Impact of Technology on the Accounting Profession

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A Brief History

Nowadays, to march with the current market conditions and the clients’ needs, all accountants should stay updated on technology. In the current accounting field, all accounting is based on technology and innovation. There are numerous digital resources and online materials. Most of the manual accounting processes and procedures have replaced by computerized accounting. Some of the advantages of technology are that it has reduced errors, made accounting better, and reports are more accurate. It is the reason why all accountants should switch to modern technology and adapt to new processes and procedures.

Digging Deeper

Technology has been rising for the past ten years; it directly affects the lives of many people, both personal and professional life. Many business operations have evolved for the last five years, and accounting is one of them. When you have access to better and faster software, you are guaranteed to be able to perform complex functions. The idea of interconnected technology helps with efficiency and effectiveness. Modern accounting helps in organizing financial information, data analysis, and knowing all about economic activities. 

Below find the impact of technology on the accounting industry.

Storage of Documents: When you think of storing documents, it is considered a costly and time-consuming activity. The biggest challenge is the physical storage space. 

Most of the documents are digitized; this means the storage problem gets sorted. You need to access the information that will be a fast process, especially in cloud computing.

 

Bureaucracy Elimination: Bureaucracy gets eliminated using the platforms. Online accounting platforms are user-friendly ad provides all the information needed. You will get all that to the clients, including information, materials, and documents that are digitized. The element of flexibility helps in eliminating bureaucracy and hence saves time. There is the benefit of online management tools; they help in achieving all your goals and task completion.

 

Virtual Calendars: Accounting systems offers virtual calendars that help in task management. You will have access to running the office. Digital management tools help in meeting all deadlines and avoid fines. The machines are readily available and accessible through mobile devices. It helps with time management and planning.

 

Accounting Online Tools: The system offers online tools that help with taxation and accounting. Some devices are invented explicitly for accountants. Ensure you look for a compliant system and updates. All that will help when there is a change in legislation. You will offer more services like reporting and automation, hence better production and efficiency.  

 

Regular Training: It is essential to learn all about the systems to understand technology. There is a need to outsource trainers to come and train the accountants. In the case of accounting students, when they are stranded, they can look for accounting assignment help. They will be guaranteed of better grades and save their time in school. When trained, it ensures timesaving and fewer mistakes. The training done is in regards to legislation and legal compliance. 

 

Customer Connection: Technology has created a connection between customers and accountants. There is more accessibility to communication on the platforms, hence effective and efficient. Tracking customer service is more comfortable and ensures improvement and customer satisfaction. The traditional way of communication was a client would schedule an appointment with the accountant. They will discuss the time, venue, and date. They will then carry all their documents, and in case of traffic jam, they will have wasted all their time. With technology, the accountant and client will communicate via email. When they need to upload all their details, is done on a shared platform. That guarantees accuracy, timesaving, and confidentiality. All clients should know how to use the internet for their business and personal use. 

Question for students (and subscribers): What technologies do you think are most important for accountants?  Please let us know in the comments section below this article.

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Historical Evidence

For more information, please see…

King, Thomas A.  More Than a Numbers Game: A Brief History of Accounting.  Wiley, 2006.

The featured image in this article, a photograph by FirmBee, is licensed under the Pixabay License.

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About Author

Abdul Alhazred

“But I don’t want to go among mad people," Alice remarked. "Oh, you can’t help that," said the Cat: "we’re all mad here. I’m mad. You’re mad." "How do you know I’m mad?" said Alice. "You must be," said the Cat, "or you wouldn’t have come here.” ― Lewis Carroll, Alice in Wonderland