Tech Trends Shaping the Accounting Industry

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The world of accounting has had a face-lift thanks to some cutting edge technology. Accounting software is more user-friendly than ever with real-time information and cloud accessibility. It’s shifting the way businesses do business and how accountants do their accounting jobs.

Cloud-based technology has become somewhat of a norm in big and small businesses. The advantages are many: it can create efficient systems, it can streamline processes, give them around the clock access to information in real-time, and interact with other parts of your business like an online inventory management system.
One of the biggest sectors that has felt the impact of cloud-based technology is the accounting industry. This software has taken many businesses away from mainstream, large-scale accountant firms. It is reshaping the role of modern day accountants, which we will look at shortly.

Other trends quickly taking their stand include automation, blockchain technology, artificial intelligence and mobile accounting.

What has driven this change?

The driving forces behind the shift in technology come from a demand for real-time information and more accessibility. People want around the clock access and they don’t want it to halt the pace of business. They want the administrative processes to decrease and they want more time for strategic thinking and interaction.

Moreover, they want more accuracy and certainty with what they are doing. Whether it’s cloud-based software or artificial intelligence, it’s undeniable that these processes have improved our efficiencies and decreased our mistakes, especially in the accounting world.

Also, people want flexibility and that’s one of the best features of cloud-based accounting software. It is a very adaptable platform that can work and grow with your business. It can interact with your online inventory management software. It can help you keep tabs on what’s in the warehouse and what’s on your balance sheet and you can rest assured that it is communicating with your online inventory management tools.

What can accountants do alongside these tech trends?

Accountants don’t have to stand back and let these tech trends put them out of business. Rather, they can find ways to incorporate them, let it reduce the administrative part of their role, and take advantage of the time it can give them to engage and build relationships with clients.

Use the flexibility to work from any location to deliver financial reports and information through the cloud. It’s a different approach to communicating and working with clients, but it’s not a bad thing! Instead, accountants will have more time to think about higher-level issues. They can be advisors, rather than just number crunchers. They can choose to have more face-to-face time with clients and talk about business strategies more, rather than the day-to-day running of the business.

Cloud accounting also provides a higher level of data security. Since it is auto-saving all of the time, it’s easy to maintain your data and not worry about losing information. The mobility allows accountants and clients to access information on apps and manage their businesses while they are travelling and moving around for work. There is a lot of functionality available with mobile connectivity and cloud-based software. There’s easy access to accounts, invoices, receipts and expense claims from your mobile device. This means sending and receiving is easier than ever for both parties.

If you’re an accountant, don’t let tech stop you, let it kick-start you into a new way of working.

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Melanie - Unleashed Software

Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.

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