In between the whole bundle of processes and tasks on the shoulders of a business owner, accounting or bookkeeping is one crucial pain point, especially in the absence of adequate resources, technology and staff. Over the last decade, the impact of technology on accountinghas been enormous. The availability of faster software enables the accountants of today to perform complex functions. The list of the latest popular accounting software is very long but Tally.ERP9, Profitbooks, Quickbooks, NetSuite ERP, mybooks, Zoho and MProfit, are some top-of-the-chart names. Be it analysing data, organizing financial information or measuring economic activities, everything has become simpler than before. The fact that technology has changed the accounting industryis also evident as accounting has become more efficient and easier with the emergence of interconnected technology.
The latest accounting technologies that are driving the world of accounts today are:
a) Cloud Computing, used for
· Networking
· Data storage
· Databases
· Analytics
· Software
b) Artificial Intelligence, used to
· file tax forms
· determine the classification of transactions
· flag complex business issues
c) Blockchain, used to
· record and share transactions with its participants
· maintain a general ledger digitally
· show the available resources and obligations of the business as clearly as possible
Needless to say, every organization has a well-established team of accountants and bookkeepers. But if you land with the wrong or incompetent in-house accountant, your troubles are bound to get out of hand soon. Hence, people are moving towards the option to hire a virtual accountant from other countries like India as this way, they can meet the talented resources in less than half the price. Plus, the virtual accountants are adept at working with the latest technology. But first, you need to revamp your accounts division to synchronise it with the latest technology. Here’s how technology has affected the accounting and finance industry:
1. Say goodbye to outdated and inaccurate books
Probably the biggest impact of technology on accountingis that you get an easy and 24x7 access to a personalized financial dashboard. Further, this dashboard is duly supported by a financial controller to always keep you a step ahead with timely and accurate financial statements. Plus, there is optimum data security, all thanks to cloud computing.
2. All the reports at your fingertips
Although accurate and timely bookkeeping is what every business owner aspires for, ending up with an orthodox technology devoids them of this aspiration. This results in a constant chaos around the handling and presentation of the important account reports and statements. But astechnology has changed the accounting industryfor good, you can be furnished with all these crucial reports in a clean-cut way, while you can focus on your core business from your office.
3. Outsourcing or offshoring
Hiring and maintaining an in-house accountant can be very difficult at times, specialy in terms of the enormous time taken and money to be invested. However, if youhire a virtual accountant, you get to work with the best and certified online bookkeepers, without having to manage them at your own office space.
4. Keeps you audit-ready
For business owners, the fear of getting audited can actually result in many sleepless nights. But with the positiveimpact of technology on accounting, your bookkeeping is always accurate and up-to-date by incorporating the latest technology and best accounting processes. This will always keep you abreast with the information required by the auditors and you will never again, be in a state of perplexity.
5. Payrolls – no more a headache
Processing payrolls is a headache, especially if you are the owner of a fast-growing business, or your employees travel across state lines. But if you invest in upgrading the technology of your accounting software, this important business process will always go smoothly and timely.
Investing in upgrading the accounting technology was not something business owners were very comfortable with in the past. But now, their opinions have greatly transformed due to the impeccable accounting solutions that they can garner with this small but powerful step. Being up-to-date with the latest accounting and finance technology, all the load of hectic accounting procedures can be easily taken off your shoulders. Therefore, if your accounting team is also having a hard time doing it all on an orthodox accounting software, all you need to do is shed off all your doubts, get in touch with a trusted accounting software company and let the transformation happen. You will soon start to notice that performing accounting tasks has become easier for your team and the cases of error or balance sheet mismatch have minimised subsequently, while you just sit back and relax. Let the troublesome accounting world around you slowly get remodelled in the age of technology.
