Technology in Accounting
Keeping track of numbers and figures has always been important, from the early abacus to the revolution of the calculator and then spreadsheet. Technology has come along to make the work of bookkeepers and accountants easier and faster and this is set to continue into the future. Here are some of the ways technology has changed the face of accounting and how it will going forward:
Mobile technology – For many years now, accountants have been able to contact their clients remotely with the use of mobile technology. This means accounting can be done at any time across the globe, especially with the increase in use of technology such as Zoom and Google Meet to enable remote meetings. Nowadays, no matter what is happening in the world, accountants can continue to supply vital services to their clients even if they are not in the same country! For advice from Cheltenham accountants, contact https://www.randall-payne.co.uk
Cloud accounting – Accounting can now be done in the ether! With no restraints of time, space, paper or geography, accounting on software that can be accessed anywhere at any time frees up an accountant from the previously time consuming processes of filing and receipt collecting. Everything can be quickly done online in the cloud, from submitting tax returns to running a bulk payroll. Clients can get paid faster as they can invoice on the go, as well as submitting expenses in real time. Not only does this save considerable amounts of time but reduces the risk of human error and missed transactions.
Task automation – Tasks that used to be intensely time-consuming can now be automated. As AI becomes increasingly significant in our lives, machines are learning all the time. This means that work that involves reconciliation or data entry could now be automated by AI. This frees the accountant to focus on providing financial advice instead of monotonous but essential data entry.
Improved insights – Whereas time used to me spent travelling to meetings and dealing with paperwork, now with so much useful technology at our fingertips, accountants can gain incredible insights into their client’s business. With this access to information and more time to analyse it, an accountant can provide better strategy advice to their clients, as well as spending more time on developing client relationships.
Specialisation – With these deeper insights comes more opportunity to specialise in particular fields of accounting. Business consulting, for example, would have previously been restricted to the businesses in a local area. Without the geographical limitations we used to have, an accountant can now assist clients in any country and can afford to become a specialist in a particular field.
In the future, accounting will continue to be influenced by AI. Emerging financial tech such as blockchain is another exciting area that will likely impact the work of the accountants of the future. Technology development is all about solving problems and finding solutions to challenges to create a better client experience. Whatever the future holds, accounting is likely to continue the shift from manual practices to automation along with many other professions.