Saturday, July 13, 2024
CEOWORLD magazine - Latest - CEO Advisory - Ways Technology Has Impacted The Field Of Accounting

CEO Advisory

Ways Technology Has Impacted The Field Of Accounting

Technology has significantly changed the way we live and work today, no matter where you live, what you do for the job, or which industry you work in.  More specifically, all of the new products and services that have become available to us over the past few years have drastically transformed our jobs and the way we approach our work.

This is especially true when it comes to the field of accounting. In an industry that is full of numbers, finances, reports, and business operations, it is crucial for employees to have a superior level of organization and attention to detail. Thankfully, these newer technologies have enabled those working in this field to simplify their jobs and organize their work in a way that is best for the company and all team members involved.

Some of these new technological advances in the accounting field include:

  • New and improved tax software
  • Account management tools
  • Mobile accounting apps
  • Cloud storage
  • Digital marketing
  • Advertisements

How have these technologies impacted and improved the field of accounting?

Employees can now work from anywhere at anytime due to mobile accounting platforms. 

Whether you are an accountant, a bookkeeper, a budget analyst, or a tax attorney, accounting mobile apps have newly enabled you to complete your work from any place in the world (as long as you have a computer, phone, and/or an internet connection). There is no longer a need to go into an office to work since everything can now be done remotely through digital apps, tools, and software like Intuit’s QuickBooks Online. Payroll processing, paying bills, and managing your company’s finances can all be completed by using one simple mobile app, and all of this information can be managed by multiple users from within the same company.

Files, documents, and data are now stored in the cloud for easy, anywhere, anytime access. 

You might be thinking to yourself about how you can store, upload, and organize your receipts, files, documents, and other important data if you do not have access to a printer, scanner, or filing cabinet at home like you would if you were working from an office setting. Fortunately, this is no longer a problem at all.

Sifting through filing cabinets filled with documents, folders, and information is officially a thing of the past. Mostly everything that used to be done manually in the office can now be done virtually by phone and stored in the cloud. Mobile and cloud accounting enables employees to safely file and store everything digitally so that it can be accessed by anybody at any time or place. Certain photo-scanning apps like Shoebox or Google’s PhotoScan allow you to take photos of receipts or scan documents and store them in one centralized online location. This is extremely beneficial for larger or international accounting firms with hundreds and thousands of clients and employees located all over the world.

Accounting firms and related companies can now target their audience directly through social media, ads, and digital marketing. 

Thanks to the internet, it is easier now than ever before for people, brands, and organizations to locate and engage their target audience to boost sales. Between social media sites like Facebook and Twitter, website optimization, paid advertisements with Adwords, guest posting, and other forms of digital marketing, your opportunities are limitless when it comes to reaching potential clients and customers.

Accounting firms can now engage with their followers and future clients in different ways, by sharing relatable content, publishing valuable blog posts, engaging with customers directly, and offering customer service assistance. Rather than putting the time and money into placing advertisements in newspapers or magazines related to your industry like Accounting Today, simply target a more specific audience that has interest in accounting, finance, and business, and share a post that will provide value or interest to them. They might just become your next fan or (better yet) your next client.

Time is saved, efforts are simplified, and strategy is optimized. 

According to Maryville University’s website, “Continuing advances in technology, increased financial regulations, and a new emphasis on cross-functionality between accounting and other business services mean that modern accountants must be able to adapt readily to quick change.” Employees must acknowledge that the accounting industry is rapidly changing, which means that they must keep up and adapt. Fortunately, these changes and newer technologies are all beneficial and help to improve your workflow. With apps, tools, and software that organize, simplify, and reduce your workload, you will ultimately wind up saving time and optimizing your work strategy and how you get things done.

How can you stay up to date with all of these changes happening in the accounting industry?

There are several ways to improve the way you adjust to these new advances. Especially if you have been working in the accounting industry for decades and you are used to working in an office with old-fashioned tactics, it may be difficult for you to change the way you get your work done. Set sometime aside each day to do some research and learn about these new technologies, programs that can assist you in your efforts, and even classes that will teach you how to use these apps and tools. There are also courses available that offer a wealth of knowledge about these programs including how to use them and how they can benefit you and your company. It may be intimidating to create social media posts or set up your first sponsored post or advertisement, but these changes are for the better and will revolutionize the way you reach your audience, complete your work, and attract new clientele.

Technology has drastically impacted the field of accounting and will continue to for as long as new inventions and innovations are being brought to life.

It is important that you keep an open mind and be willing to adapt to the changes occurring in the industry, as you will see the clear and apparent benefits that have transformed your workplace whether you are working remotely at home or in the office.

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CEOWORLD magazine - Latest - CEO Advisory - Ways Technology Has Impacted The Field Of Accounting
Boris Dzhingarov
Boris Dzhingarov, founder of Cryptoext, graduated from the University of National and World Economy (UNWE) in Sofia, Bulgaria with a Bachelor's degree in marketing.