Accounting has come a long way from counting on an abacus and recording sales on a stone tablet. Technology has played a big role in making an accountant’s life just that little bit easier. And modern accounting is benefitting from huge advancements in tech - carry on reading to find out more.
You no longer have to cart around piles of paperwork, ledger books, or wait an age to share information. Cloud computing is a type of internet-based computing that provides shared computer processing resources, data to computers, and other devices on demand.
This allows you to perform accounting tasks from any location, as well as the ability to deliver financial information and reports immediately, via the cloud. It’s a new way for you to work with your clients. There is more time to engage with the client and focus on business strategy instead of getting burdened with detailed processes.
We are never far from our mobile phones, and accountants are no exception to the rule. So it makes sense to be able to do accounting via our phone. There are now many mobile applications designed for accounting. You can now create and send invoices, capture receipts, create expense claims, get signatures, all on the go.
This is all thanks to the cloud, as we mentioned before. Everything is in one place, in real time, and accessible wherever you are.
AI and robotics
More and more of the tedious tasks can now be done by computers. Artificial intelligence and robotics are automating complex and repetitive tasks and processes, with extreme accuracy, reducing operating costs and increasing efficiency.
Of course, a skilled accountant won’t be replaced by a robot, but those everyday tasks that take up your time, could be given to a piece of software to work through, freeing you up for more client interaction and relationship building. This isn’t something you want to leave to a robot!
Abacus and a stone tablet?! Not for us. No, you can use all manner of software to make your life easier. There are more efficient processing tools and specialised accounting software that allow quicker input and computation of data.
In fact there are some manual aspects of entering information into software that you no longer have to do, as scanning technology makes it possible to simply photograph a page and let the software complete the relevant fields for you.
It’s important to make sure that you don’t make mistakes - we’re human. It happens. But with specialised software all your information is calculated by a computer. This dramatically improves accuracy and reduces the margin of error. Accounting software allows you to let the computer do the nitty gritty whilst you concentrate on your clients.
With technological advances, accountants are no longer permanently attached to pen and paper, fastidiously jotting down every number. An accountant now needs a lot more communication and interpersonal skills to go with their accountancy skills.
We also think that accounting is much more interesting than a lot of people initially think - so it’s a great career to go into, no matter what your background.
Thinking about accounting as a career? Have a look at our AAT or ACCA pages for more information.