Five ways technology is transforming the future of accounting

by Emily on May 11, 2017

in Articles

Finances rule the business world, there is no doubt about that, but technologies such as marketing automation, lead generation, firm improvement and development software are making it harder for a modern accountant to keep up the pace. Knowing what this type of a professional needs to do in order to stay on the right track is the key to understanding the future of accounting.

The cloud

The cloud environment has completely changed how the business world works – on the one hand, it has sped up a variety of processes allowing access to every file users might need while they are in an area connected to the web; on the other hand, it has rendered itself an unavoidable part of any business that is looking to succeed.
When it comes to accountants, a mere couple of years ago they would have needed to spend a lot in order to provide the best possible financial suit for servicing their clients. Nowadays, with cloud accounting, it takes less than $100 per month to obtain professional finance and accounting tools, thus rendering the old business model completely redundant.
The advancements in the cloud environment are far from their plateau – an increasing number of innovative applications with even more advanced analytical tools and larger data sets are just around the corner.
Essentially, what this means is that a modern-day accountant can take on more clients than ever while providing their services globally!

Thinking globally

As previously mentioned, modern accounting is spreading its reach across the entirety of the planet. This does entail working with clients on their own time-zonal terms, but working nights and early mornings is really a small sacrifice for the amount of success that global accounting brings to the table. And truly, with the modern technology, one no longer needs to have personal appointments – Skype conference meetings have already become a regular thing! Of course, meeting in person is always preferable, but making the most out of what the Internet has to offer is usually more than enough. Besides, all the cashflow data is right before the accountant, almost on-demand, almost like meeting in person.

Adapting

Forget about those who believe that the cloud and other technological advances are costing accountants and bookkeepers their jobs. The truth is, technological advances in accounting have received a vast support from accounting professionals themselves! In fact, when it comes to small and micro businesses, the financial gurus have taken this opportunity to expand their service and value, which brings us to the next point: you’re going to need to keep up if you want to step into the future of accounting. A certificate IV in accounting provides students with all the basics of modern accounting, and even more importantly, with the knowledge of using the popular pieces of accounting software that are on the rise.

Freelance

Much like the shift towards cloud computing, the tendency towards alternative means of employment has also started to emerge. We’re talking, of course, about freelancing and contracting, which has not only completely reshaped the accounting part of the business landscape, but also created brand new opportunities for accountants. In truth, there are many reasons why the future of many professions is, in large part, in freelancing and contracting, and accounting is a prime example rather than an exception.

Education requirements and other issues

To sum it all up, future accountants will need thorough education in digital technology, globalization and evolving regulations, such as tax regulation, but also new forms of corporate reporting, integrated reporting regulation and much more. At this moment, which is the turning point of this profession, a vast number of accountants have huge skill gaps caused by the fact that the regular education couldn’t really predict the ongoing trends with certainty. These gaps include their lack of knowledge about transformation of new disclosure regulations, new forms of disclosures and awareness of the connection between financial and non-financial reporting.
When it comes to research, large accounting firms are already conducting surveys on the mentioned cloud computing, but not without brushing against the ever-popular big data, integrated reporting and even carbon emission accounting.
Increased regulation and disclosure rules that are associated with it are likely to have a huge impact on the profession in question, owing to ongoing problems, such as massive tax avoidance, transfer pricing and money laundering, i.e. the plagues of modern accounting.

The future of the accounting profession is really already here, and if you’re one of these professionals who are still doing things the old way, you can rest assured that the need for keeping up with the modern trends is going to come knocking at your door really soon. Focus on cloud computing, think globally, learn how to adapt, but most importantly, consider joining the freelance crowd.

[fbcomments]

{ 17 comments… read them below or add one }

Laura Tartt October 4, 2017 at 13:28

Accounting software is an invaluable resource for modern business. The software allows detailed tracking of financial transactions and near instantaneous reporting and analysis.Accounts SoftwareThanks a lot.

Gopal September 14, 2018 at 10:05

Thank you so much for valuable information

Sajjad Haider September 15, 2020 at 10:09

Technology is important for every business now a days. This post highlights its importance for accounting in a really good way.

Accountants in London September 25, 2020 at 12:16

Technology for accounting is an indispensable resource for modern company. The software makes it possible to track financial transactions in detail and record and analyse almost instantaneously. Software AccountsThanks a lot.

Woolloongabba bookkeeper November 9, 2020 at 11:37

Make sure that your business is all legal and processed correctly with good accounting process and bookkeeping.

Anthony Jeffers December 11, 2020 at 12:06

You made such an interesting piece to read, giving every subject enlightenment for us to gain knowledge. Thanks for sharing the such information with us

accountant Woolloongabba February 17, 2021 at 02:10

That last-minute stress of trying to find a crucial piece of business can lead to missed deadlines and some small errors creeping through. Businesses of any size can’t afford to make any mistakes and bookkeeping regularly can help with that.

Accounting and Financial Services Greenslopes February 18, 2021 at 09:25

Accounting assists in a range of decision-making process and help owners in developing policies to increase the efficiency of business processes. Some examples of decisions based on accounting information include the price to be charged for products and services.

Sumatra March 20, 2021 at 06:16

Job sites are very important for searching a job. Nowadays technologies are available and we may manage a job very easily using jobsite. We can apply for our job from this site by choosing our desired job. It is very fast way to get a job using job portal

AM ACCOUNTANTS March 23, 2021 at 12:39

Thanks for sharing this valuable content,

AM Accountants will act as your tax accountant in Calgary and will strongly recommend tax savings strategies to help you maintain a high value.

Am Accountants April 30, 2021 at 10:38

Accounting is the most important part of every business because accountants manage your all business and grow your business.

Accounting and Financial Services Greenslopes June 8, 2021 at 11:28

Very helpful. Accounting will always be managed by experts even with modern tools. Thanks for sharing this informative article.

Linda Kooijman June 15, 2021 at 13:51

Hello, this weekend is good for me, since this time i am reading this enormous informative article here at my home.

an Accountant July 14, 2021 at 18:24

Responsibility strategies is a must-have resource for today’s business. The software allows you to keep track of financial transactions in great detail, as well as record and analyse them almost instantly.  Your Article in very Informative, love to read…

Accounting Firms August 5, 2021 at 11:32

Accounting is most crucial for every business. Accountants keep track of your business records, preparing accounts and financial Records, Up to date and Secure,

Jhon September 15, 2021 at 15:20

Great article, thanks for sharing, keep it up, Accotax helps small businesses & startups with their accounting and taxation matters, bookkeeping to keep their business running perfectly.

Sanchit Gaurav October 29, 2021 at 06:46

The accounting profession is rapidly transforming partially due to productivity optimization available through newer technologies.

 

Previous post:

Next post: