rapidly evolving accounting technology

The Influence Of Technology On The Accounting Industry

Technology has come to define the modern accounting industry. Pens, paper, and calculators are still around, but accountants no longer rely on them to balance ledgers or do reports. Instead, they use rapidly evolving accounting technology. This blog post will focus on how this technology has changed the accounting industry.

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A reduced margin of error with automated data entry

Accountants no longer need to input data into Microsoft Excel to run ledgers or generate statements or reports. Instead, specialized accounting software has automated and simplified data entry, making ledgers and financial reports more accurate and reducing human error.

Improved productivity with cloud computing

Cloud computing has transformed the accounting industry. Accountants no longer need to visit clients to receive accurate information. Instead, bank feeds and data are integrated in real time, allowing both accountants and clients to view, edit, and add notes. Accountants can also download transactions from a client’s bank accounts to compose accurate statements and invoices.

Cloud computing also integrates with document scanning, which improves the speed and efficiency of accounting processes considerably. Scanning documents can also cut processing costs, saving the business both time and money.

Greater flexibility with mobile accounting

Working on mobile devices has become a trend for small and medium-sized business. Mobile apps and mobile devices are no longer just about entertainment – they’re used to conduct business. Mobile accounting offers accountants real-time advantages, including on-demand data and information.

Real-time information access allows accountants to service their clients more efficiently – even if they’re on the road or in another country. Financial apps can also be accessed instantaneously. Powering up a computer and then going online is a waste of time when an app can give accountants all the information they need with a single tap. Firm-branded apps that can be shared with clients also increase customer loyalty and align clients more closely with your business.

Improved security of client information

In the past, a security breach could occur if someone had access to a ledger that was not under lock and key. These days, thanks to enhanced data encryption, security breaches occur far less frequently. Thanks to accounting technology, both accountants and their clients can rest assured that data is safe and secure.

Diversified opportunities

As accounting technology advances, so do the skills of accountants who use it. This has opened up new specialized areas for accountants, with business owners turning to accountants for technology advice. Accountants are becoming trusted advisors, helping their clients’ businesses become more productive by technology is properly integrated and streamlined.

Preparing for the future with Enterprise Resource Planning (ERP) systems

Today’s accountants have access to strategic software applications that help them prepare for the future. These software programs make data and information available through a common central database, which is then shared through functional areas of the business, including finance, accounting, sales, and marketing. ERP gives businesses a complete overview of their performance in real-time, allowing them to make decisions based on relevant, up-to-date data.  

Accounting technology has evolved substantially, taking the accounting industry to new heights and levels of opportunity.

Companies like Easier Accounting already harness the power of accounting technology to offer flexible online accounting services that help businesses improve productivity, boost efficiency, and save costs. Our customized service plans include monthly bookkeeping, audit support, business tax preparation, annual tax planning, and payroll.

For more information about the top trends affecting the business and finance world, download our guide:


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