Here’s how technology has changed the accounting industry for the better

Accounting is one of the oldest industries out there. The history of accounting can be traced all the way back to ancient civilisation. The earliest auditing systems were said to be used by ancient Egyptians and Babylonians.

But I’m not here to bore you to death about accounting’s past. This article will go over accountings present and future. We’re talking about the huge impact technology has already had on the accounting industry.

Out with the old and in with the new… as they like to say. Let’s go over some new ways in which technology is disrupting the accounting industry.

Cloud-based Systems

The internet is more than just a digital place your company website and social media profiles go. Most accounting firms are now using a cloud-based system to store all of their important business information… as they should be!

It’s as simple as logging in and you already have access to all of your information all in one place. Say goodbye to boxes filled with vanilla folders and no more keeping track of thousands of papers anymore.

More Diverse Roles for Accounting Staff

Developments for accounting software has now given the everyday accountant more time on their hands for more diverse tasks. What if you could get away with time consuming, number crunching tasks and instead work on more specialised and strategic tasks? Sounds a lot better to me.

Technology is allowing accountants to provide more high level thinking contributions at work, so they feel less like a robot and more like a highly skilled CPA.

Mobile Accounting

Mobile phones are taking over the world, but I’m sure you knew this already. It’s no different for the accounting industry. There are new mobile functions that you can use to your accounting firm’s advantage:

• Create and send invoices

• Capture receipts

• Create expense claims

• Gather signatures

• Way more!

You could technically run an entire accounting business on your phone… if you wanted to. It’s crazy to think about, but of course it is true.

Technology has and will continue to disrupt the accounting industry in many positive ways.

If you’re looking for more creative ideas beyond this article to make sure your accounting firm stays caught up with the tech demand then feel free to message us for help!

 

by Robert Disch

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