How technology is transforming accounting during and beyond covid 19

How technology is transforming accounting during and beyond covid 19

As covid 19 takes hold , the role and importance of technology are further re enforced.. The pandemic demonstrated how technology is needed to revolutionizing industries and businesses at an accelerated pace. The accounting sector is not left out.

“With the stay-at-home, and work from home becoming the new norm, having the right technologies in your arsenal is the key to staying ahead of  the storm. The pandemic has only deepened reliance on these big techs while accelerating trends that have already benefited them,” says Matthew Brannelly, owner of Orbit Strategies, a business committed to developing and executing revenue growth strategies.

Accounting firms, more than ever ,need to embrace these technologies to innovate and evolve in order to sail their way to success during and beyond Covid 19. Here, Matthew Brannelly looks at the role of technology in accounting. Why cloud computing is important and why skills remains a priority amidst the pandemic.

Role of technology in accounting during covid 19

What seems like difficulties in the landscape before the pandemic hit ,now turns to blessings. Accountant and finance professionals across the globe are turning to technology as a saving grace to help adapt to the changes and reengineer their  businesses. Although, technology is not new in the sector, however, the pandemic has  shed light into areas where technology is still being underutilized. Here are how accounting technologies has become a game-changer in the industry.

Cloud adoption

Topping the list is, of course, the changes brought by remote working. Many accounting professionals understand they need to keep the work going while still striving to meet customer expectations. What changes? Home replaces the traditional office as firms are allowing employees to work from home. Trade and finance conference evolves into virtual ones. Businesses have been able to transition seamlessly and clients have been left with no choice but to embrace the cloud.

The good news: cloud computing features have allowed the employee to work from anywhere and anytime. Seamless communication is enabled by the team. Businesses can openly communicate with clients and serve them whether down the street or at a far end of the planet. This is made possible through online collaboration, conferencing, and unified communications systems. The business continues, revenues are generated. More importantly, maximum protection of data and sensitive information are guaranteed with the cloud-based infrastructure.

Operation tools

Accounting software and tools are emerging at a fast rate. Firms are leveraging these technologies to manage cost, increase margins and boost customer satisfaction. For instance, experience management systems work on all your customer-facing touchpoints. It organises, synchronises and automate customers interactions, measure feedbacks and ensure their maximum satisfaction.

Automation

Technology empowers accounting firms to streamline their processes and workflows. This is one of its biggest impacts as companies now develop and use computerized systems to track and record financial transactions. Accounting work has gone beyond outdated, paper-based, manual processes. Manual tasks such as invoice processing, purchase order matching, new supplier registration and payment are made easier with automation. Technology has taken over manual transfer which can be unreliable, unsafe and packed with human errors. The days of paper bookkeeping is gone. Technology is giving ways to better easier, faster and better work-one of the key to success amidst the coronavirus crisis.

Need for improved technological skills

With these opportunities come the challenging need to take your skills to another level in order to meet up with the changes. “As technology becomes a necessity for success, employees and rising stars need to strive for technological competence and excellence. Employers need to ensure their staff are well-equipped to adopt these technologies. If not, there might be skills gap which can be an impediment to success.,” Matthew Brannelly concludes.

How technology is transforming accounting during and beyond covid 19

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