In recent years technology has made enormous strides in all walks of life. From construction to food to manufacturing, there have been great technological strides in every industry. These changes have vastly transformed how we deal with various parts of life.
Accounting is also recognized as the language of the businesses and is not an exception to the technological advancements. Over the years, the face of accounting services has changed. There is the use of better technologies and systems, which not only help to increase the productivity of the business but also help in providing better insights about the inner workings of the business.
The Changing Role of Accountants
Previously, the accountants were thought of as people who are boring and rigid and will work for days to find out the present condition of a business, but now the accountants spend less time trying to decipher the business numbers and are regarded as an architect who will design the future of the business.
This change in the role of Accountants has been possible due to the following technological advancements:
Cloud-based accounting is the latest and trending way of accounting in the present business scenario. It allows access to the data and computing resources to an accountant at any point in time and at any location. Cloud-based accounting provides an opportunity for continuous analysis of a company and also provide connectivity between different devices.
·Better accounting software
The quality of accounting software has been gradually increasing, and now such software can even make the minute calculations, which used to take days for a person. By using the various accounting software, the management can analyze the data of the company quickly, which will help in making quick and correct decisions.
·Business Analytics and Big Data
In the recent few bygone years, a lot of emphases have been given on big data and data analytics. Every process of a company will generate data, and the technique of data analytics will help find out all the necessary information from the data generated. Nowadays, data analytics is a very important part of accounting and has become a separate field of research. In the present day, no company can think of succeeding without implementing the techniques of data analytics.
Accounting can be very labor and time-intensive task. Without the use of advanced computational machines, it will take a lot of time to gather and analyze all the accounting data of a company. This is why processes such as accounting, audit, payroll, etc. have been automated to provide quick results in a small period of time and without spending too much effort.
·Power of Block-chain
Block-chain is another up and coming technology that has started to impact the finance world. By following the block-chain technique, the management will be able to access all the ledgers of the company in real-time and will also be able to record new transactions and create smart contracts. This technology provides the people with an opportunity of creating a new kind of ledger account that can be updated and altered without the danger of being changed or altered.
The above mentioned technological advancements have helped change the face of accounting. The other advancements which look very promising are Artificial Intelligence (A.I.) and machine learning. The future of accounting will require people who not only possess the knowledge of accounting and bookkeeping but also are well versed with the technology associated with accounting.
If you are looking for accountants who are well versed with the recent developments in the field of accounting and can provide proper and detailed insights after analyzing the data pf a company, then look no further than JAXA Chartered Accountants. We at JAXA will first understand your business and accordingly provide a solution for the problem being faced by your business. JAXA also offers services such as auditing, Payroll services, and Vat related services, which help enhance the profitability of a business and keep it compliant to the government requirement. For more details on the services being provided, Contact Us. We will be happy to help.