The promise of a new type of accounting ledger, one that can be continuously updated and confirmed without the threat of being manipulated or corrupted, is what makes blockchain appealing for accounting.
FREMONT, CA: Today, accounting is reaching new heights owing to technological advancements. Whether one is an experienced accounting professional trying to keep on the cutting edge of the industry or an aspiring rookie, they will want to be aware of the following upcoming accounting technology.
Cloud Computing
Working in the cloud is a big technological development. The cloud gives one rapid access to resources like data and processing power. The continuous updating of data is a significant benefit of a cloud-based system, enabling accountants and clients to examine data and make decisions based on the most up-to-date information. When information on the system is updated, cloud-based technology can also ensure continuous monitoring, rather than sporadic analysis.
Further, cloud computing is booming as new sophisticated technologies like the internet of things (IoT), artificial intelligence (AI), and machine learning are integrated into the cloud. The future of accounting seems to be cloud-based as these technologies become increasingly ubiquitous.
Blockchain Technology
Blockchain technology, a computer-based recording system that employs bitcoin within a user-to-user network, is another trend that will affect the demand for accountants in the future. While bitcoin—a digital currency in which a record of transactions is kept, and new units of currency are issued without the involvement of a bank—helped to popularize blockchain, the technology has advanced significantly. The promise of a new type of accounting ledger, one that can be continuously updated and confirmed without the threat of being manipulated or corrupted, is what makes blockchain appealing for accounting.
Automated Accounting Tasks
Audits, banking, tax preparation, and payroll are just a few of the labor-intensive aspects of accounting that are soon becoming totally automated. As AI is used to construct self-learning systems, technological systems will take over the repetitive and time-consuming duties, leaving humans to handle the analytical and administrative responsibilities. Major software suppliers use AI and machine learning technologies to offer automated data entry and reconciliation alternatives in company bookkeeping. Another example is the adoption of robotic process automation (RPA) to shorten audit and contract processing times from months to weeks. Compared to smaller, non-AI competitors, larger enterprises employing RPA AI integration have improved productivity and higher-level services.
