Over the past few years, accounting technology has advanced to adapt to changing needs in the workforce. Here are some of the major technological advancements that have impacted the accounting industry recently:
Cloud computing: With cloud computing, accountants rent server space in off-premises locations, and they access stored information over the internet. Cloud-based software systems free up space on accountants’ internal hard drives, and they allow multiple workers to collaborate on financial tasks, even if they’re in different places.
Enterprise resource planning (ERP) and customer relationship management (CRM) platforms: Most ERP and CRM platforms incorporate accounting technology. By integrating accounting processes into their organization’s existing system, accountants can keep track of hours, expenses, invoices, and payments. Additionally, accountants can more effectively communicate with clients and coworkers using ERP and CRM platforms.
Virtual communication platforms: Accountants often feel cut off from other members of their organization, and it can be challenging to relay financial information to coworkers. With cloud-based unified communication platforms like Microsoft Teams, accounting professionals can easily share information through chat, video, and voice.
Outsourced accounting: Many companies are choosing to downsize their accounting department and hire a third-party provider for outsourced accounting services. Outsourced accounting firms can employ the best technology and financial reporting processes at a low cost to clients.