Technology has a way of revolutionizing any field it touches. While the accounting industry remained unchanged for significantly longer than some other sectors, tech has recently shaken the world of accounting to its core, thanks to the rise of automation, cloud computing, advanced software, mobility, and social media.
If you are wondering how technology is transforming accounting, here is what you need to know.
Process automation is supported by artificial intelligence (AI) technologies. These solutions can handle repetitive tasks with very little oversight, even if they are highly complex. Plus, they can reduce error rates dramatically, increasing overall efficiency and accuracy.
While some consider automation a threat, AI is not yet capable of fully replacing accounting professionals. Instead, it takes what can be a tedious part of their workload off their plates, allowing them to focus on duties that require human capabilities, like creative thinking.
Cloud computing not only allows companies to embrace the “as-a-Service” model for cost reduction and access resources that may otherwise be unaffordable, but it also supports mobility. Any device that can connect to the system over the internet can be used to accomplish work tasks, regardless of where it is located.
While tax software isn’t new, it is becoming more accurate and capable. Companies can streamline processes, reduce error rates, avoid potential tax penalties, and audit more effectively with some of today’s software options.
Tax software can also assist accounting professionals with critical parts of their work, like handling complex calculations. This allows for increased efficiency and productivity as well as the ability to reduce error rates.
Many professionals are relying on mobile devices during their workday. As a result, an increasing number of mobile apps are being created to assist accountants with a range of tasks, including invoice creation, receipt tracking and record reconciling.
Additionally, communication platforms – particularly unified communications solutions – typically have mobile apps to support mobility. This allows accounting professionals who are on the go to remain in contact at all times, having access to the same communication methods as they would while they are in the office.
When it comes to client engagement and branding, social media is increasingly critical. It allows companies and professionals to stay connected to their current customers, reach out to prospective clients and share information that can capture the attention of the masses.
Essentially, social media is critical from a marketing perspective, and will likely remain so for the foreseeable future. As a result, accounting professionals and accounting firms need to embrace the various platforms, ensuring they are where customers go when they need information or assistance.
Ultimately, all the technologies above are transforming accounting. If you would like to discover more, the staff at The Squires Group can help. Contact us to speak with a member of our experienced team today and see how our technical expertise can benefit you.