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5 Ways Technology has Transformed Accounting in the Modern Era

The accounting profession is rapidly transforming, partially due to productivity optimization available because of technological advancements.

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5 Ways Technology has Transformed Accounting in the Modern Era

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  1. 5 Ways Technology has Transformed Accounting in the Modern Era The accounting profession is rapidly transforming, partially due to productivity optimization available because of technological advancements. Today's accounting services are no longer burdened with task-oriented projects, instead, thanks to the shift in dynamic accounting technology, accounting and bookkeeping software programs are becoming more automated and the role of accountants is changing to that of an advisor. This role shift comes with new responsibilities and requires a new set of skills including professional scepticism, judgement, and critical thinking skills. These skills remain a high priority for accounting firms when looking to hire new talent. Whilst the profession is rapidly transforming due to emerging technologies, the need for these types of skills remains constant. So, what top technologies are responsible for this shift in accounting automation? Here are 5 ways technology has transformed the accounting industry. 1.Artificial Intelligence & Robotics Artificial intelligence and robotics are automating complicated and repetitive tasks and processes. With extreme accuracy, it is reducing the operating costs and increasing efficiency of bookkeeping services. These are some of the emerging technologies supporting the transitional role of today's bookkeeping services into a more critical thinking role. So, accountants should take this into perspective while modernizing their accounting services. 2.Cloud Computing Cloud computing is the process of internet-based computing that allows access to shared computer processing resources and data to computers and other devices on demand. This allows bookkeepers and accountant to render accounting services from

  2. any location as well as the ability to deliver financial information and reports through the cloud. This technology has opened up a lot of new ways for accountants to liaise with their clients. Now, there is more time for accountants to engage with the client and focus on business strategy instead of getting burdened with detailed processes. This technology has completely transformed the way of accounting, accountants are now leaving paper trails and are building electronic trails for their clients. With the introduction of cloud computing, it has become extremely feasible to share viable information and insights in a matter of minutes, rather than waiting days to get the financial data onto the software. 3.Innovations in Tax Software The tax software of today has revolutionized the accounting industry by helping improve precision whilst reducing margins of error, something every business should embrace in order to avoid heavy tax penalties and prevent issues with stakeholders. Efficient accounting software also helps streamline audits by making them more accurate and effective. 4.Mobile Accounting Online accounting services are increasingly dependent on their mobile phones to access data. Mobile connectivity also bridges the gap between accountants and their clients. There are several companies helping launch the mobile age of accounting. Their mobile apps help accounting firms to manage their business while on-the-move. Firms can reconcile, share invoices, add receipts, and create expense claims from smartphones and tablets. 5.Social Media Social media has become an imperative tool for firms looking to engage with their current as well as potential clients while expanding their brand reach. Social media is now being seen as a tool that will continue to evolve and provide accounting services with a valuable sales and marketing platform that can instantly connect firms to their clients. Most accounting firms understand the importance of implementing social media marketing into their overall business development plan, but still, there are many firms who do not realize the power of integrating social media into their long term marketing strategies. Social media should be an essential part of any firm's overall business marketing strategy, and if done consistently, it can help amplify the effectiveness of all other sales and marketing efforts. Summing Up With the rise of smartphones, a higher influx ofdigital bookkeeping technologies can be witnessed in people's day-to-day accounting and record-keeping lifestyles. This also stands true for business processes ranging from corporates to the ones managed by smaller

  3. accounting services. And thus, accountants need to embrace the rapid advances in accounting technology if they want to remain in the race among the accounting industry. This includes staying up-to-date with the latest trends and technologies, optimizing and adapting current accounting software to meet the needs of their firm and clients, and being open to accepting and learning advancing technologies. These newer technologies have brought new dawn with innovative ways in the accounting industry.

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