The finance
and accounting services are rapidly changing with the availability of productivity based on
newer technologies. Today, accounting isn’t burdened with task-oriented
projects because, in the shift of technology trends, various accounting
software are available which are automating the accounting work.
According to a
the survey conducted by Robert Half Management Resources, around 41% of CFOs stated that technology
is becoming a major part of the accounting industry. The technology has
modernized accounting services in multiple ways that it becomes difficult for
accounting companies to keep up with all the latest trends. The shift in
accounting requires new skills to be developed in the accountants. For CPA
firms, it is very important to keep up with modern accounting technologies so
that they can train their employees to perform a better job.
Blooming Accounting Technologies
CapActix – a leading accounting outsourcing company in the USA has
been constantly working with the latest accounting technologies. We follow the
latest accounting technologies very keenly and according to our experts, these
technologies are reshaping the accounting industry in the future.
1. Blockchain
When we are
speaking about the emerging accounting technologies, then we have to start a
discussion with the blockchain. Recently, numerous researches are conducted
where blockchain is presented as an emerging paradigm for trade. Blockchain is currently
used as the public ledger for bitcoin transactions, but it is a very powerful
technology that can be used to keep track of transactions and helps in
distributing value to all the participants in the public networks. The impact
of blockchain technology is still much underwhelmed, but in the future, it is
going to be a big part of the accounting industry.
2. Cloud
Computing
Cloud computing is
a very popular business technology of 2019 and has been proving its worth in
the accounting businesses as well. Cloud applications can manage everything
from payroll to tax preparation. For outsourced
accounting services,
it is a very useful technology that enables accounting companies to update
financial information as soon as any change occurs and the outsourced company
will get an automatic notification. Moreover, by using cloud technology, the
burden from the IT department can be reduced as they don’t need to handle
software management and updates anymore.
3. Artificial
Intelligence & Robotics
Artificial
intelligence and robotics technology has automated complex and repetitive
accounting tasks. The high level of accuracy and low cost of operation has been
gifted by this technology to accountants. AI is a prominent accounting
technology of the future because currently, we don’t have any substitute for
human brains. So, these technologies can increase the efficiency of accountants
by performing repetitive tasks, but they can’t yet fully automate the accounting
work.
4. Custom
Integration
The integration of
different software is a new modern business technology. And, the custom
integration has been proving a dynamic trend for the accounting executives. The
accuracy has been always a big concern for accounting firms, especially when
they have to transfer information from one department to another. One small
error in the transferred data can waste so much time and resources of the
company.
But, today accounting
outsourcing companies in the USA have found a solution by linking their ERP, CRM and
CMS software together to create a unified environment where authorized users can
easily access information anytime and anywhere.
This technology has made accounting outsourcing services very efficient.
5. Optical
Character Recognition
The integration
the solution has already reduced repetitive entry task of the accounting companies,
but with the presence of optical character recognition software, the process of
adding manually entries have been limited.
This technology allows companies to scan or even use the mobile camera
to capture the data from printed files and convert them into the digital files.
It has improved the level of accuracy and the process of adding accounting
entries have been fastened up.
6. Tax
Solution
When all the
taxable information like payroll, receivables, payables and other related
information is available through integrated cloud-based technologies, then the
tax preparation gets very easy. But, with the integrated cloud-based solution,
tax time becomes much less stressful. Modern innovations in accounting and tax
software allow CFOs to take advantage of the correlated data collected
throughout the year to ensure accuracy for all tax forms and payments. Tax
preparation is a process where one mistake can cause big trouble, but thanks to
tax software the small details like deduction and rates can be easily checked.
7. Mobile
Apps
One of the major
The benefits of modern accounting technology are remote access to information.
Accounting professionals don’t need to be present in their office to update or
access accounting data. With mobile accounting software, they can handle
finance and accounting services from anywhere. The changes made by accountants
through mobile apps will automatically be updated to the office server via the
cloud. This technology has brought flexibility in accounting work.
8. Social
Media
Accounting
organizations understand the value of social media platforms that’s why they
are using social media networks to connect with their potential clients.
Social media marketing has made it easier for accounting companies to reach
clients from around the globe and expand their business. Social media marketing
strategies like blogging, posting regularly, etc., helps businesses to grow
digitally.
Accounting
professionals need to embrace these technologies to survive the whirlwind of
the future. This means accountants need to regularly update their skills as per
the new modern accounting developments.
If you are a busy
accounting firm in the USA and looking for the outsourced accounting services
to share your burden with the help of modern accounting techniques, then you
have CapActix at your service. We are a team of modern accountants
who know the value of technology-based accounting tools. To connect with our
professionals, you can contact us at email - biz@capactix.com or can call on
+201-778-0509.
No comments:
Post a Comment