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Top technological trends that will change accounting

In the modern era technology is no more limited to only take based companies as every industry out there is travelling on the power of technology and the same goes for accounting as well. Gone are those days when accounting was only limited to pen and paper as in the modern era along with the power of accounting software modern day technologies like AI and machine learning along with cloud computing are being used in accounting. If you will notice more closely then you will see that every industry is going through a phase of change in the current era. And all these good changes are being made possible with the help of technology. Whether it is a retail business or travelling industry, every firm is adopting the latest technology and stepping summiting Everest every day. In a similar manner, the accounting industry has also gone through a lot of changes with the help of technology, but this is just the start of the evolving journey of accounting as there are still many technological innovations awaiting to morph the accounting industry. In fact, the accounting industry was one of the first industries which was impacted due to the increase in data technology. Looking at the adoption of technological solutions such as accounting software and tax software, accountants were the first one to make a move towards this data-driven technological solutions. The early age of using stamps, invoices, spreadsheets for accounting has long gone and now people have become used to accounting software solutions which require less effort and give more productivity. But now many people are doubting that the increasing integration of technology in accounting operations will blur the future of accountants as with more and more automation, the need for accountants will slow down. But every accountant needs to know that instead of considering technology as a threat to their job, they can become versatile and capitalize on the blessings of technology in order to improve their day to day operations. So, in this blog post, we will be looking at the 3 key technological innovations which will be responsible for shaping the future of accounting in the upcoming years. Blockchain Blockchain is the same technology which empowered cryptocurrencies but you will be surprised to know that the same technology will have a great impact on the bookkeeping practices as well. But before we get into the effect of Blockchain on accounting, let’s go through the simple definition of Blockchain first. According to Harvard business review “Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way” Blockchain can be simply considered a spreadsheet copied thousands a times over a network which has been programmed to regularly update the spreadsheet. So Blockchain can store anything of value and the stored value is present on Blockchain as a shared and reconciled database. If a transaction is entered into the Blockchain then there is no any way to modify it and therefore, the risk of security is completely eliminated. If a company will be using Blockchain technology for accounting then accountants will be more focused on entering accurate data than comparing financial reports to bank statements. Another way through which Blockchain will modify accounting is after choosing Blockchain for accounting, business owners will be able to set rules for how money from transactions is spent. And even the automated reports will give access to valuable data. Automation There used to be a time when everything is counting was done manually and this was the main reason why accounting was considered as a very slow and time taking process but with the introduction of modern-day technologies like artificial intelligence, things are completely changed for the accounting industry. Even if you don't keep tabs on the latest technological trends, you must be aware of the fact that automation is leading technology in most of industries. The rise of automation might have led to varying and controversies but till now it has only benefited all the industries out there just like it is doing to the accounting industry. The introduction of software solutions was the first step towards automation as with the help of software solutions the accountants were no more limited to entering everything manually. But this was just the beginning of automation in the accounting industry as with the growth of artificial intelligence accounting softwares became more advanced and powerful. You can take the example of QuickBooks enterprise hosting as the new version of the accounting software has been focused on automation and there are many new features introduced in the accounting software. Cloud Cloud computing has been acting as one of the most powerful and popular technologies that is being used in the accounting industry for a very long time. You should know that now cloud has become a necessity for all the accountants in none of the accountants out there are confined to the desktop installed accounting software solution. Currently, there is a big gap between legacy accounting software and cloud-based platforms, but it is being expected that this gap will be parted in the near future. After such development in the cloud accounting industry, the client-accountant meeting and other communications will change forever. But any change in the cloud accounting technology will prove to be beneficial for both the client and the accountant because the versatile and robust cloud technology will become much more responsive and will provide real-time collaboration to all the users. The accounting industry has still a long way to go in technological advancement and with the help of technological innovations like Blockchain, AI, and Cloud, the future of cloud is safe and bright. Technology has only become an important part of the accounting industry and with the passage of time, the use of technology in the accounting industry is only going to increase. So if you are related to accounting resting in any way then you must start using the power of technology in order to streamline your accounting approach in the best possible way.