With the technology running rapidly ahead with every second, the very nature of our businesses has changed. We have gone from paper to virtual files and from board meetings packed with people to virtual conferencing! Satya Nadella of Microsoft stated that “Information Technology is at the core of how you do your business and how your business model itself evolves”
Today there isn’t a single field that hasn’t gone through a technological revamping and Accounting is no exception to that. There are so many new technologies in the market that are solely modeled to suit the dynamics of book-keeping, payroll processing. The majority of the software are put in place to ease the workload of the accountant. Thus it would be safe to say that the field of accounting is in the middle of a technological revolution!
Let’s have a look at some of the big things that are going to have a long impact:
Cloud Environment: Ideally working in a traditional environment requires good ability to set up infrastructure, the purchase of equipment has to be done before of time. In cloud, this isn’t necessary, because you pay only for the service! In the sense, the work happens through shared computer processing resources and data on demand. This keeps the accountant mobile and lets the reports be delivered through the cloud.
Data Analysis Tool: Analyzing the complex data is something that racks the brain. Both internal and external auditors need high skills of data analysis. Realizing the need to quickly align with the industry, the accounting firms have started to incorporate data analysis into their business models. To make this task easier and more automated, tools like ComplianceiNBOX play a very vital role for CPA firms
Smart Taxation Software: The development of taxation software has served as a boon to the accounting community. These smart tools have increased accuracy and curbed the margin for human error.
Diversified Roles: Due to the changing nature of business and financial risks, the job of accountants has also changed from just looking after the accounts to advising on finance etc. Firms are now putting in place infrastructure that will let them go beyond the normal professional demands.
Technology is the new way of life and its dominance is inevitable. Boston Financial Advisory Group thus welcomes you to experience this technological revolution!