As technology and software programming evolves, significant changes are happening in the accounting industry. So, in addition to earning your CPA designation, you can set yourself up with the best accounting opportunities if you learn about the following tech trends in the industry:
Accounting features many repetitive tasks, and AI is automating many of these processes with tremendous accuracy. As AI software takes care of many of these administrative tasks, the modern accountant is moving into more strategic and critical thinking roles.
After all, AI software can handle many repetitive tasks simultaneously, but it still cannot mimic human intelligence when it comes to, for example, reviewing a company’s financial and tax records and coming up with the best tax mitigation strategies.
This technology is based on cloud-based servers that share computer processing power and data with devices and computers as needed. This lets CPAs spend their time on complex accounting tasks from all locations with an Internet connection.
Cloud computing gives accountants new, innovative ways to connect with all kinds of clients. This gives accountants more time to focus on client needs and strategy instead of handling simple accounting tasks.
Many accounting companies use the cloud to streamline all information that is processed by the organization. Being able to access your accounting data anywhere, anytime, is a huge, positive change.
In the old days, accountants spent hours per day compiling and crunching data. But software today allows many of these processes to be done with a mouse click.
We can see how this affects the field by considering two kinds of accountants. The first distrusts technology and spends his days keeping clients’ financials to make tax filings as accurate as possible.
The other accountant uses accounting software and the cloud to collect data and crunch numbers with the touch of a button. This accountant focuses on data analysis to find ways for the business to improve its profitability and plan for tomorrow’s market.
Using technology allows her to file the company’s taxes accurately and gives her time to analyze how it can reduce its tax exposure in the future.
As most of us know, people are dependent on their smartphones for business and personal affairs. For example, mobile devices can handle many accounting tasks, including creating and sending invoices, scanning receipts, creating expense reports, and collecting e-signatures.
You can do these things with just a few swipes on your smartphone screen, and all data is automatically backed up on your company’s cloud-based servers. Also, you can leverage CRM software to enhance how you service your customers.
IoT means our machines and devices work with AI, so they’re intelligent and can interact without human supervision. For example, IoT can help accounting professionals track financial transactions, ledgers, expenses, and much more in real-time.
With AI, financial patterns can be pinpointed, and economic issues quickly solved. This non-stop monitoring can make financial and accounting activities less stressful and streamlined.
Blockchain is a database with a high level of security and anonymity. It can store information accurately and securely and is highly useful for financial and accounting transactions.
Blockchain allows us to write smart contracts and transfer and protect asset ownership, verify identities, and more. When financial organizations use blockchain widely, it will cut costs, boost traceability, and improve cybersecurity.
Technology is changing how accountants do their jobs. If you learn how to use and leverage the above technologies, you’ll be well prepared for a productive accounting career.