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4 Ways Tech is Shifting the Accounting Industry

By June 14, 2023No Comments
accounting

It can be no surprise that, as with so many modern-day industries, technology is rapidly shifting the way the field of accounting flows, how customers are served, and business operates. If organizations hope to attract and retain top talent and stay competitive in the market, it’s imperative that they adapt.

Setting your sights on the future, exploring the best accounting programs in Ontario, an accounting course or financial course and/or obtaining your Certified Public Accountant (CPA) certification in Canada, you need to know that training in these relevant tech changes is essential.

4 Ways Technology is Shifting the Accounting Industry

 

1. Accounting in the Clouds and Tech to Ramp up Efficiency

Storing data in cyberspace and an ability to access information from anywhere, has led to a new way of sharing info, processing data, invoices and payments and makes recording of details a snap. This means that a shift is happening from menial and detailed paperwork and tasks to increased client connection and interaction. Accounting software improves the efficiency and accuracy of the auditing process, saving time and money. And the ability to develop and design mobile accounting apps means that an accountant can tackle client work on the go and support and connectivity are just a click away.

2. Instant Access

The audit cycle is changing from annual or quarterly due to the ability to interact with businesses in real time and access figures on the fly. With information being delivered faster and with greater accuracy, decisions can be made quickly and the timeline for reporting can be streamlined.

3. Algorithms and AI Instill Confidence

A human being, no matter how brilliant, can only process so much information in a given length of time. Artificial intelligence software can process multiple details, from a company’s viability and history, to prospects in relation to key figures and the temperature of the market and trends. Algorithms can review myriad transactions and assess to make smart trading decisions.

4. Automation to Free Up Time

With the automation of various time-consuming tasks like banking, payroll, auditing, and tax preparation, coupled with the use of AI to perpetually upgrade learning systems, accounting professionals will need to be tech savvy and adapt to new ways. Audit times can even be cut drastically as robotic process automation (RPA) cuts contracts down from months to weeks, and “generative AI and RPA have the power to free up [the] workforce to focus on more meaningful work,” according to Forbes Magazine.
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With ever evolving, and increasingly sophisticated, technology to support the accounting industry, it is more essential than ever that an accounting professional’s EQ, emotional quotient, is on par with his or her IQ, intelligence quotient.

If you’re looking for ways to launch into this industry or how to become a CPA, you’ll want to engage in a program taught by industry experts who are up to speed on the latest advancements and poised to help you gain the theoretical and practical training to achieve success.

Interested in starting your career in accounting and payroll? We’re here to help. Meet with an Admissions Advisor today! Book your virtual appointment here.

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