With increasing regulation and client demands, your company may be automating its time-consuming tasks. Using technology to perform repetitive, low-value tasks frees up time for accountants to add increased value to the organization. Here are four top technologies impacting the accounting industry.
Artificial Intelligence
Artificial intelligence (AI) analyzes large volumes of data at high speed and uses machine learning to make predictions about the data. AI helps accountants increase productivity and accuracy while decreasing costs. For instance, automating administrative tasks that involve data handling and processing increases compliance. The technology can quickly generate a tax report with guaranteed accuracy. AI can recognize and categorize data from various sources for the right accounting head. Accountants use the technology for monthly or quarterly close procedures, procurement, accounts payable and receivable, audit and expense management. AI chatbots can quickly answer questions about bill due dates, current account balances and the status on accounts.
Robotic Process Automation
Robotic process automation (RPA) uses software tools to transform the audit process from a handmade process to an assembly line process. Rather than using a variety of computer-dependent tools and processes linked by manual steps and keystrokes, new software combines such actions into one automated process. RPA automates repetitive tasks like copying and pasting information to improve audit quality, business processes and services provided by public accounting firms. For instance, many tax activities, such as calculating book-tax differences and preparing tax returns, are automated by RPA. Also, revenue audits are automated by software robots performing rules-based functions to execute reconciliations, analytical procedures and dual-purpose procedures.
Cloud Technology
Cloud technology uses accounting software to host data on someone else’s server and make the data available on any device with an internet connection. Accountants access and edit the same files from anywhere at any time. Scanning invoices, purchase orders, account statements and other documents into the cloud makes them available any time from anywhere. Securely storing files in the cloud means reduced cost due to less need for physical storage space. Real-time updates mean accountants access current information to make faster, more informed decisions. Giving accounting teams access to the same information streamlines accounting practices.
Mobile Accounting
Mobile accounting means accounting professionals can input data, update tax information, or run reports from anywhere. Team members can record expenses or payments any time from anywhere and gain updated information on the financial health of the company. Accountants access emails, balance sheets, tax data, files and other information from anywhere. They also can retrieve statements, exchange notes and easily communicate. Plus, accountants create and send invoices, perform bank reconciliations, track time and billable hours, add receipts and submit expenses with mobile technology. Using the right combination of efficient, scalable, secure technologies results in decreased costs, greater financial stability and improved business growth.
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