Technology is transforming accounting by not only improving how it’s done but also transforming the roles of accountants. Accountants are becoming more of business advisors and most accounting tasks are now completely—or at least partially—automated.   Changing from the role of an accountant to a business advisor requires new skill-sets, such as professional skepticism, judgment, and critical thinking. These skills will remain a priority for accounting firms when hiring new employees.   In this article, we will discuss five ways that technology is transforming accounting.

1.   Robotics & Artificial Intelligence

Technologies such as Robotic Process Automation (RPA) are being used for a variety of purposes, including report generating, emailing reports, invoices, and other documents, customer onboarding, and so on.   RPA, Machine Learning, and Artificial Intelligence are evolving at a rapid pace, which means the use cases are being fulfilled with greater speed and efficiency. For instance, the software can generate various accounting reports recurringly and send them as attachments to various clients on specific dates. Consider the time and effort accountants save using AI.

2.   Innovations in Tax Software

Tax software has evolved based on a variety of innovations. Now, it allows accountants to quickly and easily complete the entire workflow of accounting production and auditing. The software allows you to manage practices, clients, permissions, compliance assessments, and production of accounts, among other things. Other developments, such as RPA and Artificial Intelligence, have also automated many use cases and workflows.

3.   Cloud Computing

Keeping confidential data in the hands of accountants carries significant risks. There has always been a need for a smart solution that not only provides data security but also provides ease of access. Cloud-hosted accounting solutions solved this problem. Rather than on-premises or outdated solutions, accountants are increasingly turning to cloud-hosted solutions.   These solutions can be accessed via a web-based client such as a browser, and login is simple with authenticated credentials. Data can be accessed anytime and anywhere with these solutions, and they also provide the highest level of security.

4.   Social Media

Social media presents accountants with a unique opportunity to interact with their clients and prospects on a deeper level. Companies are using social media more than ever before, so accountants have the chance to reach them.   Accounting professionals can use social media channels not only to promote their services but also to track prospects’ businesses and design solutions that are appropriate for them. Social media gives accountants more information about their clients and prospects so they can make better-informed decisions.

5.   Mobile Accounting

The biggest game-changer in accounting has probably been the advent of mobile accounting apps, as accountants are no longer confined to their desks. Mobile apps allow accountants to access their data from anywhere at any time.   Apps for accountants are being provided by software providers which can be accessed from anywhere—at home, on the road, and anytime. As businesses get more complicated and clients demand regular access to data, mobile accounting is exactly what they want.   If accountants wish to remain relevant in the accounting industry, they must embrace the rapid advances in accounting technology. At Computek College, we teach you all of these things and much more through our business programs including our creative Accounting, Payroll and Tax course. Feel free to contact us online or by calling 416-321-9911, or simply visit our website to learn more!