To be a formidable accountant in this modern era, you must keep up to speed. The standard pencil and calculator is no longer a competitive force.
Technology has changed the pace of accounting and accounting professionals should follow suit.
55% of accounting professionals expect intelligent automation to have a huge impact. That means within the next 10 years those in accountancy must find ways to remain needed.
If you're an ambitious accountant, you'll want to upgrade your accounting strategy. Here are the ways that accounting technology is completely changing the financial sector.
1. The Emergence of Cloud-Based Accounting
It seems like everything is on the cloud these days, including accounting aspects. The cloud-based computing trend offers a streamlined approach to handling accountancy.
Priorities like payroll, benefits, taxes, and invoicing work through cloud applications. Users access a dashboard to update and make changes to financial information. They can also manage and monitor immediate modifications to accounting financials.
That's the beauty of automation. Platforms like Tipalti make the process even simpler. The added benefit is that everything runs on a secure internet server. And, you get instant access to financials without delay.
2. Software Advancements in Accounting Technology
Tax time is the most stressful season of the year for professionals and businesses. With the advancement of accounting software, the entire process gets streamlined.
Financial data captured throughout the year makes it easier to guarantee exactness on tax information. Accounts and receivables, payroll, and expenses update in real time.
This allows accounting software to integrate with most corporate tax software. Tax data gets sectioned and cataloged appropriately, making it easier to file taxes faster.
The end result is accuracy and efficiency.
3. Electronic Document Scanning and Signing
Prior to cloud-based technology, businesses spent heavy on courier services for document signing. This took up a lot of time and productivity.
With document scanning technology, the whole process is labor-saving. Clients can sign important documents, scan, upload, and store them in the cloud. At any time, they may make adjustments at will and resign documents as needed.
4. Remote Access
Moving processes to remote is one the best technological benefits of modern accounting. Financial officers can forgo trips to the office to handle accounting affairs.
With advanced software solutions, officers can update tax records, upload new data, and run reports remotely. Any information entered in or out of office is accessible via cloud application.
This makes it easier for remote workers to record payments and expenses while mobile.
5. Online Banking Accessibility
High-quality accounting programs have modern bank syncing features. This gives accounting professionals instant online access to bank information.
Having a streamlined monthly bank balancing system cuts costs for the company in the long run. Accountants use minimized efforts to troubleshoot account line entries. And, accountancy records stay up to date.
The workforce is ever-changing. Modern technology dictates how companies do business in this century.
For accounting professionals looking to remain relevant, they must embrace accounting technology.
Take a look at some of the top workplaces and find out how yours measures up to the competition.