3 accounting technologies that can morph the industry
October 07, 2014

The barriers that once prevented technology from being applied to certain industries are all but destroyed as many different sectors embrace innovation to overcome their specific challenges. For example, at one time, people never would have guessed technology could have an impact on the fashion industry, but as wearable devices become more popular, designers are now looking for ways to incorporate the gadgets into new clothes and accessories.

Accounting trends have followed this trajectory as well, as hardware prices decline and its applications become more diverse. New advancements can transform an industry and now this equipment and these programs are accessible to the accounting associations that couldn't have implement them before. However, organizations today are looking at more than just the features to create the best environment possible for employees and optimize performance such as efficiency and cost, according to Accounting Today.

Here are three technology crazes that have the potential to revolutionize the accounting industry:

  1. Accountants who can work together - It's a social world, thanks to platforms like Facebook and Twitter, but these same communicative principles can be applied to accounting to increase collaboration thanks to technology. Many bookkeeping software options are now coming with messaging tools to help link up different departments and share information, asserted Wired Insights. These alternatives allow firms to eliminate paper trails and time-consuming emails for more direct exchanges. Social business tools also strengthen audit records to make it easier for groups to look up old data or prove facts.
  2. Accounting in the cloud - Some firms still rely on old legacy programs for vital functions in everyday operations, but these systems aren't always compatible with new innovations necessary to gain an edge on competitors. The cloud was once a solution to drive down costs, but many firms are now looking at it as a way to become more flexible, added the source. Adaptability is key for organizations hoping to survive unexpected issues or industry changes and the cloud is an ideal platform for accounting companies trying to position themselves for whatever the future may bring.
  3. Managing finances on-the-go - Sometimes accountants actually need to leave the office, but this doesn't mean they're at any sort of disadvantage when it comes to the accounting resources available to them. Mobile technology now enables employees to access important systems no matter where they are and look up information that was once only available in file cabinets. Although earlier mobile tech focused on accessing existing information, trends indicate more industries will use these devices to create data too. Workers in the field can now engage in tasks like authorizing expenses and even adding new clients to the system.
Nexus: G-WEBCD6