- Vidit Agarwal
- August 09, 2022
In the times of artificial intelligence and cloud computing, staying aloof the technological advancements seems to be outdated and is the case. Technology is embedded well into the layers of our life and its various aspects, but its impact on humans and our working styles is evident. Accountants amongst the various sects of working classes are no different suggested introducing relevant technology into their professional front.
With significantly less to lose and more to gain with introducing technology into our daily lives, it is essential to understand how it can make or break a deal. Let us further understand why and how technology can help accountants benefit from its usage.
Cloud computing and its advantages
- Internet-based computing technology helps in sharing data and resources online.
- It is protected and has good security (the owner of the document can customise the accessibility option over the documents allowing the other person to view, edit or comment on it).
- This helps accountants keep performing their accountancy tasks from anywhere worldwide due to it being online.
- It also gives space for online storage and can be extended by purchasing the basic plan.
Artificial intelligence
- Helps accountants get rid of the boredom and burden of repetitive tasks in their daily tasks (everyday tasks which require accuracy and efficiency).
- Tasks which need attention but are tedious to do manually, such as replying to emails (the accountant can make some template emails and put them on automated mode.
- An increase in the quality of tasks due to automated forms of work (better quality calculations, comparisons etc.) will be seen.
- With template work and higher efficiency, it is not a replacement but a demonstrator of human intelligence.
- The possibilities of multiple permutations and combinations of creativity and artistic representations of the work make communication and interaction with customers livelier and more enjoyable.
Mobile applications
- Mobile phone applications allow complex calculations to be easily accessible one click away.
- It does not hamper mobility and allows accountants to be readily available to solve their customer’s issues.
- Transactions, invoices, receipts and other tasks can be easily handled via mobile phone applications.
- You can connect the mobile application to your bank accounts and make the transactions easy.
- Some mobile applications provide a detailed report on your expenditures and give a graphical and pictorial representation for a better understanding.
Accounting tasks
Automation of the accounting tasks is no doubt one which humans cherish. It helps reduce the tedious job of number solving and saves time.
Because the applications are preprogrammed, the applications tend to remain primarily accurate, minimising the possibility of committing mistakes.
Blockchain
- Blockchain technology is a new addition to the world of accountancy.
- Blockchain is the online sharing of information with proper recording and tracking systems.
- The transactions in the blockchain cannot be changed or edited and are contained in the blocks.
- No editing allows the transactions to retain their sanctity and allows the other users to keep a good eye on the offenders online.
- Immutable ledgers, information or records are the foundation of blockchain technology.
- Blockchain is the safest technology to indulge in for financial transactions and sharing of financial data and information.
- The blockchain is the best showcase of confidence as all the transactions and dealings are public and can be viewed by customers to rest assured.
- It will help to prevent fraudulent entries by not enabling any kind of data omission.
Relevance of social media
Social media is also a subset under this category and allows worldwide exposure to the individual.
Social media is the medium via which accountants can extend their customer base.
accountants can use social media to conduct interactive sessions via posters, videos, informative videos, PDFs, etc.
It is essential to understand here that introducing technology is not a replacement for the manual or accountancy work but rather a supplementary to the existing workload. It will help the accountant meet targets within less time, with accuracy and efficiency. Thus, introducing technologies will not only answer the hardships of the day-to-day work routine of an accountant but will also help them stay organised, manage time better and stay focused with ease.
