How Technology Has Changed the Accounting Industry:
Like every other industry, accounting has felt the effects of the rise of technology. In fact, accounting has arguably benefited from it more than other professional practices.
It might be one of the oldest industries on the planet, but here’s 4 ways the accounting industry is hitting the tech-o-sphere:
- Cloud-based systems
Streamlining systems and allowing access to customer records from anywhere are just a couple of the positive benefits of cloud based accounting. Costly administrative filing tasks and back-office processes can be eliminated or minimised to save money, space and the environment.
Finally, heightened security, unlimited back-ups and rapid data retrieval are all just a click away.
- Online banking transactions
Whether it’s apps or intuitive banking sites, collecting statements and account information has never been simpler. Clients can easily transfer data to their accountant and vice-versa. Both parties can have access to real-time remote data, whenever they need it – speeding up any accounting task.
- Mobile accounting
Along the same vein, mobile banking has changed the face of accounting. Mobile software that allows you to send invoices, add receipts, create expenses claims and manage numerous accounts, is readily available. As an accountant, your office can be anywhere.
- Specialist accounting software
Gone are the days of pen, ledger and calculator. Scanning technology turns calculations and filing into an efficient exercise. The latest software can detect errors and improve accuracy, benefiting your reputation and protecting against tax penalties and other consequences.
Of course, technology does not come without perils, hacking scandals and data breaches. Despite this, 89% of AAT (Association of Accounting Technicians) members said that advance in technology are a real positive for the accountancy profession, creating new opportunities and lightened workloads.