Accounting technology is rapidly spreading its wings. It’s replacing manpower, and automation is helping corporates achieve faster results with lesser resources.
Personalized certification, automated tax forms,dynamic reporting, smartphone management apps, express checkout methods, and on the list goes. Accounting tech is taking over the world. Let’s know why.
1. Accounting software gets things done better
It’s a well-known fact that automation helps businesses achieve their aims faster.Not having to do repetitive tasks manually makes things more error-free and fast.
This amazing infographic really lays it all out well: How Accounting Has Been Changed by Technology Over Time.
2. Cloud accounting has many benefits
Cloud accounting is very good for businesses, both small and big. Many startups make a failure out of their cloud service choices but it’s not their fault.
• Cloud accounting gives many benefits, and once you’re able to zone your fully hardware based systems out and switch to cloud, you’ll start to see the benefits – freedom from location and time constraints, stability, security, no more data loss, and overall swiftness in delivering results.
• Accounting and financial industries can and are benefiting a lot from cloud accounting, and especially from how it enables business owners to manage and control their assets anytime from anywhere.
• Being on-site isn’t important anymore with the help of smartphones and tablets always connected – which means that little virtual accountants are by your side whenever you need them.
• It also enables business owners to hand out real-time support, which can be a swaying factor to earn new clients.
3. Software as a Service is inflating
Software as a Service, or SaaS, means renting centrally-managed software on subscription basis. Because SaaS provides developers a lot of exposure and financial advantage, there’s a good deal of competition and healthy rates.
The amount of jobs you can get done using the various SaaS packages is unsurpassed. The more you explore the more options you have.
The SaaS industry has been inflating, and there are signs that it’s still very underrated.
Xero’s infographics explain how SaaS metrics are inflating over the years.
4. Good for startups
As Jonathan Patson wrote in 2014 on Accounting Web:
“Automating accounting for small business owners and entrepreneurs won’t be a bad thing either, as many would prefer to have turnkey programs to handle the grunt work of a task that once cost a good bit of a start-up’s small budget.”
Needless to say, small businesses and startups can use the services up for grabs in accounting tech to fasten their work and also to decrease or eliminate their need for manual accountancy.
As we all know how startups are taking over the world, we can clearly say that it’s one of the reasons why accounting tech is taking over the world as well.
Of course, it won’t phase out accountants anytime soon, if at all, but accounting tech is taking over the world and that’s a cold fact. Whether you embrace it or avoid it for future is up to you.
Accounting and financial services have been historically benefiting from accounting tech and will continue to do so.
Contributed by Martin Brower. Matrin is a skilled maths loving guy who has a long work experience in accounting. His strongest point is perhaps his affinity to using cloud based modern tools to deliver faster results. His accounting method is as swift as his fingers are on the keyboard. He's an explorer, and always keeps finding something new to make his accounting services even faster and more efficient. To know more about his work, visit: