How Technology Has Modernised Accounting Structure?
According to a survey conducted by Robert Half Management Resources, around 41% of CFOs stated that technology is becoming a major part of the accounting industry. Technology has modernized accounting services in multiple ways that it becomes difficult for accounting companies to keep up with all the latest trends. The shift in accounting requires new skills to be developed in accountants. For CPA firms, it is very important to keep up with modern accounting technologies so that they can train their employees to perform better jobs.
Finance and accounting services are rapidly changing with the availability of productivity based on newer technologies. Today, accounting isn’t burdened with task-oriented projects because, in the shift of technology trends, various accounting software are available which are automating the accounting work.
Blooming Accounting Technologies
CapActix – a leading accounting outsourcing company in the USA has been constantly working with the latest accounting technologies. We follow the latest accounting technologies very keenly and according to our experts, these technologies are reshaping the accounting industry in the future.
When we are speaking about emerging accounting technologies, then we have to start a discussion with the blockchain. Recently, numerous researches are conducted where blockchain is presented as an emerging paradigm for trade. Blockchain is currently used as the public ledger for bitcoin transactions, but it is a very powerful technology that can be used to keep track of transactions and helps in distributing value to all the participants in the public networks. The impact of blockchain technology is still much underwhelmed, but in the future, it is going to be a big part of the accounting industry.
2. Cloud Computing
Cloud computing is a very popular business technology of 2019 and has been proving its worth in the accounting businesses as well. Cloud applications can manage everything from payroll to tax preparation. For outsourced accounting services, it is a very useful technology that enables accounting companies to update financial information as soon as any change occurs and the outsourced company will get an automatic notification. Moreover, by using cloud technology, the burden on the IT department can be reduced as they don’t need to handle software management and updates anymore.
3. Artificial Intelligence & Robotics
Artificial intelligence and robotics technology have automated complex and repetitive accounting tasks. The high level of accuracy and low cost of operation has been gifted by this technology to accountants. AI is a prominent accounting technology of the future because currently, we don’t have any substitute for human brains. So, these technologies can increase the efficiency of accountants by performing repetitive tasks, but they can’t yet fully automate the accounting work.
4. Custom Integration
The integration of different software is a new modern business technology. And, custom integration has been proving a dynamic trend for accounting executives. Accuracy has been always a big concern for accounting firms, especially when they have to transfer information from one department to another. One small error in the transferred data can waste so much time and resources of the company.
But, today accounting outsourcing companies in the USA have found a solution by linking their ERP, CRM, and CMS software together to create a unified environment where authorized users can easily access information anytime and anywhere. This technology has made accounting outsourcing services very efficient.
5. Optical Character Recognition
The integration solution has already reduced repetitive entry task of accounting companies, but with the presence of optical character recognition software, the process of adding manual entries have been limited. This technology allows companies to scan or even use a mobile camera to capture the data from printed files and convert them into digital files. It has improved the level of accuracy and the process of adding accounting entries has been fastened up.
6. Tax Solution
When all the taxable information like payroll, receivables, payables and other related information is available through integrated cloud-based technologies, then tax preparation gets very easy. But, with the integrated cloud-based solution, tax time becomes much less stressful. Modern innovations in accounting and tax software allow CFOs to take advantage of the correlated data collected throughout the year to ensure accuracy for all tax forms and payments. Tax preparation is a process where one mistake can cause big trouble, but thanks to tax software the small details like deductions and rates can be easily checked.
7. Mobile Apps
One of the major benefits of modern accounting technology is remote access to information. Accounting professionals don’t need to be present in their offices to update or access accounting data. With mobile accounting software, they can handle finance and accounting services from anywhere. The changes made by accountants through mobile apps will automatically be updated to the office server via the cloud. This technology has brought flexibility to accounting work.
8. Social Media
Accounting organizations understand the value of social media platforms that’s why they are using social media networks to connect with their potential clients. Social media marketing has made it easier for accounting companies to reach clients from around the globe and expand their business. Social media marketing strategies like blogging, posting regularly, etc., help businesses grow digitally.
Accounting professionals need to embrace these technologies to survive the whirlwind of the future. This means accountants need to regularly update their skills as per the new modern accounting developments.
If you are a busy accounting firm in the USA and looking for outsourced accounting services to share your burden with the help of modern accounting techniques, then you have CapActix at your service. We are a team of modern accountants who know the value of technology-based accounting tools. To connect with our professionals, you can contact us at email – [email protected]. or can call on +201-778-0509.