Over the last ten years, the accounting industry has evolved more than it ever
has. From some predicting the death of accountancy future to others looking at
technological replacement of accountants, the accounting industry has come a
long way through digitization.
Despite the odds, predictions, and technological advancements, accountants and accounting firms have proven their worth during the events that took place during the pandemic, before, and after. Not only is accountancy is here to stay but with digital tools, cloud-based accounting software, and automation, accounting industry has embarked the journey towards a futuristic transformation.
So what does the future hold for the accounting industry? How will technology impact or revolutionize this trillion-dollar industry ? Let’s find out everything in this blog.
1. Cloud computing is the future of accounting
If we look back two decades ago, accounting automation was just a trend. More
and more accounting and tax firms were incorporating computer programs,
applications, and web-based tools to automate tasks. Bookkeeping, payroll
generation, and payable records gradually moved to computer-based operations and
that was considered a big achievement for old school accountants.
Fast forward to 2015, when technological advancement in the world gained such attention that many predicted it was the end of the accounting profession . Some resisted the change while others embraced technology to benefit from the innovative practice management software and automation tools.
And then the pandemic happened. We all saw how COVID-19 forced us into an alternate reality where work-from-home became normal, the cloud overcame accounting obstacles, and accountants learned collaboration in an unprecedented manner.
If your firm continues to roll through this period without relying on technology—congratulations. But as you move forward, consider using technology that will help you stay relevant.
Future of Accounting
From computer-based practice management software to cloud, here’s what the future of accounting industry will look like.
Over the years, accounting tasks have been widely automated with the help of various tools. However, moving forward automation will take a new shape in accounting firms. Not only will bookkeeping and payroll will continue to be carried out via software, but project assigning, client management, and document storage will also be digitized.
Accounting industry has reckoned that data and privacy laws and cybersecurity is the biggest challenge of tomorrow. To keep up with the challenges and offer reliable services to their clients, more and more firms will look up to the cloud-based accounting software.
A Change in Perspective
Accounting firms, accountants, and stakeholders need to revisit their perspective
when it comes to accounting practice. While automation and cloud transform the
industry, accounting firms must invest in technology, improve customer
relationships, and adopt digitization as the means to move forward.
If you want to get your hands on cutting-edge technology and an advanced software for CPA firms, reach out to us at AccountantWS . Our software is equipped to entertain the challenges of tomorrow and help your accounting practice grow.