The high rate of technological advances is taking accounting to new levels. The future is only bright to accountants who are open to adopting new technology.
Mobile devices have become very critical tools for accounting firms, enabling more efficient operations and providing accountants with a lot of apps and other solutions. Now, accountants can make sophisticated financial calculations on a smartphone or turn a tablet into a portable hand-held scanner for documents.
Technology is also shaping the future of accounting by impacting the types of jobs that are available. Whether you are a seasoned accounting professional looking to stay on the cutting edge of the industry or an aspiring newcomer, you’ll have to know the following major technology trends to keep up the ever-revolving times.
Knowing and improving these trends would not only increase an accountant’s demand but would also help the transitioning into a fully technological space. Some of these trends include;
With several applications and programs that aid easy automating accounting processes, accountants now have more time for analyzing and finding insights from the information they receive. They also can use analytics programs for continuous auditing and analyzing full data sets of financial information rather than relying on small samples. Accountants can use these data to calculate sales results, percentages, costs and inventory, they could provide value to their clients by using these data to predict outcomes or make recommendations.
Knowledge on how to analyze data and use this application properly is key.
Artificial Intelligence and Machine Learning
Artificial intelligence (AI) – computers that can potentially do things like human – and machine learning, in which technology can learn on its own, will definitely affect how accountants conduct business. With the ability to learn, determine what is important, “see” visual images and handle complex tasks, routine tasks may be automated, potentially freeing up accountants for more strategic work. The future would lie at the hands of the machine to do a bulk of the accounting work and only those who can manage the machines would be handy and in high demand.
This is the technology that provides a secure transaction ledger accessed online from users permitted to do so. It tends to be associated with creating transaction histories for cryptocurrency such as Bitcoin, but the technology has far more uses. A report from Deloitte speculates that blockchain could potentially replace the centuries old “double ledger” system of accounting by giving accountants a chance to enter each transaction on a transparent register that is sealed and impossible to change.
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Every Accountant is always aware of security when it comes to their clients’ private information, such as tax returns or other financial data. Those issues have multiplied with the use of cloud computing. Although cloud solutions offer some degree of security, accountants should be able to understand and practice the appropriate behavior online to reduce the risk of having information stolen or compromised.
Augmented and Virtual Reality
In virtual reality, a realistic 3D environment is created through which people can explore by wearing a special headpiece. Augmented reality transposes digital images into the real world. These technologies are still being sorted out. However, it’s possible accountants could use them to, for example, virtually work with a client, provide consultations or any other accounting duty from another location.
Technology has already made a big impact on the world and in virtually every industry. However, the growth of technology is breeding newer trends and opportunities daily especially in industries like accounting.