Update: This article was last updated on 17th August 2020 to reflect the accuracy and up-to-date information on the page.
Technology has shaped quickly in recent times and has impacted different professions significantly. Accounting, too, experienced its share of impact. To keep up with the rising challenges in the field, professionals are becoming more tech-savvy.
Accounting has seen a massive face lift from paper-based accounting to the completely digital tracking of complex financial transactions.
From lesser human resources to reduced data errors, technology has lent numerous gifts to accounting professionals. Thus, certain accounting technology cannot be ignored by these professionals.
In this infographic, we have listed some of the essential technologies for accounting professionals. The list tries to look for various solutions ranging from streamlining operations and enhancing productivity to gaining popularity and improving communication with clients.
Let’s see in detail the trending technologies for today’s accounting professionals:
Artificial Intelligence is one of the latest trends in the accounting industry. It helps save time and effort in manual data entry, getting insights from data, document analysis, procurement, and expense management. Additionally, AI gives accountants a competitive advantage to attract next-gen customers and serve them better.
Cloud technology is making a significant impact on the accounting industry. Some of the compelling benefits of cloud technology are anytime anywhere access to data, enhanced security, automatic software updates, and better control over the firm.
Moreover, some of the indirect benefits of cloud technology are better relationships with the client, reduction in power consumption, and time-saving.
Accounting software such as QuickBooks is making the life of accountants a lot easier. It makes the data entry process fast and smooth, gives in-depth financial reports for better decision-making, reduces the chances of manual error, simplifies tax compliance, reduces operational costs, improves productivity and collaboration between the team members.
The use of mobile technology in the accounting industry is getting popular day by day. The accountants can track everything from cash flow to reports from one place anytime and even manage client requirements successfully. All in all, it helps in handling accounting matters efficiently and increases the accounting firm’s productivity in the long run.
Website is a base for any business, and so is the case for the accounting industry. It gives a unique identity to the accountants, creates a good first impression on the client, provides round the clock customer service, gives more credibility, extends the reach, which altogether helps to attract more clients and beat the competition.
Social media is an excellent opportunity for accountants to get more clients and maintain a healthy relationship with old clients. It allows accountants to understand the client, give clients what they expect, and build credibility for the firm.
Most of these technologies lend support to each other. For example, a cloud-based hosting of your accounting software can simplify the working on mobile devices. These technologies solely have a great impact on adding positives for accounting professionals. Still, when they are arranged to work in collaboration, they can enhance the professional’s caliber many folds.
Are you using any of these technologies in your current practice? How is your experience with them? Would you like to add more to the list? Please mention your take in the comments below.
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