Conversations about the future of accounting are still accompanied by the same old questions: will humans be replaced by robots or are people underrated?
Well, Elon Musk sticks to the second option after Tesla’s story of failure.
The technologies transforming the financial industry are aimed at empowering accountants – not eliminating them. That’s why it’s a reasonable expectation for us to pay attention to the changes and opportunities that appear in the sphere of accounting due to digital innovations.
The cloud, artificial intelligence and blockchain reduce manual data entry and improve the speed, accuracy and quality of data which helps individuals advance their roles as highly qualified advisers and analysts.
How the cloud and automation run the world of modern accounting
According to Accounting Today, by 2026 the global market for accounting software will have a value of $11.8 billion. By 2020, repetitive tasks like tax preparation, filling forms, payroll, audits and banking will be fully automated.
Cloud accounting, software-as-a-service applications and the ability to automate and access financial data from any internet-connected device have helped today’s accountants increase productivity and efficiency.
Today, there is nothing confusing in any of these technologies. In fact, implementing these technologies isn’t nearly as difficult as it used to be. Accountants now have better access to the necessary information which allows them to easily manage data, and simplify many functions they used to have to perform manually.
Our client, Kevin R. Minkoff is a certified global management accountant (CGMA) and certified public accountant (CPA). He offers tax preparation, financial and management consulting for small to medium sized businesses.
Minkoff is using PDFfiller to collect tax information, which makes it easy for his clients to edit and complete PDFs online.
PDFfiller enables Minkoff and others in similar positions to connect with clients and collect data in a number of different ways. Users can send documents directly to specific clients to complete using the ‘LinkToFill’ feature. This enables PDFfiller’s customers to send forms to an unlimited number of clients using a message, URL or QR code. PDFfiller’s forms can also be integrated directly into a website, allowing users to access them and submit them directly from your site. Alternatively, it’s also easy to just email a fillable form to specific users to complete whenever the need arises.
With PDFfiller you are able to automatically add spreadsheet data to your documents and forms, extract data into a spreadsheet, instantly collect payments, create templates from fillable forms and schedule document sending.
All of these features help you to automate document management processes, which is a very sought-after goal for accountants.
Why you need Blockchain technology in modern accounting
Ernst & Young was the first professional service firm to begin accepting Bitcoin as a payment method. In April 2018, they launched “Blockchain Analyzer” which facilitates the review and analysis of transactions on the blockchain for E&Y audit teams. The pilot will lay the foundation for automated audit tests of blockchain assets, liabilities, equity and smart contracts.
Blockchain is a delivery method that lets users from several sources access the same information in near-real time. For instance, if the risk profile of a business is tied to the blockchain, the business and its potential investors can all access the profile simultaneously.
In case there is a change made by one party, everyone with access can see it as soon as it is verified.
Blockchain is supposed to provide quick and accurate auditing, compliance and reconciliation which will alleviate many hassless the finance industry faced before the emergence of this “digital hero”.
The cloud, document management platforms, AI and blockchain are powerful ways to automate and streamline manual and transactional tasks. However, this does not make the “human factor” outdated. Professional accountants are going to evolve while considering these technological innovations, with their benefits and challenges.
Digital tools effectively streamline almost all accounting processes and allow businesses to save time for their foremost tasks while automating repetitive actions.
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