Technology is ever-evolving, making it hard for many accountants to decide which advances actually deserve their attention. Often, it feels like a new app or piece of software designed to make professional lives easier is making headlines every day, but tracking every new release just isn’t realistic. To help you sort through the noise, here are the top tech trends accountants need to be aware of in 2017.
Advancements in Blockchain
Blockchain has gained a significant amount of notoriety thanks to the cryptocurrency Bitcoin. But this technology has much more to offer and is positioned to impact accountants in particular.
To put it simply, Blockchain is a database system that is especially well-suited for logging financial transactions. This new form of recordkeeping has the potential to alleviate many headaches associated with accounting, such as reconciling different record sets and creating audit trails. Blockchain is a distributed ledger technology that provides a method for multiple entities to share infrastructure while ensuring everything remains encrypted.
The technology still has a way to go, but the potential is certainly there, making it an ideal point for accountants to monitor.
While cloud technology isn’t new, the use of such systems is increasing at a rapid pace. Accountants will likely see cloud-based software offerings becoming more common in their workplaces as it has the potential to help firms grow while keeping computing costs low. It also gives professionals the ability to work from almost anywhere, making it easier for employees to stay productive even when they are on the go. Plus, cloud services make it simpler for accountants to work from home, a perk many employees would like to have, but not everyone has had the opportunity to try.
Data analytics and artificial intelligence (AI) could create a new way of doing business, especially in the auditing, tax, and client services realm. Systems can gather the necessary details from large stores of records, cutting the amount of research time required to complete investigative tasks significantly. Report creation may also be simplified as well as data input.
Automation also gives accountants the ability to concentrate on tasks that truly require their expertise, allowing the system to manage more tedious or repetitive tasks for them. The removal of these responsibilities can improve production and may even make some professionals happier while they work.
Accountants have a lot to look forward to in regards to what technology has to offer, and those mentioned above are particularly poised to make a large impact in the field. If your workplace isn’t embracing these concepts yet, don’t be surprised if they do so in the near future.
If you’re interested in learning more about tech trends or are looking for a new accounting position, the professionals at The Squires Group can help you explore your options. Contact us to speak with one of our skilled team members today and learn about everything we have to offer.