Over the past decade, technology has had a
monumental impact on every industry and many aspects of business operations. Technological
advancements have the paved way for more advanced and sophisticated
accounting, which has made the delivery of financial information much more
efficient and streamlined. There’s now wider access to smart programs and
analytics tools that enable accountants to track invoices more easily, helping
these professionals become fully-fledged business advisers. But how exactly has
technology changed accounting? Read on to find out more.
Cloud-based systems
Many accounting firms today now use
cloud-based systems to manage their data and financial
information. It also serves as a much more cost and time-effective solution to
carry out accounting. With cloud accounting, professionals can access a
multitude of accounts simultaneously and all of this information is saved and
backed up in encryption. Before the rise of cloud-based accounting,
professionals were limited to information hosted on a hard drive, and they
often had to manually record invoices using spreadsheets. Having records in a
digital format allows for a more accurate and comprehensive system, where all
information can be easily distributed and retrieved. Cloud-based accounting
also enables firms to access their clients’ finances in real-time and reduce
the risk of human error by manual data entry.
Automation
Through machine learning and artificial
intelligence, repetitive and time-consuming tasks such as transactions and
inputting data can now be automated. This ensures a much more efficient
accounting process while improving productivity. In traditional accounting,
tasks such as bookkeeping can take a great deal of time, but now automated
software and machine learning program can explain transactions based on past
activity. The main goal of machine learning is to optimize a system for greater
performance, using automated data analysis and modelling. As technology
continues to improve, there’s no doubt that automation and machine learning
will play a massive role in accounting in the future.
Improved relationships
As a result of technology,
it’s much easier for accounting firms to communicate and collaborate with their
clients. Sharing data in real-time and providing a much more secure accounting
experience ensures greater customer service, improving the relationship with
the client as a result. With the use of technology, accountants can gain wider
insights into the financial market to provide greater capabilities to their
clients. Accounting firms have access to an array of business intelligence
software, which can offer valuable insights that can be used to make key
decisions. With this added level of information, accounting firms can better
serve as trusted advisers to their clients and deliver improved results.
However, while technology has come a long way, the human touch is still highly valuable.
The growing presence of technology in accounting is likely to complement humans
in the workplace and allow accountants to focus their efforts on more pressing
tasks.
Are you looking to grow your career in
accounting and finance?
Swisslinx is a specialist technology recruitment agency, and we have an excellent team of consultants. As a result of our expertise in recruitment, we’ve established a large network
of clients and candidates. We follow a strong recruitment methodology,
providing our clients and candidates with exceptional market knowledge.
Swisslinx is a leading talent partner and our consultants are dedicated to
helping our candidates grow their careers. Our consultants also recruit
professionals for roles within digital and technology,
healthcare and
life sciences, as well as engineering
and technical services. We offer a truly personal service and we’re able to
recruit on both a permanent and contingency basis. Contact us today for more
information and keep reading our blog
for more news and updates.
