Accounting Technology Trends to Watch Out for this 2023
The accounting industry has undergone significant and continuous transformations as technology continues to evolve. Now, accountants can rely on the automation of routine tasks as well as technology-driven projections to make their work better and a lot easier. Because of the benefits accounting technology poses, it is only just that everyone in the accounting industry stays up to date on the latest trends.
Accounting technology continuously paves the way for streamlined processes, enhanced efficiency and increasingly accurate financial forecasts and projections. If you're a finance and technology expert looking to upskill in your field and enhance the quality of your services, here's a few accounting technology trends you should be proficient in.
Accounting Technology Trends
Cloud-based accounting systems
Cloud-based accounting allows a no-barrier approach to handling and conducting financial data and business. These kinds of systems provide a secure means for you to access and store accounting information anytime and anywhere – removing any limitations that collaborative efforts between accountants, bookkeepers, clients and other stakeholders have. By shifting into a cloud-based accounting system, you optimize your financial operations while reducing costs caused by manual storage.
AI and machine learning in accounting
AI and Machine Learning (ML) are increasingly being integrated into most accounting software that we use today. AI and ML have the capability to automate repetitive tasks as well as process and handle significant amounts of data at a time. Taking it up a notch, as they process significant amounts of data, they are also able to analyze said data in real-time, identifying patterns, predicting trends and generally helping companies make data-driven decisions without the need for time-consuming analysis.
Robotic process automation
Robotic Process Automation (RPA) streamlines tasks at a highly optimized level by using software or what we can refer to as bots. These bots are given commands to process data and even perform actions such as creating financial reports, invoices and some of the simpler finance and accounting processes with high accuracy, efficiency and at a speed that completely surpasses manual accounting. By automating routine and simple tasks, accountants can shift their focus into core tasks that add significant value to the company's operations.
You've probably heard about blockchain when cryptocurrencies rose during the height of the pandemic. Its use as a transaction system is currently being applied well outside the cryptocurrency sector. Since Blockchain is decentralized and transparent in nature as a transaction system, it is now being used in the finance sector to increase security for financial transactions. Companies who use blockchain technology enhance the security of each financial transaction, can have ready access to an audit report of said transactions and get accurate financial data in real time.
With the rise of mobile technology, accounting tasks are no longer confined to the office. Often, every site you go to on the web has a corresponding app you can download on your mobile device, this shift has also been seen in accounting software. Mobile accounting apps are now easily accessible and allow finance and accounting professionals to access financial data even when they're out of the office. These apps provide convenience, flexibility, and real-time reports that help accountants stay constantly updated and reactive in company financial matters.
Seeing how these accounting technology trends have revolutionized the accounting industry, it won't be long before companies and/or clients everywhere will require their chosen talents to be proficient in the abovementioned software. This is why as finance and accounting professionals, we must remain as adaptive as the accounting industry and take the time to learn new accounting and finance technology, methods and software as it pops up. By doing so, you are not only enhancing your skills but also ensuring that you provide quality services wherever you go.
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