The Future of Accounting

It comes as no surprise how technology has made an impression in accounting offices. The talk of technology is one that will either raise fear or joy within accountants on what this may mean for their future career. In this post we will be addressing the pros and cons of technology taking place in accounting.

Pros

It’s clear how technology in accounting will be beneficial for various organizations. Since technology comes with the promises of improved productivity and efficiency within the workplace, organizations are motivated to implement them within their own businesses. Some examples of the benefits include:

  • Automation

By implementing new accounting software, doing tasks such as entering data, creating electronic documents, and producing receipts can be handled completely electronically. The systems prepare simple data entry to make it easy for accountants to input data and click a single button to generate financial reports.


  • Better Relationships With Clients

With technology making tasks easier and faster to complete, it provides accountants more time to focus on their clients. The different accounting systems and platforms don’t just benefit the accountants, but also their clients. Technology makes it easier for clients to communicate with their accountants which then leads to improving customer experience.


  • Faster Processing

As stated above, the technology for accounting is made to improve the efficiency of managing finances which includes a faster processing of them. A task dealing with large amounts of financial information that could have taken an hour can be done in minutes by inputing the needed data and allowing the system to do the rest. This also helps cut down an accountants long work hours!

Cons

The following are the possible disadvantages associated with technology taking over the profession. These include:

  • Technical Issues

Being dependent on computer systems can pose an issue when they suddenly stop working. We are all familiar with the times when our own technology suddenly stops working and we can’t do the tasks we need to. That is one of the biggest issues to arise by depending on computerized accounting.


  • Security

To add to the technical issues, if not managed properly the wrong people can get their hands on an organization’s financial information. With the rise of technology comes with the rise of risks. In order to prevent security breaches, companies may invest in security measures which will include additional costs.


  • Training

Since financial information will now have to be handled digitally, that means that accountants will need to undergo continuous training in order to prevent human error. Although systems attempt to make data entry simple, the individual must still understand the software’s functionality. Without the proper training, using the software may take longer than meant to and even lead to errors. Especially since technology is a continuously improving tool, accountants need to go through training in order to ensure they can adapt to these technological changes. In fact, being able to adapt to new technology is a skill more admirable compared to Excel.

AccountancyAge.com

Despite the disadvantages of implementing computerized systems into accounting, their benefits to the organization and even accountants is undeniable. What this means for accountants is that technology is changing the game. That does not mean that accountants won’t be needed, but rather accountants will need to be much more tech savvy. Being able to adapt to the changing nature will improve an accountants productivity and provide much more accurate results. Technology in finance is growing fast, and we should be growing along with it.

2 thoughts on “The Future of Accounting

  1. As an accounting major myself, this is a very informative post about the technological aspects of accounting. I agree with your opinion and believe that the implementation of technology within the field of accounting is important and should be done. Although accountants will have to become more tech savvy, this will ultimately benefit large firms in the long run.

    Like

  2. It’s quite interesting that accounting continues to be so in demand job wise. With all the technological advancements I’m sure there has been some decline. It will be interesting to see how everything develops moving forward.

    Like

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