If you think the accounting profession is one of the dullest jobs in the world, you’re out of date. Recent developments in technology have given accounting some drawing power. And with novel technologies coming in, it’s about to become a whole lot sexier.
Thanks to technology, accounting has started to emerge from the shadows. Here are three hot technologies in 2018 that surely raise accounting’s status to one of tech’s greatest:
According to Rich de Moll, VP for Blockchain Solutions for Finance at IBM, blockchain technology will have a significant impact on accounting. Blockchain, as a shared ledger across existing ERPs, will allow accountants and other financial professionals the ability to rely on one data that blockchain provides.
Benefits of blockchain include:
- Data from blockchain, being absolute and unchangeable, will eliminate the need for auditors to reconcile data taken from different sources.
- A reduction in paperwork and manual data entry. In combination with artificial intelligence, blockchain can increase audit volume and will help auditors to sort through massive amounts of data fast.
- Streamlined invoicing by allowing accountants to issue smart receipts to expedite e-invoicing. This way, it will be easier for accountants to manage and trace invoices.
- By incorporating blockchain technology into your accounting information system and cybersecurity strategy, you could prevent cyber fraud risk by maintaining a clean and secure database and a strong control system.
As a business owner, you normally look at how your business performed over the past year and make forecasts for the year ahead. But you also know that goals cannot be achieved without a plan.
Does your current accounting technology provide the important information and analysis needed to formulate a better business plan? If you’re using a simple accounting software to manage your business, it’s probably time for you to upgrade to a Cloud ERP solution.
A Cloud Enterprise Resource Planning solution is a suite of applications that can manage your sales, purchasing, accounting, Human Resource, customer support, CRM, and inventory. As opposed to individual software, cloud ERP is integrated and has a consolidated database. ERP will help your business collect, manage and understand data for your all your business units while boosting your productivity and saving you money. Reach out to us to learn more.
Cloud, Artificial Intelligence, and Bots
Cloud accounting will gain stronger momentum in 2018; cloud computing will continue to harness AI technology to give machines the ability to compute massive amounts of data instantly and streamline processes. Cloud technology will also leverage machine learning so bots can understand and organize data, and make better judgments overall.
With the rise of new technologies, there’s no better time than now for you to up your game. You need to be ready to embrace the coming wave of change.
Until the next time,