Lately, the accounting industry has been dramatically evolving with the rise of cutting-edge technologies. From chatbots and machine learning to adaptive intelligence, slowly, every inch of modern technology is becoming a part of the finance teams in almost every finance and accounting firm.
Smart technology may sound like a new thing but organizations have already been utilizing basic automated accounting processes. It goes without saying that all this technology could bring some major changes to the accounting industry and the way firms offer accounting services.
More technological changes are on the horizon
Technological advances are taking the accounting field to new levels. Whether you are an accounting firm or an expert who wants to stay updated on the latest technologies that are taking place in the industry, below are some of the advances in technologies that are taking place in the accounting domain.
For those who are not familiar, the cloud lets you have instant access to resources like data and computing capabilities. One of the significant benefits of a cloud-based system is the continuous updating of information which lets both clients and accounts analyze data and make informed decisions.
Cloud computing is currently encountering drastic growth as smart technologies like the Internet of Things (IoT), Machine Learning (ML), and Artificial Intelligence (AI) are being integrated into the cloud. As for more and more businesses these technologies become more commonplace, the technologies become a bit more commonplace.
Automated Accounting Tasks
There are various tasks in accounting that are both time-taking and labor-intensive such as tax preparation, payroll, audit, etc. Thanks to advanced technology, these tasks are now becoming fully automated.
As the application of Artificial Intelligence (AI) and Machine Learning (ML) to create self-learning systems will continue to be integrated into accounting activities, required technological solutions helping with time-taking and repetitive tasks, which leave the managerial and analytical job to the experts.
For instance, the application of RPA (Robotic Process Automation) in order to minimize processing times for audits and contracts from months to just a few weeks. More and more enterprises are now interested in utilizing RPA AI integration to improve employee productivity and efficiency.
One more example, many accounting software platforms such as Xero and Sage are providing automated data entry and reconciliation options that use Artificial Intelligence and Machine Learning cutting-edge technologies in company bookkeeping.
This is another cutting-edge technology that will affect the demand for accountants in the near future. Honestly, blockchain technology has already attracted many eyes and gained popularity, all thanks to bitcoin.
The hype for blockchain for accounting is actually due to the probability of a new type of accounting ledger. What’s so special about it? Well, the ability to keep it up-to-date and verified without the risk of being altered or corrupted.
This high-end technological solution will let users access ledgers in real-time and create smart contracts and record transactions. In fact, a few firms have already started integrating blockchain into their existing systems.
No matter what, accounting is changing and it will continue so. This is mainly because of smart technologies, Artificial Intelligence, Machine Learning, and Blockchain.
In the future, the job of accountants will be more of helping businesses make sense of the data that these technological solutions produce rather than simply running books, filing taxes, and ensuring compliance.
We don’t know how exactly accounting going to evolve, however, the speed of that evolution is undoubtedly accelerating. Those who want to stay in the accounting industry should have a willingness to evolve along with the technology in order to succeed in the long term.