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Five Ways Technology is Transforming Accounting

Overview

Technology has been changing accounting by not only improving how accounting is performed but also changing the accountants’ roles. Most accounting tasks are being automated and accountants are transitioning to a business advisor role. Organisations are now getting more out of their investments as daily tasks like invoice creation, reconciliation and report generation are automated with little or no intervention from accountants and the accountants can apply their core skills in finance – critical thinking, strategising, customer relationship – more than before. This article identifies five areas where accounting is changing.

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Artificial Intelligence & Robotics

Technologies like Robotic Process Automation (RPA) is being applied to multiple use uses like report generation, emailing reports, invoices and other documents, customer onboarding and many more. While RPA, Machine Learning and Artificial Intelligence evolve fast, the use cases are fulfilled with greater speed and efficiency. For example, the software can recurringly generate various accounting reports and send to as attachments to various clients on specified dates. Think of the resource savings – time and effort – on part of the accountants.

Cloud Computing

Accountants are the custodians of confidential data and that comes with risks. There was always the need of a smart solution that not only secures data but also provides easy access. Cloud-hosted accounting solutions solved the problem. Now, accountants are relying increasingly on cloud-hosted solutions rather than on-premises or outdated solutions. The solutions are accessible through a web-based client like the browsers and the log in is simple with authenticated log in credentials. With this, accessing data anytime and from anywhere becomes simple. These solutions also offer highest security. Microsoft Azure, for example, stores data in a Trusted Execution Environment (TEE), which is like a protected container that authenticates all attempts to gain access to the data.

Tax Software Innovations

Tax software have changed based on a lot of innovations. Now, tax software allows accountants to efficiently complete the whole workflow of accounting production and audits. The software allows you to complete the whole process of setting up practices and clients, permissions, compliance assessment and producing accounts, among other tasks. Also, other innovations — as mentioned before – like RPA and Artificial Intelligence have automated a lot of use cases and workflows.

Mobile Accounting

Mobile accounting has been probably the biggest game changer for the accountants. The accountants are no longer tied to their desks as they access their data on mobile apps. Accounting software providers are providing apps for the accountants which can be accessed anywhere – at home or on the go and anytime they want. With the client business getting more complicated and demanding regular access to the data, mobile accounting is exactly what they want.

Social Media

Social media allows the accountants to engage with their clients and prospects on another level. Given that businesses are engaging in social media more than ever, accountants have a place to find them. Social media channels allow accountants to not only post promotional content but also follow prospects’ businesses and design appropriate solutions for them. Social media has provided them a way to find more information about clients and prospects.