How Technology is Improving the Field of Accounting

An accountant is no longer someone who sits at a calculator all day long, punching in numbers and creating hand-written receipts by the hour.

No longer are accountants left behind in the ever-changing world of technology. Now, the modern-day accountant has technology as a tool; one that is improving each day-in-the-life of working as a professional accountant. Accounting all around the world is now using cutting edge tech to limit mistakes and to ensure accuracy.

Let’s look at the different technology that has now entered the accounting field, and see the benefits they bring.

We all have heard of “AI”, also known as artificial intelligence, but did you know that AI is now helping accountants? For example, things like data entry and cost approval are now being done virtually, without the man-hours that were previously needed. The main benefit to this advancement is the saving of time.

Now, accountants can focus on more important tasks as well as become freed up from repetitive work. Similarly to AI, there is also “cloud computing” which is simply internet based data entry. For example, every time you listen to a song on your favorite streaming device, that information is logged internally by a virtual computing device; all in order to know what the listener wants to hear and the trends that go along with it.

With having so many tools available to accountants, via the internet and cloud, there is another highly exciting benefit: remote access.  Things like updating tax information and running reports, are now tasks that you can virtually do from anywhere (so long as you have a strong cellular signal). With apps that are compatible on smartphones and computers alike, you are able to get work done without having to step into your office. Long are the days where work can only be done in a building, now you can finish the “back 9” of your favorite golf course all while you are updating client information. What a time to be alive!

The last thing to point out, is the ever expanding relationship between globalization and accounting. So what exactly is globalization and how does it affect accounting? Globalization is simply the spread of services, products, technology, and more across the entire world. The best part about globalization is that it brings new opportunities for countries and nations that are underdeveloped or lacking in particular areas. The relationship between globalization and accounting is exciting and encouraging, but there are still some wrinkles to iron out.

One issue is the differences in currency, weight, and measuring systems. It is vital to make sure that conversion rates, and numbers, are accurate at all times. Through the International Accounting Standards Board processes and guidelines are being formed to make sure that there is equal and fair accounting services being given internationally. With international data transfers there also lies an opportunity for data breaches. These can be life-threatening for business, so it is important to make sure that all lines of communication are secure before sending data globally.

It is an exciting time to be in the field of accounting. As technology advances, so does accounting. These two fields will continue to grow if we let them.

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