As we have seen over the years how technology has had an impact on our society. Technology has affected the way several industries function with the newest innovations. Accountants are recognizing the importance of adapting the latest innovations in order to compete in the industry. According to recent reports, by 2026, accounting softwares will be worth over $11.8 billion. However, the trend that accountants need to adopt in order to improve their role as trusted advisors to the clients is using cloud technology. Cloud technology give users the opportunity to have access to financial data with a device that has been given secure authentication. Another technological trend that is becoming popular within the accounting industry is artificial intelligence. There has been a big debate among many experts about whether or not AI will replace human intelligence.
However, recent facts have shown that AI will not go extinct, but in fact improve the value that accountants provide to clients. It is also estimated that by 2020, tasks such as payroll, tax preparation, and audits will be fully automated. Another advantage of the technology is that it will help accounting firms be more productive in collecting big data, which will advisors provide meaningful advice. The last trend that accountants should use for their firm is blockchain technology. Blockchain technology gives different users access to the same information. This innovation has many advantages such as improving transaction time, and allowing changes to the information to be made easily. Tasks for accounting firms that used to be very labour intensive, now are easily completed with blockchain.
Accounting firms must recognize the importance of adopting all of the latest technologies that have been mentioned in order to be able to compete in the industry, and secure a stable financial future. If accountants utilize the advantages of innovations such as the cloud, he or she will be able to improve the value they provide to clients as trusted advisors. Stay tuned for more information that you should be aware of in the accounting industry!