Admittedly, the continuous technological advancements have spurred progress in many fields and industries but we could say that one of the sectors that benefited most from these developments is the field of accounting.
One could say that accounting and information technology have come from the same general discipline which is mathematics. And because of this nature, it is not surprising that the progress of technology automatically means progress for the accounting profession. And these are the 7 obvious ways improved technology made it easier and far better to become an accounting professional.
1. CPA review and other learning resources have become readily available
Even before being in the field itself, aspiring accountants already benefit from the technological advancements aka the shift to a more digitized world. Why? Well, students and accounting graduates have all the learning resources they need to be the best CPA possible!
They no longer need to go through tons of books and actually attend physical lessons to learn almost everything they can in preparation for the accounting profession. Even excellent and reliable CPA review courses are available at their fingertips with just one click.
This made the accounting profession much more reachable and attainable for those who are restricted by location, time, and even finances.
2. Payments are almost automatic thanks to digital transactions
One thing that accountants spend so much time on is payments for auditing, and even for their own purchases and acquisitions. Because of the advent of digital transactions, it has become easier to make their transactions like paying taxes, duties, and other accountabilities. This has not only benefited individual practitioners, but also CPA firms who need quick ways to get paid and pay for their liabilities.
3. Audit trails have become easier to follow
Another glaring benefit for accountants and accounting firms is the fact that digital transactions make it easier to track invoices receipts and basically where the money is being spent. Simply put, this makes accounting a lot easier and hassle-free.
But that’s just the beginning, more and more advancements in technology are allowing for ways to make auditors’ lives easier by developing artificial intelligence systems capable of making audits for them.
4. Account information can be pulled out in an instant
Accounting professionals can use the intranet, internet, and all other digital databases to pull up relevant account information they need for work. Paper trail then becomes unnecessary and the accountant doesn’t need to spend hours on end just to find out how much funds a client actually made for a fiscal year some 5 years ago.
5. Accounting data and sensitive information can be kept safe
Cybersecurity is a big deal and it’s all the more important for accountants and firms dealing with money. The good thing is, these days, there are a lot of ways you can keep data safe, aside from actually keeping it in a safe. Encryption software and verification tools make sure your data is kept safe from prying eyes.
6. Historical data and other relevant information can be accessed immediately
Aside from learning resources and accounting data, other members of the accounting sector like financial planners and analysts can use the information found online to prepare their clients for the future. It can also help them make better decisions and give out sound advice to clients who want to be more financially stable in the coming years.
7. Accounting firms can reach out to a global market
The online shift of businesses has given accountants and accounting firms a new platform to offer their services not just to the local market, but to a wider client base. Accounting firms can now compete and reach out to other organizations or industries that were previously impossible to tap due to geographical barriers.
Newbie accountants can start their careers with a global company that will allow them to grow their skills towards a more globalized clientele. The possibilities are endless for accountants, thanks to these technological advancements.
Because of the importance of the accounting profession across all industries, and even in our individual lives, I can guarantee that the industry will thrive no matter the situation. And with technology helping improve an accountant’s craft, we will definitely see more and more improvements to the industry with each passing year.