Over the past decade, there has been a significant rise in the use of accounting software by businesses. This trend has been driven by a number of factors, including the increasing complexity of accounting tasks, the need for improved efficiency and accuracy, and the availability of advanced software tools.
Accounting software like Xero and Qcuikbooks has made it easier for businesses to manage their financial processes, including invoicing, expense tracking, and financial reporting, and has helped to reduce the risk of errors and improve decision-making. The use of accounting software is expected to continue to grow in the coming years as more businesses adopt digital technologies.
This is why learning accounting is now more important than ever. And you don’t have to take an accounting degree. All you need, is a trustworthy accounting school, and take a few short accounting courses. You can even take niche courses like Xero accounting courses, which will teach you how to use a specific type of bookkeeping software!
One of the biggest changes brought about by technology in the accounting industry is the increased automation of tasks. Many accounting tasks, such as data entry, can now be automated using software and AI. This has led to increased efficiency and accuracy, as well as the ability to process large amounts of data more quickly.
Improved data analytics
Technology has also made it easier for accounting professionals to analyse and interpret financial data. Advanced analytics tools can help accountants identify trends and patterns in data, allowing them to make more informed decisions and provide valuable insights to clients.
Increased use of cloud-based software
In the past, accounting software was typically installed on a local server in offices. However, over the last decade, there has been a shift towards cloud-based software, which allows users to access their accounting systems from any device with an internet connection. For example, Netflix now outsources their cloud software needs to companies like AWS. This has increased flexibility and made it easier for accountants to collaborate and work remotely.
Increased use of mobile apps
The proliferation of mobile devices has also had an impact on the accounting industry, with many accounting software providers now offering mobile apps that allow users to access their systems on the go. For example, Xero allows its users to download its mobile app to take photos and upload receipts more easily. This has increased convenience and made it easier for accountants to stay on top of their work while on the move.
Changes in regulatory environment
Technology has also had an impact on the regulatory environment in the accounting industry. For example, the adoption of the International Financial Reporting Standards (IFRS) has required accounting professionals to use new software and systems to meet these standards. In addition, the adoption of new technologies has led to changes in accounting regulations, as governments and professional bodies have had to adapt to new technologies and their impact on the industry.