“Accountants can use the power of automation today to spend less time on time-consuming and repetitive transactional work and more time on higher-value advisory and consulting services.”
Fremont, CA: The finance and accounting (F&A) services industry has been radically transformed by digital transformation in recent years. Technologies are changing the accounting patterns in this new era of change. Accounting firms and accountants are benefiting from emerging technologies that enable them to complete their tasks more accurately, quickly, and efficiently. Accountants can use the power of automation today to spend less time on time-consuming and repetitive transactional work and more time on higher-value advisory and consulting services.
The following are the top emerging technologies that are poised to revolutionise accounting outsourcing services.
1. Cloud Computing
Accountants are harnessing the power of cloud computing to keep businesses connected today. Accounting software, ranging from budgeting to spreadsheets, was among the first to be made available online. Companies are increasingly beginning to use internal social media for collaborative accounting as cloud services have become more secure. Collaborative accounting can deliver insights by combining multiple data sources and formats. The cloud-based infrastructure enables people to collaborate in real-time, regardless of where they are, promoting greater collaboration.
2. Artificial Intelligence (AI) and Robotic Process Automation (RPA)
Accounting firms engage in a variety of activities, including gathering primary data to make complex decisions and counselling business leaders. RPA, AI, and analytics are assisting accounting outsourcing firms in making a significant shift on that front, creating more excellent business value for their clients. When combined with AI, RPA goes beyond simply increasing efficiency and productivity in mundane tasks. At the same time, the goal of AI is not to replace accountants. It is about performing high-value, complex tasks with great accuracy while reducing human oversight. Accounting firms and accountants go beyond general cost, productivity, compliance, and control improvements by implementing AI and RPA-based systems. They are shifting finance professionals away from mundane, repetitive tasks and reaffirming their role as business advisers.
It is important to choose an external accounting service provider that has invested in technology, processes, and people. In terms of technology, it is impossible to predict future innovations. However, it is important to evaluate the impact of technology on the accounting firm and its clients. Accountants must be willing to minimize risk, maximize the benefits of technology, and potentially give new meaning to their work.