Accounting has always been an integral part of effective business management, as it keeps cash flow in order and helps with business growth predictions. However, while the role of accountants may stay the same in the business world, modern times have seen a change in the way accounting services are employed and applied.
With the rapid advancement of technology, digital accounting services are now the new norm, with firms offering new convenient financial solutions to their clients through the web. For example, accountantsdaily’s Tech Innovator of the Year POP Business, has moved all their accounting services online and have managed to only grow as a firm despite slowing economic circumstances.
Although the future of business remains uncertain – as seen in the context of 2020 – one thing is for sure, technology will continue to play an integral part in the accounting industry.
Digital Innovation
Although technology has long been considered a service to help improve efficiency in production and distribution of goods and services, it was not often considered as part of a product in itself. Especially in long-standing industries such as accounting, which services have been offered traditionally face-to-face, it is only in recent times that technology has played a key part in the nature of the service itself.
Not only has the new technology age brought about convenience for accountants in formulating their services, technology has also enhanced the client experience by improving communication and connectivity.
An ERP accounting software help with gathering real-time data on clients for accountants, digitalize cashflow tracking procedures, automate payroll and invoice systems, as well as inventory and bank feed management.
Accounting firms such as POP Business are also paving the way for digital innovation within the accounting industry, as more services are transitioned and offered only online. In addition to performing regular accounting services, project management services such as Microsoft Teams and Trello have also been integrated to improve communication between accountants and their clients.
In this way, clients can more easily contact their accountants for general information or answers to their queries, as well as have access and keep track of their accounting information online as well. The introduction of technology into the accounting space has made the industry more transparent when offering services to their clients, as well as increased the involvement of clients when strategising and managing their services.
Moving Forward
While the current accounting industry is already leaps and bounds ahead of other traditional professional services (such as legal services) when it comes to digital innovation, experts predict that technological integration into accounting is far from over. In particular, in addition to the establishment of communicative technologies within accounting services, further technological elements such as business robotics are predicted to be adopted by accounting firms.
Business robotics refers to manufactured robots or robotic programs which save workers from performing repetitive, tedious or monotonous tasks and allow them to focus on areas which require more human interest. Similar to existing accounting software, business robotics in the accounting industry will help to make services more efficient while also eliminating the risk of human error when it comes to complicated calculations and records.
As technology continues to find a place in many traditional industries, accounting services are on the road to becoming majorly digitised and transformative, with existing online firms such as POP Business paving the way for future businesses.