The Top Technologies Impacting the Accounting Industry

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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Want to Be More Profitable: Improve Your Culture!

A profitable company culture requires people, processes and systems to be geared toward optimizing profitability. Each employee must behave in a way that promotes the organization’s financial success. They must understand that their actions determine whether other individuals want to work for the company and whether customers remain loyal. As a result, if you want your company to be more profitable, you need to work on improving its culture. Here’s how.

Leadership

Getting leadership on board with implementing cultural change is one step in transforming the entire organization. You need leadership’s consensus, commitment and support to guide their teams in creating desired change. Share how much more profitable your business can be by developing an attractive culture to increase employee and customer retention.

Desired Outcomes

Working with leadership to clearly define desired outcomes and profitability lets you clarify company goals for cultural change. You need a method for getting teams inspired to create cultural change and determine whether you’re making progress. Making clear progress and achieving small victories improves motivation to continue implementing change. A 1%-3% in a few key metrics can mean a significant increase in your bottom line.

Uniqueness

Establishing a unique culture helps you build a following. As with your employees’ individuality, unique aspects of your culture differentiate your company from the competition. When your culture sounds, feels and is experienced unlike any other, it attracts top talent and customers. Begin identifying your company’s uniqueness by examining your purpose. Focus on why your business exists and whom it serves. Come up with what uniquely differentiates your culture and makes it attractive. Make that obvious in your culture.

Communication

Having leadership communicate the benefits of cultural change to their teams helps get them on board with implementation. Employees need to understand how an improved culture and increased profitability benefit them. They also need their questions and concerns addressed before deciding to move forward. Understanding the expected value to the company and employees increases buy-in for cultural change.

Accountability

Because what is measured is done, you need to hold employees accountable for implementing cultural change. As a result, you must establish a performance management process in line with new cultural expectations. Include clear rewards, recognition and consequences for performance. Also, monitor and measure key performance metrics to determine profitability. Your goal is to improve both at the same time.

Work with a Leading Rolling Meadows Staffing Firm

To find top candidates who can increase profits, work with a leading Rolling Meadows staffing firm. Casey Accounting & Finance Resources provides professionals with innovative and creative solutions that exceed expectations and help achieve company goals and objectives. Reach out to learn more today!