Technologies that Revolutionize Accounting Industry

Namitha Aiyllath

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Technology has had a huge impact on the accounting industry and it is revolutionising how accountants work. Missing out on the technology part, can do real damage to your business and let you out of the competition. We have witnessed the birth of various innovative technologies in the last couple of years, which has game-changing capabilities.

Blockchain

Blockchain is the latest buzzword in technology, that has the potential to transfigure industries. Often called the “future of financial services information”, blockchain technology represents the next step for accounting. The advantages of embracing blockchain in accounting are many. The technology;

  • Enables companies to write their transactions directly into a joint register instead of going through the process of keeping separate records
  • Ensures that there are nil chances of falsification or destruction of entries as all the entries are distributed and cryptographically sealed
  • Secures the integrity of records
  • Leads to fully automated audits
  • Reduces the cost of maintaining and reconciling ledgers
  • Provides certainty over the ownership and history of assets
  • Gives ample time to auditors to add more value to the company

Blockchain impacts all the functions within the record keeping process; the way transactions are initiated, processed, authorized, recorded, and reported.

 

Artificial Intelligence

Artificial Intelligence is a ground-breaking technology that has promising opportunities and is in fact taking over the world. The rapid increase in the use of artificial intelligence has been of great use to accounts payable process as well. The technology eases their work and accelerates and simplifies data-related tasks.

Artificial intelligence helps in/ by;

  • Handling most of the work related to payment initiation and matching of purchase orders
  • Automating data entry and data categorization, leading to faster analysis of broad financial trends
  • Pinpointing potential complexities in advance
  • Facilitating decision making
  • Delivering functions of higher value such as business strategy implementation and financial advising

AI technology has the capability to reshape accounting firms completely. It leads to a competitive advantage and enhances the overall productivity of an organization.

 

Cloud accounting

Cloud computing  is “one of the most disruptive forces of IT spending,” which is expected to impact more than $1 trillion in information technology spending by 2020. Using cloud computing in accounting makes the process more flexible and it helps in giving real-time reporting and visibility throughout an organization.

With cloud accounting, data can be accessed from anywhere; all you need is an internet connection. Financial information are updated automatically via the cloud accounting software and the chances of error are minimal as account balances are always accurate.

Cloud accounting enables smooth and efficient management of multi-currency and multi-company transactions. It is highly assessible and at the same time affordable.

Embracing technology in accounting process has become more of a necessity and not just an option.

 

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