5 Tech Improvements for the Accounting Industry

(MENAFN- MENAFNAuthors) technology has been changing how industries function by offering new software, equipment, and platforms that increase productivity, reduce human error, and create cost-effective labor solutions. Accounting is a field that has also been influenced by productivity optimization technology. The modern accountant is no longer tied down to task-oriented projects, as accounting Technology and software programs are automating many of the daily or account required tasks. Now, an accountant acts more like a business advisor, demonstrating critical thinking skills, professional skepticism, and rational judgment. As these roles will continue to expand throughout the coming years, there will be a whole new set of training and expectations with new hires and accounting education programs. Although technology is changing the way the accountant crunches numbers, schedule appointments, or stores data, it is will still be critical to develop and display the soft skills that make an accountant a valued business asset.

Some Things Never Change

Even though technology has changed the way an accountant functions, each accountant still needs to display strong analytical tendencies and logical insight. Accounting software systems are more than just ways to store data and perform calculations. The information that these tech systems present needs to be interpreted effectively and efficiently. The soft skills that help develop a relationship of trust and respect between accountant and corporation are supported by a solid demonstration of accurate and detailed analysis. While these requirements will never change, the accounting industry is going to undergo further changes as technology continues to develop. Here are some of the areas where accountants can expect to see change.

1. Robotics and AI

The ability to perform complex and repetitive processes and tasks is made easier and more efficient when you integrated autorotation through robotics and artificial intelligence. The speed at which digital computing can complete tasks that would be time-consuming for humans is unbeatable, given the decreased risk of error and reducing operating costs. While these machines and programs have been kept as a supportive role in the past, the continued programming advancement will move these systems into a more critical thinking role. In spite of the intelligence AI and robotic systems display, there are still some areas where human functioning will be needed. The limited intelligent behavior that these machines cannot fully replicate the human brain’s ability to learn from experience, be creative, understand visual images or verbal cues, and prioritize clients and their needs in light of other tasks.

2. Cloud Computing

Rather than hosting information and software on physical servers tied to an office location, cloud computing relies on Internet-based connecting to share computer processing resources as well as send and store information to personal computers or other devices. Without needing to be in an office in order to access client information, an accountant can enjoy more mobility and the freedom to pursue clients in a number of locations. The accountant is able to take care of his daily accounting tasks from any location but with full access to the data and reports that are needed to send reports or financial information to clients or partners. This opens up many possibilities for developing new client relationships and expanding contacts. It offers accountants more time to work on their business strategies and client needs rather than getting bogged down with detailed processes.

3. Tax Software Changes

The IRS has reported that e-filing convenience has had almost half of the country pursuing digital tax submissions. The private citizen isn’t the only one who benefits from digital solutions for tax time. The current accounting and tax software has helped to reduce errors in filings and improve accuracy for clients around the world. Being accurate and reducing the margin of error is important for businesses that want to avoid being hit with tax penalties and facing the consequences of unhappy stakeholders. When it comes to getting a recommendation or a referral by the United CPA Association, unhappy clients and outdated filing systems can be the difference between business growth and office closure. A tax software system will help with the audit system, streamlining them to be more effective and efficient. Auditors will need to increase their training and understanding of these systems if they are going to be able to discharge their duties wholly and effectively.

4. Mobile Accounting

Smartphone use has been increasing around the globe, and the development of apps and operating systems to meet the diverse needs of the global population have included the realm of mobile accounting. Smartphone applications can help accountants manage their business operations while they are on the go. Firms can send invoices, reconcile payments, track expenses, create expense forms, and add receipts from their travels. The exact benefit of mobile accounting will be associated with different accountants and firms that need to use it.

5. Social Media

The number of individuals spending time on social media each day is alarming, although it can be a potential area of growth for accountants. An active social media presence is replacing traditional marketing protocols, as these mediums allow you to take your message straight to where the people are and in a way that they can understand. Failing to establish an engaging social media campaign through a consistent and engaging presence will hurt your ability to instantly connect with potential clients.

Accountants stand to benefit from the changes in technology, so long as they implement the programs and software effectively. Taking the time to learn about the pros and cons associated with each will help you know which area of impact you should pursue.

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