the opportunity to considerably enhance their firms’ competitiveness.

As for firms that manage large customer bases, our blog showcases several testimonials from professionals who have already witnessed the benefits of robotization. Many firms have already turned to us to improve their client management capabilities for enhanced effectiveness. Less wasted energy, better results. This is what process robotization guarantees.

Having seen what a typical work day with a robot looks like, one can clearly see how a series of operations, not limited to mere quantitative tasks, allow firms to achieve a level of scalability otherwise unattainable. This scenario perfectly exemplifies Zeihan’s theory about robots’ potential ability to replace an entire spectrum of “first-level” tasks, from purely quantitative to intellectual ones – provided their complexity doesn’t exceed human capacity. That is why robots still need humans, though they assist them with a vast range of activities.

Mentally Unpacked: Understanding the System’s Core Features

• Acts as an assistant helping CPA firms expand their customer bases and geographic reach, enabling them to broaden their scope . With a robot handling most of their routine tasks, professionals can invest their time in more profitable and client-oriented activities.
• Facilitates and enhances client communication. Our proposition makes it easier for firms to navigate complex macro and micro environments, where even managing a few clients can be strenuous.
• Allows firms to deliver a more comprehensive service: accuracy, punctuality, swift communication, and better support. With the robot autonomously handling most operations, professionals can focus on quality over quantity.

   

Do you need your firm to raise its quality standards? You can schedule a free session with our experts who will help you assess your business needs and create a suitable development plan just for you.

Note: If you are using software like QuickBooks or are seeking alternatives, or if you are interested in exploring how robots might streamline your administrative tasks, feel free to reach out for a consultation. While we hint at having a robot designed for QuickBooks, we are also open to crafting custom solutions on deman