How is technology transforming the accounting industry?

Technology is transforming the accounting industry, driving efficiency and innovation through automation, cloud computing, enhanced security, data analytics, and real-time reporting. This profound impact has reshaped how financial professionals operate, ushering in a new era of accounting practices.

Automation has had a huge impact on the industry by handling routine tasks seamlessly through sophisticated software solutions. Manual data entry, calculations, and bookkeeping have given way to automated processes, reducing the likelihood of human error and allowing accountants to focus on more complex analytical responsibilities.

Tools such as ApprovalMax, Dext, Chaser, and Telleroo are used to optimise operations, enabling seamless management of invoices, data extraction, payment follow-ups, and streamlined payment runs.

Cloud computing has transformed collaboration by enabling remote access to data and applications. Real-time updates and instant information access enhance decision-making processes.

Robust cybersecurity measures have made data more secure against threats like theft or natural disasters.

The era of big data analytics is here, with advanced tools processing vast datasets to provide valuable insights into financial trends, patterns, and anomalies.

Real-time financial reporting has replaced the need for month-end reports, allowing stakeholders to access up-to-date financial information and make quicker, more informed decisions.

Emma Hardwick, Senior Business Services Manager at Plus Accounting, states, "Implementing time-saving efficiencies across software platforms is great; by making applications talk together, it makes finances work like a dream come true, and our clients are getting hours back to do what they enjoy rather than worrying about accounting all the time. I enjoy having conversations with our clients that lead to helping them solve a pressing issue quickly. Due to the access to instant real-time data, it doesn't take a long time for the data assessment to take place, and we are sharing insights with them as soon as possible."

Jake Standing, Business Services Director adds, "The increase of automation means that business owners can spend more time on what they do best – grow their business. However, with increased reliance on technology comes risks around cybersecurity and ensuring the processes do what is intended. We use our experience of hundreds of clients to design best-in-class processes that are secure and ensure the right information is surfaced. This is crucial to making sure that business decisions are made on correct data and can be trusted."

The impact of technology on accounting is transformative, driving efficiency, accuracy, and innovation. As professionals continue adapting to these advancements, the industry will experience further developments in the years ahead.

Find out more about Plus Accounting on their website here. 

Plus Accounting are sponsors of our next Thought Leadership event in April. For this and more events from Brighton Chamber, head over to our events page. 

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