11 Emerging Technological Trends in Accounting Industry

Like every other industry, technological trends have touched the accounting industry. To survive the ongoing competition, many accounting companies are adopting more and more technological solutions, which help them to carry out their activities, seamlessly. Technology also helps the companies to perform well during the busy season.

Some of the trends seen across the accounting companies are as follows:

Multiple monitors:

Many accounting organizations make use of multiple desktop monitors. Most popularly, they use three monitors per desk.

Paperless documents:

Companies scan all the documents as soon as they receive it. With the soft copies, they are able to organize and analyze them well. Besides, the documents may also be stored for years without the fear of it getting damaged or lost.

Ultrabooks:

Accountants often go on visits for office work. For convenience, they use laptop Ultrabooks. They are lightweight, slim and quick. They are easy to carry and urgent tasks get processed faster on it.

Digitalization:

Accounting companies have embraced digitalization. Many companies use cloud-based software to store and manage their data. Tools like email and Microsoft Office are widely used on the cloud. With the help of the cloud, the users may access their data from their home, office or any other location at their convenient times.

Backup policies:

Tax accounting companies have a lot of important data. It is necessary to have a backup of this information, in case it is lost or damaged. Companies no more use tape drives to save their data. They backup the data in local drives or networked drives. Networked drives like Storage Area Networks (SAN) or Network Attached Storage (NAS) are popular. These networks are faster and simpler to operate. Businesses also store their data on the internet, so that they may save it for life and access it from anywhere and at any time. Small companies use hosted services like CrashPlan, McAfee Online Backup, Carbonite, SOS Online Backup, etc. for the same.

Operating system:

Most organizations have replaced their operating system from Windows XP to Windows 7 or 8.

Internet packages:

Accounting companies have also started to focus on their internet packages. Due to heavy data used in accounting software, the companies look out for better speeds. They also use a second line to avoid clutter. The second line mostly is a rented T1 line or straightforward DSL, cable and wireless options.

Communication:

The medium of communication in accounting industry has also changed. Accountants now use video calls, digital fax and instant messaging apart from regular phone calls and e-mails.

Online accounting:

Organizations resort to online software for accounting. These accounting system software save time and eliminate the accountant’s need to check each entry manually.

Easy access:

With the technological solutions, the accountant and the client may view and work on the accounts together, sitting at their respective offices. They both may discuss the data over the phone while accessing the accounts on their screens at the same time.

Comprehensive systems:

Companies have started to adopt comprehensive systems. Earlier, accounting system only dealt with accounts payable, financial reporting and accounts receivable. The advanced system now handles many more things like marketing, operational and service functionality. Some of the systems used are manufacturing controls, customer relationship management, work order management, enterprise resource planning (ERP), etc. The ERP system increases the efficiency, facilitates in inter-departmental activities and gives accurate results.

Accounting businesses are always on the lookout for innovation especially in the field of technology. They want to upgrade their systems from time to time. The companies hire technological experts or accounting software consultants to emphasize on IT. Technology has thus become an integral part of the accounting industry.

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Photo credit: Richard Lewis