For accounting firms, the changing business landscape, clients' needs, and the constant introduction of new technology coming to market can seem difficult. We have crafted the following guide explaining the leading technologies, their impact on the accounting industry, and the accountant’s daily tasks.

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How digital technology is transforming today’s accounting companies

Cloud computing is central to this technological transformation. By running operations through the cloud, the company can:

• Automate workflows and streamline processes.

• Centralise data management, and make it easier to capture, access, share and analyze data.

• It also reduces waste, and costs, and speeds up operations.

• Improve communication and collaboration with clients.

• Remove data silos, improving transparency and elevating data quality, even as the volume of data increase

Through automation, digital technology eliminates challenging and time-consuming tasks and reduces manual errors. Technology enables straight-through processing, allowing accountants to focus on strategic tasks that require creativity, collaboration, and professional experience.

Accountants could, for example, transform the insights gained from high-quality data into more effective financial planning and reporting. They can use the cloud to collaborate with other business units and leverage financial data to develop plans that drive innovation, promote growth, and increase efficiencies.

Artificial intelligence (AI) can transform massive amounts of raw data into more manageable formats. Revealing clear connections between disparate data sources. AI and human collaboration can help the firm gain a better understanding of how and why its clients perform. Also, make more informed and out-of-the-box decisions.

Finally, digital technology is essential for accounting firms to meet evolving business and market demands.

5 Key Business Advantages of Digital Technology

1. Documents are kept in a central location to improve user access and collaboration.

2. Data can be entered once and updated automatically across all relevant documents.

3. Work documents are automatically saved to the cloud, which means that information is stored in real-time, remains safe even if work is disrupted, and is easily recovered.

4. AI can assist accountants and their clients in identifying patterns, predicting trends, and uncovering insights for more informed decision-making.

5. Technology, by automating and streamlining workflows, can solve the problem of a company facing an overwhelming workload with limited resources.

What does digitalization mean for accounting firms?

• Accounting software that integrates with other systems is faster and more robust, making it easier to manage financial information, analyse data, and measure economic activity.

• Faster and more efficient systems allow businesses to serve more customers.

• Online document access 24 hours a day, seven days a week allows businesses and clients to connect more easily.

• Technology has shifted the accountant's focus away from repetitive manual tasks and towards in-depth analysis, advanced forecasting, and strategic planning.

• Firms benefit from enhanced security, backup, and data retrieval.

Finally, technology allows accountants to achieve their most important goals: scaling their firm, reducing manual work, streamlining workflows, and providing superior service.

How can today's emerging technologies benefit accounting firms?

Cloud computing

Cloud computing is the delivery of computing services, such as servers, storage, databases, networking, software, analytics, and intelligence, via the Internet. Cloud computing technology allows users to access data via internet-connected devices such as computers, smartphones, tablets, and wearables. Cloud Computing:

• Reduces the company's IT burden.

• Gives accounting staff and their clients 24/7 mobile access to shared documents.

• Automates labor-intensive data entry activities, allowing accountants to focus on strategic, revenue-generating projects.

• Improves data security and allows for flexible collaboration between staff and clients.

The Internet of Things (IoT)

The Internet of Things (IoT) refers to a network of physical devices that have sensors, software, and other technologies that connect and exchange data with other devices and systems via the Internet or other communication networks. The Internet of Things dramatically increases the number and volume of transactional data that enters accounting systems for analysis.

IoT provides accountants with dynamic, real-time information to help them make better decisions.

Big data

Big data consists of large, complex data sets. Big data and analytical tools enable accounting firms to provide clients with more accurate, relevant, and impactful services. Big Data enables the firm to provide more value and assist businesses in making better decisions.

Blockchain technology

Blockchain technology is a digital ledger of transactions that is duplicated and distributed across the blockchain network's computer systems. It deals with asset transfers and keeping an accurate financial ledger.

Blockchain technology is valuable in accounting because it reduces the costs of maintaining and reconciling ledgers while also providing absolute certainty over asset ownership and history.

Blockchain eliminates the need to enter accounting information into multiple databases, as well as the need for auditors to reconcile disparate ledgers. This could save time, reduce human error, and increase information reliability.

Artificial Intelligence (AI)

Artificial intelligence (AI) is the simulation of human intelligence processes by machines, especially computers. AI has many applications like expert systems, natural language processing, speech recognition, and machine vision.

AI advancements are rapidly automating accounting and finance, including time-consuming tasks such as audits, banking, tax preparation, reporting, bookkeeping, and payroll. AI can reduce labour costs by automating labor-intensive processes, improving quality, and lowering the risk of fraud.

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