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New technology has become essential in the advancement of every industry and accountancy is no different.
Forget fingers, the abacus and the calculator. The world of numbers is now super hi-tech.
Today we take a look at three of the major ways innovation is supporting the growth and diversification of the accounting sector.
And we promise to keep the jargon to a minimum!
Cloud Computing
Absolutely nothing to do with daydreaming on the job, this is essentially all about running applications online rather than in a physical place such as your desktop computer.
Dropbox, iCloud, Google . . . like a foam party in Ibiza, everyone is it at.
Cloud Computing in accountancy allows data to be accessed anytime and from anywhere.
It can be integrated into company accounts, thus allowing for greater financial transparency and error reduction, and crucially, it is automatically backed up.
So no more waking up suddenly from a nightmare about misplaced statements or accidentally deleted files!
Mobile Mania
In recent years mobile phones have come on leaps and bounds faster than a cheetah in a petting zoo.
Some of us can still fondly remember our very first Nokia 3310. It had great battery life and endless games of Snake but it certainly didn’t have the capabilities modern smart phones do.
Mobile apps are now making it much easier to perform accounting tasks at the click of a button and the swipe of a finger – with tech companies such as Xero leading the way here.
Simple, fully integrated and able to perform a multitude of functions, mobile accounting apps make for a great solution for smaller businesses who can use them in tandem with guidance from accountant and independent financial advisers.
This is a trend that’s only to keep growing as fast the tech does.
Blockchain
Originally devised to be used by crypto currencies, such as Bitcoin, blockchain technology is being touted as the next big thing to transform modern accounting.
In a nutshell, blockchain is a digital ledger, where every single transaction is recorded chronologically, and is available to view publicly.
As well as offering unparalleled transparency, blockchain is expected to impact auditing, financial analysis and procurement aspects of accounting.
With trend forecasters predicting the death of hard currency, this is definitely one to watch if you’re an accountant.
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