Many processes traditionally carried out by humans are increasingly being delegated to machines. Algorithms and robotic process automation can handle many of the traditional bookkeeping tasks far more efficiently while eliminating human error.
Cloud-based accounting
Industry trends show a shift towards firms using a computerised accounting information system, which incorporate other important business processes, including Customer Relationship Management (CRM), supply chain management and other reporting applications. As a result, there is an increasing demand for cloud-based accounting, which reduces processing time and is cost-effective. A heavy growth of cloud-based accounting software is projected for 2019 – 2026 (Fortune Business Insights, 2019).
Cyber Security
Accounting firms experience high levels of cybercrime. The large quantities of sensitive data they hold is a magnetic attraction to cybercriminals. Client confidentiality is crucial, and any penetration threatens considerable repercussions in terms of legal obligations, reputation, and cost. Integrated projected cloud-based systems provide a whole new level of security.
Digital Transformation
Digital transformation significantly reduces the need for accountant and client consultations. Both can access and edit the data in real-time and meet virtually. Essential documents can be signed and witnessed electronically. Time savings are substantial, meaning you can serve more clients faster and more efficiently improving client satisfaction and growing your business.
Future of accounting
The accounting sector will continue to embrace digital transformation with the main growth areas being cloud computing and Software as a Service with mobile being a primary requirement. AI and machine learning are already performing labour-intensive tasks and making decisions. The trend will continue. Blockchain and smart contract will play an increasing role.
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