Question

Discuss how you view the use of emerging accounting technology in an accounting career.

Answer 1

Answer

In my Point of views uses of emerging accounting technology can be described as under

Accountants need to keep up to date with technological advances in order to respond to market conditions and clients’ needs. Technological innovation has led the way in how accounting is done nowadays. Digital resources and online tools improve productivity and organisation. Manual accounting has virtually disappeared and has been replaced by electronic accounting. This has not only reduced errors but provided, at the same time, better and more accurate reporting amongst other advantages. It is therefore imperative that accountants keep aware of the latest technological advances and use them to drive business. Here are advantages of online accounting:

Virtual storage of documents

Keeping paper records is an expensive and time-consuming task. Few would argue otherwise. And there are other issues to consider such as physical space. Digitising documents has gradually been replacing physical storage. Speed of access is one such benefit, but there are many more, particularly through the use of Cloud computing.

The elimination of bureaucracy through the use of platforms

Online accounting systems, such as Business Cloud, are simple and intuitive platforms that provide direct channels to clients as well as conduits for information, documents and any other materials that can be digitised. This flexibility eliminates layers of bureaucracy and therefore saves time. These platforms also provide online management tools that help complete tasks and achieve goals.

Virtual calendars and task management

The online diary is the cornerstone of the day-to-day running of the office. Digital platforms offer calendar management tools such as alerts that will contribute towards meeting deadlines and avoiding fines. These tools are easily accessible via mobile devices and any updates are shared instantly between all those involved.

The use of specific online tools for accounting and tax

Some digital platforms offer specific tools for accountants. Sage Business Cloud offers a partner edition aimed specifically at accountants. The system is fully compliant and updated regularly to reflect the latest changes in legislation. This version also includes Payroll. Other tools include automation and reporting. The end result is increased productivity and operational efficiency.

The importance of regular training

In order to maximize any gains derived from technology, it is essential that employers provide training. It is only through regular training that accountants and other professionals will be able to deliver and fulfill expectations. A trained professional will avoid mistakes and save time for the business. Training should also go beyond technology to include legal compliance and changes in legislation.

Connecting to customers

Technology has brought accounting professionals and customers closer. Dedicated platforms make communication easier and instant which for many clients translates in saving time and increased efficiency. It also makes it easier to track customer service and easily make improvements, therefore, improving customer satisfaction.

Automation

Since all the calculations are handled by the software, computerized accounting eliminates many of the mundane and time-consuming processes associated with manual accounting. For example, once issued, invoices are processed automatically making accounting less time-consuming.

Accuracy

This accounting system is designed to be accurate to the minutest detail. Once the data is entered into the system, all the calculations, including additions and subtractions, are done automatically by software.

Data Access

Using accounting software it becomes much easier for different individuals to access accounting data outside of the office, securely. This is particularly true if an online accounting solution is being used.

Reliability

Because the calculations are so accurate, the financial statements prepared by computers are highly reliable.

Scalable

When your company grows, the amount of accounting necessary not only increases but becomes more complex. With computerized accounting, everything is kept straightforward because sifting through data using software is easier than sifting through a bunch of papers.

Speed

Using accounting software, the entire process of preparing accounts becomes faster. Furthermore, statements and reports can be generated instantly at the click of a button. Managers do not have to wait for hours, even days, to lay their hands on an important report.

Security

The latest data can be saved and stored in offsite locations so it is safe from natural and man-made disasters like earthquakes, fires, floods, arson and terrorist attacks. In case of a disasters, the system can be quickly restored on other computers. This level of precaution is taken by Clever Accounting.

Cost-effective

Since using computerized accounting is more efficient than paper-based accounting, than naturally, work will be done faster and time will be saved. When one considers that Clever Accounting, one of the latest online accounting solutions, starts at a low monthly subscription

Visuals

Viewing your accounts using a computer allows you to take advantage of the option to view your data in different formats. You can view data in tables and using different types of charts.Computerized Accounting represents a technological advancement in the field of business accounting.